Thursday, 30 July 2015
Last updated 7 hours ago
Nov 13 2012 | 12:04pm ET
Woori Absolute Partners has joined forces with a French firm to redouble its seeding efforts in Asia.
The Singapore-based arm of South Korea's Woori Investment & Securities and hedge fund incubator NewAlpha Asset Management will raise US$200 million for a seeding joint-venture. The business, which debuted on Nov. 1, will seek out Asian funds that are desperate for new capital—but have found the fundraising environment difficult.
"This is very much a supply and demand imbalance," Woori Absolute co-founder Edward Moon told Reuters. "We see a lot of great supply but the demand in terms of capital chasing that supply has really dwindled and we think that is a great opportunity."
The first beneficiaries of the effort could come in the first quarter, when the j.v. plans to deploy about $25 million to two of the more than 150 firms Woori and NewAlpha have looked at.
The two firms have put up US$50 million themselves and are now fundraising in Asia and Europe.
The new venture is not the first partnership between Woori and NewAlpha: The two firms launched an Asia-based emerging hedge fund seeding fund last summer.
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…