NewAlpha Seeds Korean Investment Corp Vet’s Bond Fund

May 12 2011 | 11:47am ET

NewAlpha Asset Management, a Paris-based global hedge fund incubator, has invested in Blue Rice Investment Management’s Asian Credit Fund—a bond fund established in December 2009 by former Korean Investment Corp CIO Guan Ong.

The value of the investment was not revealed, but is believed to be in the $20 million-range.

The fund implements an actively managed, absolute return, Asian credit-focused strategy, covering both high-grade and high-yield securities. The fund invests primarily in US$-denominated Asian debt securities issued by sovereign, financial and corporate issuers. It avoids local currencies, single-name equities and defaulted securities.

The fund is managed out of Singapore by a six-person team led by Ong, who was CIO of Korea’s sovereign fund, Korea Investment Corp, from 2006 to 2009.

BRIM has also attracted investment from Woori Absolute Partners, an affiliate of the Woori Financial Group, Korea’s largest financial concern by total combined assets.

NewAlpha Asset Management was established in 2003 to provide access to emerging alternative investment managers to institutional investors through private equity style funds of funds. Since inception, NewAlpha has entered into 16 strategic partnerships and invested a cumulative US$650 million with early stage managers.


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