Stockholm-based fund boutique Tidan Capital has officially launched its multi-strategy fund vehicle, Confluence, with the strategy now overseeing $265 million across fund and separately managed account structures. The commingled vehicle, whose seeding share class will close to new investors on December 1, combines the boutique’s internally managed strategies spanning relative value capital structure, options volatility arbitrage, and systematic macro strategies.
“This month marks the launch of our multi-strategy program, Confluence, as a commingled fund,” announces the team at Tidan Capital. The debut of Confluence highlights Tidan’s progression from a focused single-strategy manager to a broader multi-strategy investment platform. Established in 2020 by Brummer & Partners alumni, the firm initially focused on its capital structure relative value strategy under the Tidan Fund, before gradually broadening its product range under the helm of Serge Houles as CEO and Michael Falken as Chief Investment Officer. Today, beyond its relative value capital structure roots, Tidan Capital also runs volatility and options arbitrage, systematic macro, and portable alpha strategies. Confluence combines these approaches within a single vehicle designed to deliver stable, uncorrelated returns across market environments.
“This month marks the launch of our multi-strategy program, Confluence, as a commingled fund.”
“The fund brings together distinct sources of alpha that we have built over the years, integrating them into one coherent program,” CEO Serge Houles explained in August ahead of the launch. According to Houles, the decision to introduce Confluence was partly driven by investor demand, as many were 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.”
Tidan Capital’s journey began with its capital structure arbitrage strategy, designed to capture inefficiencies between credit and equity markets. Tidan Fund, managed by CIO Michael Falken and portfolio manager William Wilson, marked its fourth anniversary in September this year with a 10.6 percent monthly gain, its strongest on record. Building on that momentum, the fund added 3.0 percent in October, bringing its year-to-date return to 10.0 percent. This follows a solid 2024, when Tidan Fund ranked among the Nordic region’s top-performing hedge funds with a 34 percent return.
Tidan Capital’s other strategies have also delivered strong results in 2025. The Nova strategy, a market-neutral options and volatility arbitrage approach led by Magnus Linder, has advanced 19 percent year-to-date through October. Meanwhile, Asterion, overseen by Linus Nilsson, is a multi-strategy systematic program aimed at capturing recurring price patterns and dislocations through a range of uncorrelated models inspired by behavioral and flow-driven market dynamics, has gained 11 percent over the same period.
While Confluence is only now beginning its journey as an independent vehicle, pro forma performance – applying institutional-class fees to gross returns – indicates that the strategy would have generated an estimated 14.5 percent gain year-to-date through the end of October with a beta to MSCI World close to zero. The result underscores the strength of Tidan’s integrated investment framework, designed to generate diversified, uncorrelated returns and demonstrate the scalability of the firm’s multi-strategy platform.
