Jabre Capital, the alternatives investment firm founded by a former GLG Partners trader is set to launch its latest fund next month.

The firm is targeting €500 million ($728 million) for a European long-short fund with a mid-cap bias, according to a spokesman for the firm.

The firm’s founder, Phillippe Jabre, was a star trader at London-based GLG. He also had the dubious distinction of being fined $1.4 million, the largest amount ever by the U.K.’s Financial Services Authority. Jabre allegedly traded shares of Japanese bank Sumitomo Mitsui after receiving confidential information from a Goldman Sachs’ banker. GLG was also fined $1.4 million.

Investors have flocked to Jabre’s new firm since it opened its door at the beginning of this year. Its first hedge fund raised $3.2 billion in a little over 12 weeks, the firm spokesman said. Two more funds raised about $500 million.

Jabre Capital’s fourth fund is also its second hedge fund. It will be managed by Renaud Saleur who was brought over from GLG.

The minimum investment is $100,000 and the fee structure is the standard 2% for management and a performance fee of 20%, the spokesman said.

UBS, Morgan Stanley and Merrill Lynch will serve as the fund’s prime brokerage. The fund’s administrator is Citco Group and its auditor is Ernst & Young.