A longtime Bridgewater investor is launching a hedge fund. Here's a look inside Paul Podolsky's Kate Capital.

• Paul Podolsky's Kate Capital is set to start trading on November 1 with roughly $200 million.
• The manager will be a discretionary global macro fund with 50 to 60 positions at a time.

Paul Podolsky is putting his 15-plus years of experience at the world's largest hedge fund to work at his new $200 million firm.

Kate Capital will launch on November 1, a person close to the manager told Business Insider, with a team of four, including Tom Bachner, the former president of distressed debt investor Mudrick Capital and longtime Bridgewater fundraiser.

Bridgewater's DNA will be throughout the firm. Podolsky, who began his career as a foreign correspondent in Russia after the Soviet Union fell, left the massive money manager in May of 2020. His final responsibilities included head of China research, and he visited the country several times during his tenure working under billionaire founder Ray Dalio.

The person close to Kate Capital told BI that it will be a discretionary global macro fund, as opposed to Bridgewater, which invests more systematically. Industry insiders say $6 billion multi-strategy firm New Holland Capital is among its backers; New Holland declined to comment.

Kate Capital, which is named after Podolsky's mother, will keep its book smaller than larger macro players — between 50 and 60 positions typically, the person close to the new fund said. The fund will invest across the globe, though does not plan on having significant positions in emerging markets, the person close to the firm said.

And, like Dalio, Podolsky plans to share his thoughts on the world as he invests.

During his yearslong non-compete, Podolsky began blogging about geopolitics and published two books — one a memoir and another a fictional thriller. A third on money management is coming out later this year.

He's hosted podcasts with Dalio and former director of the FBI James Comey, among others, and contributed to Bridgewater's Daily Observations series. He plans to continue writing when the firm launches, the person close to the firm said.

And his old boss is cheering him on.

"Paul Podolsky is a quality man and a quality investor. I'm excited for him and I wish him well," Dalio said in a statement to BI.