Forada, the London-based macro hedge fund, is shutting the door on new capital flowing into its double-leveraged strategy after the fund crossed the $1 billion mark in assets. The soft close comes barely six months after the strategy launched at the start of 2026.

The fund applies twice the leverage of Forada’s original single-levered macro strategy. In English: for every dollar of actual capital, the fund takes on two dollars’ worth of market exposure, amplifying both gains and losses.

How Forada got to $1 billion this fast

According to Bloomberg, the majority of inflows into Forada’s leveraged fund came from entirely new investors. That’s a meaningful signal. It suggests the strategy attracted a fresh pool of institutional capital rather than simply cannibalizing the firm’s existing base.

Many investors already allocated to Forada’s original single-levered fund shifted their capital into the new, juiced-up version.

One notable institutional backer is ExodusPoint Capital Management, a multi-manager platform that has been among the high-profile names allocating to Forada.

Forada itself was founded in 2017 by Jon Ridgway, who serves as both CEO and chief investment officer. The firm runs a global macro strategy focused on liquid instruments. The firm is regulated by the UK Financial Conduct Authority.

Why soft-close now

Macro strategies, particularly leveraged ones, depend on the manager’s ability to find and exploit pricing inefficiencies across global markets. Currency trades, interest rate bets, sovereign bond positions: these opportunities have finite depth. Pour too much capital into the same set of trades, and you start moving the market against yourself.

What this means for investors

Leveraged strategies can deliver outsized performance when the underlying thesis plays out correctly. But when trades move the wrong direction, losses compound at the same multiple. A 10% drawdown in the underlying portfolio becomes a 20% hit in a twice-leveraged structure.