ML Capital and Toscafund restructure Pegasus mandate

£4bn hedge fund run by Martin Hughes

ML Capital has relaunched its Pegasus UCITS fund to further involve co-manager Toscafund, the £4bn London-based hedge fund run by Martin Hughes, in its investment strategy.

The fund, which was the first to launch on ML Capital's MontLake platform, will now be called the Tosca Micro Cap UCITS fund. It will be lead managed by Toscafund's Matthew Siebert, alongside analysts Daniel Cane and Jamie Taylor. The fund will invest primarily in between 30 and 40 UK-listed micro cap companies with a market capitalisation of up to £250m, and will seek to exploit inefficiencies in this sector. Under its new strategy, the fund will have a set capacity of £50m, with Toscafund partners investing a minimum of 10% in the fund. Also, it will now allow up to 20% of the...