British hedge fund Capula Investment Management has sold a second minority stake in itself, this time to Japan’s largest trading firm.

Capula, which manages some US$4.2 billion, has sold a 5% stake to Mitsubishi Corp., it said. Mitsubishi’s stake, valued at as much as US$35 million, does not carry with management rights or board representation, Capula said, but Mitsubishi will work with the hedge fund to expand its footprint in Asia.

“As Capula’s strategic partner in Japan and the Asian region, Mitsubishi is expected to support the marketing of Capula funds to institutional investors in the region,” Capula said. “Capula and Mitsubishi also intend to jointly develop new financial products.”

In February, Capula sold a 20% stake to Petershill, the Goldman Sachs private equity fund that invests in hedge fund managers.