The fund is a UCITS version of SEG's flagship long/short US equity strategy, which launched in 1998 and had over $9.4bn AUM as of December 2022.
It will launch through a merger to accommodate a transfer of shareholders from the firm's existing Select Equity Long Short UCITS sub-fund.
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The vehicle will offer weekly liquidity and provide investors with exposure to a high-conviction strategy with a research-driven approach that invests in "quality" businesses, Schroders said.
Andrew Dreaneen, head of alternatives at Schroders, said: "This strategy's fiercely independent research approach and quality-focused investment philosophy, makes it an excellent addition to the Schroder GAIA platform.
"We remain committed to providing investors with access to high-quality alternative managers in a liquid and regulated format."
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Henry Davis, principal at Select Equity Group, added: "It is an exciting time for both of our firms, as alternatives and long/short products are key strategic initiatives that we share. We look forward to combining our investment expertise with Schroders' considerable scale and global reach."
Schroders said the launch of the fund marked the beginning of what it expected to be a "long-term partnership" between the two firms.