Hong Kong-based ADM Capital has raised US$418 million for a new special situations and distressed assets hedge fund.

Earlier this month, the firm indicated that it hoped to raise as much as US$700 million for Maculus V. But Robert Appleby, ADM’s chief investment officer, told Reuters that the firm closed the fund early to more quickly take advantage of market opportunities.

Maculus V is a five-year private equity-like closed-end fund that will invest in Europe and Asia.

With the new fundraising effort, ADM now manages US$2.4 billion.