A new activist hedge fund is reportedly going to be launched by former Elliott Management executive Adam Katz and Andy Dodge, a former investment partner at Indaba Capital Management, according to news reports.

Bloomberg reported that people familiar with the matter said the duo has already started raising capital for the fund, which will be called Irenic Capital. The sources said $250 million has already been raised with a $150 million commitment from the Fribourg family, owners of Continental Grain.

The new fund has hired former Elliott Chief Financial Officer Josh Nadell as CFO and chief operating officer. Irenic will have a team of around 10 when launched.

Bloomberg reported that Irenic will be raising two funds: an evergreen fund and a private equity style drawn-down fund. The drawn-down fund aims to raise around $600 million and looks to begin investing in the third quarter of 2022.

It is understood that Irenic will run a constructive activist and event-driven strategy focused on small and mid-cap companies.