NewAlpha, Woori Absolute Partners Join Forces To Seed EM Hedge Funds

Jun 9 2011 | 8:49am ET

NewAlpha Asset Management, a European-based hedge fund incubator, has joined forces with Singapore’s Woori Absolute Partners to launch an Asian-based vehicle to seed emerging hedge fund managers.

The two firms hope to record their first closing by the end of 2011, with a final closing in 2012, with AUM of approximately $100 million and a targeted final closing of approximately $200 million, including initial capital contribution.

WAP and NewAlpha are both co-seed investors in the Singapore-based Asian credit hedge fund, Blue Rice Investment Management.

NewAlpha, a subsidiary of OFI Asset Management (AUM $70 billion) has entered 16 strategic partnerships and invested a total of US $650 million with early-stage managers.

WAP has established its hedge fund investment track record through BRIM and its investment and active management of its own fund of hedge funds vehicle, the Woori Absolute Return Investment Strategies fund.

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