Mitsui & Co.
Mitsui & Co. Will Close U.S. Hedge FundThe following piece on Mitsui & Co. is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
Mitsui & Co., Japan's second-largest trading company, will close its New York hedge fund business as it shifts to investments including property and utilities.
Mitsui, with businesses ranging from import-export to financial services, decided to shut Mitsui & Co. Alternative Investment Corp. because it failed to meet the company's targets amid the turmoil of the global credit squeeze, Masaji Matsuoka, who is in charge of formulating funds at the firm's asset management division, said in an interview in Tokyo yesterday.
The unit was established in 2005 to mainly target institutional investors in Japan who sought to diversify their investments through hedge funds, Matsuoka said. Tokyo-based Mitsui aims to focus on investing where it has more expertise, Matsuoka said. In June, it announced plans to raise as much as $1.2 billion for a fund to invest in infrastructure assets such as power generators, electricity and gas transmission companies, and railways.
``We're in the midst of shifting our focus to investments that match the business model of a trading company,'' Matsuoka said. ``We don't have any plans in the near future to pursue hedge fund investments.''
The company has raised about 20 billion yen ($188 million) for the Emerging Market Infrastructure Fund, Matsuoka said. Mitsui may also create funds to invest in agricultural businesses, emission credits and metal, he said. More......
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Tags: Mitsui & Co., Masaji Matsuoka, infrastructure assets, Emerging Market Infrastructure Fund