Gandhara Founder Readies New Fund For Launch

Feb 11 2010 | 11:13am ET

Gandhara Capital founder Davide Erro is set to launch a new hedge fund in April with $100 million in seed capital.

With ambitions to become the first global hedge fund with operations exclusively in Asia, Turiya Advisors Asia will launch its first fund of April 1, Bloomberg News reports. Targeting returns of between 15% and 20%, the fund will invest in between 20 and 25 positions, equally divided among Japan, the rest of Asia and Europe.

Erro founded Gandhara in Hong Kong—where Turiya is also based—in 2005 after leaving Deutsche Bank. He shuttered the $2.3 billion fund last year after it lost 19% in 2008, leading investors accounting for nearly a third of its assets to seek redemptions.

The new fund has been seeded by Turiya’s six-member investment team, other employees, family and friends.

Turiya—which means “pure consciousness” in Hindu philosophy—will be net long. Four-fifths of its portfolio will be bets on broad investment themes, with the rest placed in contrarian bets.

The new fund charges 1.75% for management and 20% for performance. It offers quarterly liquidity with 45-days notice; investors can withdraw one-third of their money at any one time.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of