Santa Monica, Calif.-based fund of hedge funds shop Coast Asset Management is reportedly coming to market with a pair of funds of funds later this year.

The $6.7 billion firm is prepping the Coast Event Driven Fund and Coast Asset Lending Fund for launch with some $100 million each, Alternative Investment News reports. Direct Lending will allocate capital to credit and direct-lending managers but avoid asset-backed lending strategies.

Both funds will roll out with between 10 to 12 managers each.

The firm declined to comment on its new initiatives.

Coast recently named Roger Hartley, a former managing director at Putnam Lovell, as chief operating officer. Last year, the firm opened its initial office outside the U.S., in London, and recruited Sabine Maarschalk from ABN Amro to head sales efforts in the U.K., continental Europe and the Middle East. This year, the firm said it is actively exploring additional non-U.S. markets, particularly in the Pacific Rim countries.