Steve Zhang, a former head of emerging markets investments at the Permal Group, plans to raise as much as $40 million by February for his own company to invest in hedge funds in the Asia-Pacific region.
Zhang’s Pacrise Investment Management is awaiting approval from the Monetary Authority of Singapore to start the fund, he said in a telephone interview from the city-state yesterday. It will invest in five to 10 hedge funds initially.
Pacrise will be one of the few funds of hedge funds started in Asia in recent years. Institutions such as sovereign wealth funds, pensions and endowments have increasingly dominated hedge fund industry inflows, channeling their investments through the largest U.S. funds of hedge funds or by direct allocations.
Zhang, 38, joined Permal, a Legg Mason Inc. (LM) unit, as a senior analyst in its New York office in 2002, he said. He started to focus on emerging markets at the end of 2003 and was promoted to managing director in 2011, he said.
Permal, based in New York and London, manages $22.4 billion of alternative investments in hedge and private-equity funds.
Before leaving at the end of June, Zhang oversaw the $204 million Permal Emerging Markets Holdings NV and helped find new managers in Asia for the firm, Alastair Crabbe, a London-based Permal spokesman, said.
Permal Emerging Markets Holdings returned an annualized 5.1 percent in the five years to October, beating the 3.3 percent gain of an index of funds that invest in long-short equity hedge funds globally, according to data compiled by Bloomberg.
Zhang will seek as much as $1 billion for his fund of funds, initially targeting wealthy individuals in the Greater China region for capital. Zhang is also in talks with a wealth management company in Hong Kong on fundraising.
Pacrise will focus on five hedge fund strategies, including equity long-short, event-driven, macro, multistrategy and fixed income, Zhang said.
Equity long-short funds bet on rising and falling stocks. Event-driven managers seek to profit from securities affected by deals such as mergers and reorganizations. Macro hedge funds spot trades that benefit from broad trends in equity, bond, commodity and currency markets.
bloomberg.com
Zhang’s Pacrise Investment Management is awaiting approval from the Monetary Authority of Singapore to start the fund, he said in a telephone interview from the city-state yesterday. It will invest in five to 10 hedge funds initially.
Pacrise will be one of the few funds of hedge funds started in Asia in recent years. Institutions such as sovereign wealth funds, pensions and endowments have increasingly dominated hedge fund industry inflows, channeling their investments through the largest U.S. funds of hedge funds or by direct allocations.
Zhang, 38, joined Permal, a Legg Mason Inc. (LM) unit, as a senior analyst in its New York office in 2002, he said. He started to focus on emerging markets at the end of 2003 and was promoted to managing director in 2011, he said.
Permal, based in New York and London, manages $22.4 billion of alternative investments in hedge and private-equity funds.
Before leaving at the end of June, Zhang oversaw the $204 million Permal Emerging Markets Holdings NV and helped find new managers in Asia for the firm, Alastair Crabbe, a London-based Permal spokesman, said.
Permal Emerging Markets Holdings returned an annualized 5.1 percent in the five years to October, beating the 3.3 percent gain of an index of funds that invest in long-short equity hedge funds globally, according to data compiled by Bloomberg.
Zhang will seek as much as $1 billion for his fund of funds, initially targeting wealthy individuals in the Greater China region for capital. Zhang is also in talks with a wealth management company in Hong Kong on fundraising.
Pacrise will focus on five hedge fund strategies, including equity long-short, event-driven, macro, multistrategy and fixed income, Zhang said.
Equity long-short funds bet on rising and falling stocks. Event-driven managers seek to profit from securities affected by deals such as mergers and reorganizations. Macro hedge funds spot trades that benefit from broad trends in equity, bond, commodity and currency markets.
bloomberg.com
No comments:
Post a Comment