Wednesday, 27 July 2016
Last updated 2 min ago
Oct 9 2012 | 1:01pm ET
Left at the altar by one would-be seeder, Hong Kong-based Ardon Capital has found another.
The firm has launched its planned Asia-focused event-driven fund with US$26.5 million initial assets. Most of the money, US$25 million, comes from European family office Maroon Capital Asia, rather than from Pulse Capital Partners, which earlier this year had pledged to raise US$50 million for the vehicle.
It's unclear what went wrong with the Pulse arrangement. But in honor of its new patrons, Ardon founders Frank Dominick and Charles Woo have renamed their firm Ardon Maroon Fund Management, and have hired a chief operating officer, Mirza Rahman, who formerly held that post at Artradis Fund Management. In addition, James O'Hanlon has joined from Bank of America as a portfolio manager.
All told, Ardon Maroon has seven employees, Reuters reports.
The Ardon Asia Fund will invest primarily in Australia, China, Hong Kong, Korea and Singapore, but can invest in India, Indonesia, Malaysia, the Philippines and Thailand, as well.
Before setting up Ardon in 2010, Dominick was at Morgan Stanley and Woo was at Lehman Brothers.