WEST PALM BEACH, FL (HEDGECO.NET) – A group of Asian asset managers have joined hands to form a new hedge fund. The new fund, Asian Debt Fund [ADF], will be focusing on distressed debt investing,covering the Asian region ex-Japan according to the news release. The consortium is made up of Financia, a Bangkok based investment bank, the Tokyo based Japan Asia Investment Corporation [JAIC] andAozora Bank also based in Tokyo.
The new ADF fund will be based in Singapore according the news release; the new vehicle had raised about US$25 million in seed capital. Moe Ibrahim, one of the portfolio managers at ADF said, �”We’ve spent the past six months investing our existing capital into low risk situations that provide attractive returns; we�re now close to fully invested and since performance is in line with expectations, we’ve begun actively marketing the fund.” Ibrahim added.
The new strategy according to Ibrahim is expected to grow to a range of US$100-150 million over the next 12-18 months. He explained it remains unclear if the fund will be closed to new investors when investment asset reaches the expected range. Recently an unspecified outside fund of hedge funds invested with the ADF fund.
The ADF hedge fund is aiming to deliver monthly returns in the range of 1-2% according to Ibrahim. During the first two months of trading, ADF realized a monthly return of 3.3% and 1.3%, during the months of April and May respectively.
One of the key advantages of the new fund Ibrahim explains, is the ability of being able to tap into institutional data base of the three members of the consortium. Ibrahim added, “We’re operating within an institutional setting, and this gives comfort to investors. Thanks to the vast collective relationships of the fund’s sponsors, as well as the investment team, the fund is often able to negotiate transactions on a non-competitive basis” he elaborates.
Ibrahim was previously a senior member of the Lazard Debt Recovery Fund at Lazard’s distressed debt group, a global distressed debt fund. He began his asset management career in New York before moving over to Singapore to assume the management obligations of Lazard�s Asia distressed debt portfolio.
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Paul Oranika
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HedgeCo.Net
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