Friday, 1 July 2016
Last updated 8 hours 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.