Arcadia Capital Advisors has opened its flagship fund, launched in March 2008, to external investors, HFMWeek reports. The Arcadia Opportunity Fund has $500 million capacity and will target family offices, wealth managers and funds of hedge funds.

The strategy, managed by Richard Rofe and Jim Dennedy, has 12-15 long positions and a few shorts. The vehicle, which invests in small and micro-cap companies, has about $25 million in assets under management.

Click here for the story from HFMWeek.