A former Millennium Management LLC senior portfolio manager has launched an energy-focused hedge fund with the backing of New Holland Capital, people familiar with the matter said.
New Holland typically invests $100 million to $300 million in new funds as a day-one investor and receives revenue shares in exchange, one of the people said, asking not to be identified because the information is private.
The new fund, Saber Capital, was founded by Steve Barclay and is based in Geneva. Saber will initially focus on global liquids trading — primarily crude oil and refined products such as gasoline and diesel.
Representatives for Barclay and New Holland Capital declined to comment.
Volatility in oil markets has surged in response to US President Donald Trump’s trade moves and heightened geopolitical tensions in the Middle East. Variables in supply and demand — including how the rollout of fresh sanctions on Russia will reroute oil flows — and whether OPEC and its allies will swell global oil supplies have further clouded the outlook.
Commodities have been a major profit generator for hedge funds in recent years, with giants like Citadel raking in billions. Others such as Qube Research & Technologies are expanding in the space.
Barclay has more than two decades of experience in energy markets and was most recently a senior portfolio manager at Millennium Management. He was previously an energy specialist at Goldman Sachs Group Inc. and an adviser to multi-billion-dollar hedge funds.
Barclay joins a growing cohort of money managers departing marquee hedge funds to start their own firms.
Saber Capital was launched earlier this year and trading began in late May, the people said, adding that Barclay is currently the only risk taker.
The firm, which also has an office in Zurich, is raising capital in separately managed accounts and working with another investor to launch a commingled fund by the end of the year, according to one of the people. Barclay plans to cap capital at about $1 billion so as to not impact returns, the person said.
New Holland Capital is an alternative investment manager that manages about $7 billion in absolute return strategies for institutional clients. The firm also recently allocated about $300 million to Crucible Commodities Management, a hedge fund set up by traders formerly with Millennium and Gunvor Group, the people said.
New Holland’s multi-manager, multi-strategy Tactical Alpha Fund was up about 10% in 2024, Bloomberg has reported. Commodities have been the biggest risk contributor to the portfolio since the launch of that fund in 2021, one of the people said.
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