Tuesday, 30 June 2015
Last updated 5 min ago
Mar 6 2012 | 7:22am ET
More than a year after setting up his hedge fund, former Deutsche Bank securitized products chief Gregory Park is set to launch his maiden offering—as a joint venture.
Park's Northstone Peak Capital has partnered with Chinese asset management giant Harvest Fund Management, HFMWeek reports. The decision to partner with an established firm is a reflection of the difficult fundraising environment in Asia, especially for start-up managers.
Hong Kong-based Northstone will serve as Harvest's credit hedge fund platform in Asia. The new Harvest Northstone Capital hopes to raise US$150 million for its first fund, which will target large global allocators.
When he set up Northstone at the end of 2010, Park had hoped to launch a US$2 billion hybrid hedge-private equity fund by the middle of last year, with initial assets of at least US$250 million. The fund was to target returns of between 15% and 25% annually, investing primarily in new bonds and warrant-linked bonds.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…