Friday, 1 August 2014
Last updated 5 hours ago
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.