Tuesday, 29 July 2014
Last updated 4 min 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…