Stockholm-based Tidan Capital is preparing to launch Confluence, a new multi-strategy vehicle that brings the boutique’s internally managed strategies under one umbrella. The fund, set to open on October 1, marks the next step in Tidan’s evolution from a single-fund boutique to a broader investment platform.
Founded in 2020 by alumni of Brummer & Partners, Tidan Capital has steadily expanded its offering beyond its original capital structure relative value strategy under the Tidan Fund. Today, the boutique runs programs spanning credit and equity market neutral, volatility and options arbitrage, and systematic trading. The soon-to-be-launched Confluence combines these approaches into a single vehicle, aiming to provide investors with a diversified, all-weather return profile.
The name Confluence reflects both the firm’s roots and its investment philosophy. “Tidan is the name of a river in Sweden, and Confluence represents the joining of streams,” explains CEO Serge Houles (pictured). “The fund brings together distinct sources of alpha that we have built over the years, integrating them into one coherent program.”
“There was clear demand to access the strategies in a consolidated way, with one set of infrastructure and risk management around them.”
According to Houles, the decision to launch Confluence was driven in part by investors already allocating across several of Tidan’s individual strategies. “There was clear demand to access the strategies in a consolidated way, with one set of infrastructure and risk management around them,” he says.
In its early days, Tidan Capital focused on launching and managing its flagship capital structure arbitrage, spanning both fixed-income and equity markets. In recent years, Tidan Capital has onboarded experienced portfolio managers to launch a market-neutral options-based volatility arbitrage strategy, and a systematic macro strategy.
By housing multiple strategies within a single fund, Confluence seeks to offer investors a stable and uncorrelated return stream. For Tidan, the launch reflects an important milestone in its development: the merging of several decades of innovation into a unified investment structure.