A big European fund manager plans to back one of this year's largest hedge fund launches

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SpaceX Falcon rocket lifts off from Space Launch Complex 4E at Vandenberg Air Force Base, California, U.S., January 14, 2017.

One of this year's most anticipated hedge fund launches can count on another big time investor.

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Jens-Peter Stein, cofounder of $6 billion hedge fund Stone Milliner Asset Management, is planning to make a small investment in Ben Melkman's Light Sky Macro, a new New York-based firm, according to people familiar with the situation.

Stein, a macro investor whose firm is based in the UK and Switzerland, has been serving as a reference to investors for Melkman, one of the people said. Stein previously worked at macro manager Moore Capital Management, whose founder, Louis Bacon, is also planning to invest in Melkman's fund, Business Insider previously reported.

Other prominent Wall Streeters that plan to invest include Dan Loeb, Philippe Laffont and Steve Cohen

Melkman previously was a partner at Brevan Howard Asset Management, a Europe-based hedge fund titan that has been losing assets. Melkman's fund launch, said to be launching with at least $400 million, is expected to be one of this year's largest when it starts trading March 1. The firm will employ a macro investment strategy.

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The fund is marketing a fee structure that lowers fees as assets rise. For instance, the fund's management fee starts at 1.5% and decreases to 1.25% when assets reach $1 billion, and then to 1% if assets hit $2 billion, Business Insider previously reported. The fund will also charge a performance fee of 18% per year after the fund makes 4% net, people familiar with the matter said.

Overall, these fees are lower than the usual "2-and-20" fee structure that some hedge funds famously charge.

Light Sky Macro joins Brandon Haley's Holocene Advisors, which is targeting $1 billion when it launches next month, as one of the biggest hedge fund launches this year.

Melkman declined to comment.