HedgeCo.Net — Capula Investment Management has opened a quantitative commodities strategy, the Capula Alternative Markets Alpha Fund, led by former AQR trader Yao Hua Ooi, with capacity for about $2 billion to $3 billion of investor capital, according to weekend reports citing people familiar with the matter. Tradevae and Briefs independently printed the same fund name, the same Ooi leadership line, and the same $2 billion to $3 billion capacity range.
The London firm, which those reports put near $35 billion of assets, has historically been known for relative-value work in bonds and currencies. The new book is described as a CTA-style quant commodities program using algorithmic models across physical commodity markets. A July 2026 SEC Form D for Capula Alternative Markets Alpha Fund Ltd (CIK 0002143363) lists Capula Investment Management LLP as investment manager and records a Regulation D offering, supporting that the vehicle exists as a registered offering, without itself disclosing the capacity figure.
Ooi joined Capula in 2022 after nearly two decades at AQR, where coverage credits him with work on a large systematic program. Capula has also been expanding adjacent sleeves, including energy-trader hires and a separately managed allocation to Cinctive Capital earlier in 2026, per the same reporting cluster.
This is a capacity and mandate print from people-familiar coverage, not a firm press release with a final close. Mark it as a live raise into a named commodities CTA, not as a closed $3 billion fund.