NASDAQ – Tribridge Investment Partners Ltd., a Hong Kong-based hedge fund manager, said Monday it will launch a new fund in August and hired John Liptak, former head of Bank of America Corp.’s Asia special situations group, to run it.

The new fund will have a pan-Asia focus and seek to identify mispriced or undervalued securities due to financial stress, some corporate event or other special situation. It will be biased toward large-cap companies in more developed markets in the region such as Hong Kong, Australia, Korea, Singapore, or Japan.

"I believe that the opportunities from the upcoming default cycle have not been seen since shortly after the Asian currency crisis back in 1997-1998," Liptak said in prepared remarks.

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Reuters – Yorkville Advisors, a $1 billion hedge fund, said it is stepping into the lending vacuum left by banks as it provides struggling firms with loans for up to two years, typically in the $5 million to $40 million range.

More recently the value of the loans has increased as larger-cap companies seek assistance. At end-January, Yorkville loaned $147.9 million to shipping firm Ocean Freight Inc.

The move is one way for hedge funds to thrive despite the global financial and economic crisis, and mirrors similar investments by billionaire investor Warren Buffett.

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