Fund to throw lifeline to capital-hungry hedge funds
A Hong Kong-based funds management group has entered a new business arrangement it hopes will help it raise capital to invest in start-up Asian hedge funds.
Penjing Asset Management has partnered with funds management services provider Triple A Partners, an affiliate of Asia Alternative Partners Cayman Limited, to ramp up activity in its Penjing Seed Fund. The existing Penjing Asset Management seed fund will be renamed the Penjing Triple A Partners Emerging Managers Fund as the two groups seek to raise investment capital for start-up hedge funds in Asia.
Penjing Asset Manager will continue to select the managers to receive capital from the fund, while Triple A Partners will assist in sourcing new opportunities and will market the vehicle.
Triple A Partners chairman Hans Tiedemann said while “many hedge fund seeders have shut up shop”, there remain opportunities for the remaining players in this market.
“It has been a long time since there has been such a range of talented managers looking for capital and such a shortage of providers to supply that need,” Tiedemann said.
The companies are hoping to raise a minimum of US$100 million for the fund, targeting institutional and high-net-worth investors.
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