The Man Investments seeding fund RMF Global Emerging Managers (RMF GEM) has completed a deal with Minerva Capital Management and its Minerva Macro Fund. RMF GEM will provide $50 million, the second incubation deal in as many months.

In July RMF GEM invested $50 million in the flagship product of 5:15 Capital Management, a fixed income arbitrage manager based in Connecticut.

RMF GEM typically makes four or five investments with emerging managers each year. The fund invests in underlying hedge funds rather than the investment companies that manage them, but it typically also agrees to an arrangement sharing some of the underlying fund's economics.

Minerva Macro Fund is a discretionary global macro fund focused on Asia. It trades only highly liquid instruments such as interest rate or bond futures, foreign exchange forwards and equity index futures or sector ETFs. The entire portfolio is designed to be liquidated in 48 hours.

Minerva is managed by Stanley Ku who founded the Hong Kong office of Fortress Investment Group and most recently managed $750 million for the Fortress Drawbridge Global Macro Fund. Dorothy Lau, Minerva's risk and business manager, formerly worked for JP Morgan and Goldman Sachs.