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Mike Novogratz Backs Volatility Fund Betting Covid-Hit Trade Rebounds

  • Founder Davitt worked at Harvest, Credit Suisse and Malachite
  • Firm sees demand for short-volatility strategies after crash
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Mike Novogratz, the billionaire Bitcoin investor, is wagering on volatility, a market that’s still scarred from the Covid crash earlier this year.

Novogratz, 56, is among the backers of Millbank Dartmoor Portsmouth LLC, an investment fund founded by Wall Street veteran Dennis Davitt that seeks to have more than $1 billion under management within the next 12 months. The firm will offer volatility-based strategies to investors such as pension funds and family offices, Davitt said in an interview -- including versions of the so-called short-volatility bets that imploded in March.