Dubai-based investment firm Magellan Capital has officially launched its flagship hedge fund, called the Magellan Absolute Return SPC, with $975 million of assets. The fund is now open to third-party investors for the first time, marking a major step in the firm’s growth. It uses a mix of strategies across public markets, including global macro, emerging market credit, long-only and long-short equity approaches. The fund aims to offer diversified investment exposure and balanced returns. Magellan Capital says this move strengthens its role in Dubai’s expanding financial services scene.