24/08/2012
Former head of Perry Capital for Asia closes hedge fund to new investors
The former head of Perry Capital for Asia, Alp Ercil, has announced the closure of his hedge fund launched earlier this year to new investors, Reuters reports. Ercil managed to raise USD940m in a few months, nearly the full objective of USD1bn.Ercil founded his investment firm, Asia Research & Capital Management, earlier this year, with personnel of 18, 14 of whom came from Perry Capital, which in October 2011 decided to discontinue its activities in Asia to focus on the American and European markets.His hedge fund, which concentrates on the distressed debt sector in the Asia-Pacific region, is the largest major hedge fund launch since the beginning of the year, in an environment in which hedge funds are encountering difficulty in raising capital. Since the beginning of the year, Asian hedge funds have seen redemptions totalling a net USD1.7bn, according to statistics from Eurekahedge.
