Some of the biggest names in the hedge fund industry are planning to invest in a hot new fund

Some of the biggest names in the investing world are backing a hot new hedge fund, according to people familiar with the situation.

Philippe Laffont, the founder of Coatue Management, Louis Bacon of Moore Capital, and Dan Loeb, founder of Third Point, are planning to invest in Ben Melkman's Light Sky Macro, a New York hedge fund which is set to launch March 1.

Steve Cohen, founder of Point 72 Asset Management, is also investing in the fund.

Melkman previously was a partner at Brevan Howard and is planning one of this year's most sizable launches. Melkan did not return calls seeking comment in time for publication.

The fund, which will employ a macro strategy, is expected to launch with $400 million.

More to follow...