Ex-Perry Asia Head Ercil Nets US$440M For Hedge Fund

May 11 2012 | 11:59am ET

Perry Capital's former Asia chief has raised more than US$400 million for his new hedge fund.

Alp Ercil launched the private equity-style hedge fund last year, after Perry Closed its Hong Kong office and parted ways with Ercil and 32 others. The new vehicle will invest in distressed debt and equities in the Asia-Pacific region.

Ercil has raised US$440 million for the fund.

As befits a p.e.-type fund, Ercil's new vehicle has a three-year lockup that can be extended. It will charge both management and performance fees, although the latter will be collected only when returns are realized.

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