Hong Kong's Steadview Soars, Eyes New Millions

Aug 4 2011 | 1:42pm ET

Having almost doubled its investors' money over the past two years, Steadview Capital has launched a fundraising campaign to triple its assets under management.

Ravi Mehta, the founder of the US$33 million Hong Kong-based fund, told Reuters he'd like to be managing US$100 million within the next year. So far, increasing Steadview's assets under management by such multiples hasn't proven a problem, no doubt owing to its 92% return since its inception in July 2009.

Steadview, which was seeded by former Goldman Sachs (Asia) chairman and Soros Fund Management CEO Mark Schwartz, has increased its assets five-fold this year already. The fund, which managed just US$500,000 at launch, was running only US$1.8 million as recently as a year ago.

Mehta, formerly an analyst at Maverick Capital Management, said that Steadview is beginning to attract the interest of larger investors.

"We are just now hitting a point where funds of funds could invest," he told Reuters. "We are currently in later-stage discussions with some funds of funds, and are receiving interest from endowments and even insurance firms."

Steadview is a high-conviction, no-leverage vehicle, typically investing in between 12 and 15 ideas. The fund returned 38.6% in the year-ended June, and is up 12.9% in 2011 through July.

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