Ratan Capital Management

Andrew Light is the portfolio manager and founder. He built the firm after leaving Tudor Investment Corporation and Caxton Associates, where he focused on global macro trading. Investment decisions are centralized under Light, with input from a small team of analysts (per public filings, 2012).

The firm runs a concentrated global macro strategy, taking long and short positions in currencies, sovereign bonds, and equities. It uses leverage and derivatives to express macro views. Target positions are typically in liquid, exchange-traded instruments, with a high-conviction approach rather than a diversified portfolio (per SEC filings, 2023).

The firm operates a single master fund structure, Ratan Capital Master Fund, L.P., which is open to qualified purchasers. There are no disclosed separate accounts or feeder funds for different strategies. The fund uses a standard 1.5% management fee and 20% performance fee model (per Form PF disclosures).

The firm relies primarily on public market data, macroeconomic research, and event-driven analysis. Light's network from his time at Tudor and Caxton provides access to broker relationships and counterparty intelligence. The fund does not engage in venture or private equity; its sourcing is entirely through public market liquidity (per public record).

Ratan Capital Management is registered as a limited partnership in Delaware and operates as a hedge fund manager, not a family office. It files Form ADV with the SEC as an investment adviser. The firm is not associated with a single family's wealth; it manages capital for external investors, including institutional allocators (per SEC IARD).

No evidence exists that Ratan Capital participates in co-investments or syndicated deals. The firm's strategy is confined to publicly traded securities, derivatives, and currencies. It does not appear to engage in direct investments or club deals (per public filings).

Ratan Capital is a lean, single-manager macro shop with a focused strategy and a small team. Unlike multistrategy firms that allocate capital across dozens of pods, Ratan Capital makes concentrated, high-conviction bets led directly by Light. It also uses a simpler fee structure — 1.5% management and 20% performance — versus the higher, tiered fees typical of large platforms (per industry analysis).