Former Perry Asia Head Hard-Closes Fund At US$940 Million

Aug 23 2012 | 11:00am ET

Perry Capital's former Asia chief has closed his hedge fund after raising nearly US$1 billion.

Alp Ercil's Asia Research & Management hard-closed with US$940 million. The private-equity-style hedge fund, which debuted late last year, raised US$440 million through April 30, and has garnered a further half-billion dollars since then.

More impressive still, the money has come from just 15 to 20 investors, Reuters reports. About 10% of the money has come from ARM's partners. The fund has a three-year lockup which can be extended, and its performance fees are collected only when returns are realized.

Ercil set up ARM in Hong Kong with 14 other Perry veterans after the New York-based hedge fund closed its Asian office. He spent a decade at Perry.

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