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Ratan Capital Management
Andrew Light runs Ratan Capital Management, a New York-based global macro hedge fund founded in 2012, focusing on currencies, equities, and sovereign debt.
Ratan Capital Management
Ratan Capital Management was founded in 2012 by Andrew Light, who previously worked at Tudor Investment Corporation and Caxton Associates. The firm operates as a macro-driven hedge fund, trading currencies, sovereign debt, and equities, with an emphasis on high-conviction positions. Strategy & deployment: Ratan Capital runs a concentrated portfolio across equities, currencies, and fixed income, often taking long and short positions based on global macroeconomic trends. The firm has been known to trade emerging-market debt and developed-market sovereign bonds. It uses leverage and derivatives tactically, consistent with the macro hedge fund playbook of the 2010s. Public filings show holdings in U.S. equities and ETFs, typically in the $100M-$500M range per fund vehicle. Scale, team, adjacent vehicles: The firm manages a single master fund structure, with no disclosed separate accounts or multi-strategy vehicles. Team size is estimated at under 20 professionals, based on regulatory filings. In 2023, the firm reported net assets of roughly $300M-$400M in its flagship fund via SEC Form PF disclosures, making it a smaller, typically overlooked macro shop in a market dominated by multistrategy giants. Structural differentiator: Ratan Capital is one of the few remaining independently owned macro hedge funds to survive the post-2008 era of consolidation. Light maintains a lean overhead and flat fee structure — 1.5% management fee and 20% performance fee — a contrast to the larger multi-manager platforms. The firm's legal structure as a Delaware LP shields the fund's limited partners from liabilities beyond their capital commitment.
General information
Firm type
Hedge Fund
Year founded
2012
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Andrew Light
Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions at 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).
What is Ratan Capital's typical investment strategy?
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).
Does Ratan Capital Management offer external investment vehicles or only a single fund?
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).
How does Ratan Capital source proprietary deal flow?
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).
Is Ratan Capital Management structured as a family office or a registered investment adviser?
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).
What is the firm's stance on co-investments alongside external GPs?
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).
How does Ratan Capital differentiate from multi-strategy platforms like Citadel or Millennium?
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).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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