Three Aetna veterans who formed Copernicus International, originally known as Alpha Equity, have launched the firm's fourth strategy. The Hartford, Conn.-based shop with $120 million under management has rolled out the Copernicus International Market-Neutral Offshore 2X Fund, with a $1 billion target, according to Charlie Krusen, managing director. The strategy, which invests in international equities, is a 2x levered version of the Copernicus International Market-Neutral Fund, which debuted in January 2004. The firm also manages a long/short and 130/30 strategy.

Neil Kochen, Don Townswick and Vince Fioramonti, who managed over $20 billion in quantitative investments at Aetna for almost a decade, are the fund's portfolio managers. None of the portfolio managers were available to comment. The fund has a $1 million investment minimum, 2/20 fees and monthly liquidity. Morgan Stanley is the prime broker.