Hong Kong-based DragonBack Capital Limited has added Darryl Flint and his Double Haven Credit team to its fund platform.
Flint and his six-person team will continue to manage their stable of funds—now renamed as the Double Haven Credit Opportunities Fund and the Double Haven Temple Fund—as well as an Asian Liquid Credit Strategy.
DragonBack, a former equity multi-strategy and volatility hedge fund manager which managed as much as $600 million at its peak, reinvented itself last year as a hedge fund platform. Led by Rob Lance and Phil Tye, the 10-person team provides senior management and marketing representation, full operational infrastructure and independent risk control.
Dragonback also plans a couple of new fund launches between now and the first quarter of 2012. The first, the Double Haven Asia Absolute Bond Fund, is expected to begin operations in December 2011. It will target returns of 10-15% and run a diversified long/short credit portfolio focusing on opportunities arising from mispriced Asian credit, emulating the successful Asian Liquid Credit Strategy.
The second, to launch in Q1 2012, will be the Double Haven Natural Resources & Infrastructure Fund, which will focus on direct secured lending opportunities to Asian corporate entities. Dragonback aims to source about 70% of deals for the fund in-house. The new fund will invest in all Asian countries and in a wide range of ratings and will be structured like a private equity vehicle.