Permal Group Vet to Launch $40M Asia Fund of Hedge FundsPermal Group’s former head of emerging markets investments Steve Zhang is seeking to raise the amount of $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.Source: Bloomberg