Bridgewater Alum Launches $200M Global Macro Fund: Kate Capital’s New Approach
Staff Editor Former Bridgewater Executive Launches $200 Million Hedge Fund
Paul Podolsky, a veteran of the world’s largest hedge fund, Bridgewater Associates, is set to launch his investment firm, Kate Capital, on November 1. The discretionary global macro fund will begin trading with approximately $200 million in assets under management.
Podolsky, who spent over 15 years at Bridgewater, has assembled a team of experienced professionals for his new venture. Notable among them is Tom Bachner, former president of Mudrick Capital and a seasoned Bridgewater fundraiser, who will play a key role in the firm’s operations.
Kate Capital’s strategy will differ from Bridgewater’s systematic approach, focusing instead on a discretionary global macro strategy. The fund plans to maintain a portfolio of 50 to 60 positions, investing globally while avoiding significant exposure to emerging markets.
Industry sources suggest that New Holland Capital, a $6 billion multi-strategy firm, may be among Kate Capital’s initial backers, though this information remains unconfirmed.
Podolsky’s background is diverse, having started his career as a foreign correspondent in Russia following the collapse of the Soviet Union. At Bridgewater, he served as head of China research and worked closely with founder Ray Dalio. Since leaving Bridgewater in May 2020, Podolsky has been active in various personal ventures, including blogging about geopolitics, publishing two books, and hosting podcasts featuring notable figures such as Ray Dalio and former FBI director James Comey.
Ray Dalio, Bridgewater’s founder, has expressed his support for Podolsky’s new endeavor, describing him as “a quality man and investor” and wishing him success in his new venture.
As Kate Capital prepares to launch, Podolsky plans to continue sharing his thoughts on global affairs, building on his contributions to Bridgewater’s Daily Observations series. The fund’s debut marks a significant development in the hedge fund industry, as investors watch to see how Podolsky’s experience and strategy will translate into performance in the competitive global macro space.
