Special-situations veteran Chris Hsu has started a new alternative investment vehicle in Hong Kong named Kilometre Capital Management.
The firm runs an Asian long/short equity strategy focused on selected Asian growth equity investments. Initial assets under management are around $200 million.
The fund is closed and not being marketed. Kilometre is backed by US alternative investment group Paloma Partners. Since the 1980s, Paloma has been the early backer for a number of prominent hedge funds including David Shaw at DE Shaw.
Taiwanese native Hsu started Abax Global Capital, now a leading Asian special-situations fund, as chief executive in late 2006. He was previously a managing director at Citadel Investment Group, having established Citadel's special-situations business in Hong Kong.
Hsu left Abax in late 2008. At that time, he had indicated he believed in a more liquid equity strategy, and that has now come to fruition with Kilometre Capital.