Five months after announcing its initial foray into the hedge fund space, Asia Alternative Asset Partners, an emerging hedge fund manager shop, has teamed up with Iveagh Ltd., a London-based multi-strategy shop.

In the new partnership, Iveagh will be responsible for building an investment management team and developing the process for the selection of new managers. The new team will continue the firm’s focus on seeding Asian and emerging markets managers.

In addition, Iveagh, whose current funds under management total some $800 million, has agreed to become a cornerstone investor in Triple A Partners’ new seeding fund, which will close its initial capital raising with approximately US$150 million of assets on Dec. 31. The capital will be used to seed up to eight new managers and a secondary closing of a similar amount will be held in the second half of 2008.

Paul Ross, CEO of Iveagh, said:  “Triple A Partners’ significant Asian presence and expertise will provide a powerful boost to our plans for accessing and investing in new seeding opportunities in the dynamic Asian market.”