A hot new hedge fund backed by Stan Druckenmiller is closing in on a big launch

A hot new hedge fund backed by investing legend Stan Druckenmiller is set to launch Tuesday November 1 with several hundred million dollars under management.

David Rogers and Joshua Donfeld, who left George Soros' family office earlier this year, are launching their New York-based firm, Castle Hook Partners.

An exact launch figure could not be determined as the firm is still fundraising, according to people familiar with the matter.

Still, the launch comes at a time when most funds are struggling to raise capital, and it is coming slightly ahead of schedule, as the launch had previously been planned to come out as late as early next year, according to a person familiar with the matter.

The firm will invest in long and short equity, credit, commodities, interest rates, and foreign exchange, a person familiar with the matter previously told Business Insider.

Castle Hook has brought along two other Soros team members: Matt Lentz and Jake Carney, and has also hired CFO Sean Rhatigan as CFO from Och-Ziff Capital, Business Insider previously reported. Mike Hamill, who most recently worked at Mason Capital, is set to be head trader.

Adam Tepper and Trenton Gaultney, who were both previously analysts at Soros Fund Management, have also moved over, according to a person familiar with the matter.

It's Druckenmiller's second biggest hedge fund investment since his $1 billion backing of Zach Schreiber's PointState Capital in 2011.

Castle Hook isn't the only sizable launch this year. Credit Suisse is backing two quant funds out of its proprietary trading unit that are expected to manage together more than a billion, as Business Insider previously reported.