MAS names sustainability head; Malaysia’s EPF appoints COO and CFO; GIC PE head for SEA leaves; State Super hires new exec; Hesta appoints chief growth officer, chief Debby Blakey appointed to corporate governance board; ex-BlackRock exec joins IQ-EQ in Singapore; HSBC AM builds direct real estate team; ex-Vanguard head of distribution joins LGIM; Sanne names Singapore head; and more
The Korea-focused fund is named after, and will be managed by Kyle Shin, who used to be the head of Kingdon Capital in Korea.
The intention is to soft close the fund at $150 million. The target return is 20% plus per annum with a volatility of less than two-thirds the market volatility.
ôI am especially bullish on companies in the technology sector in Korea because they currently hold a lot of cash on their balance sheets,ö says Shin. ôKorea is the second cheapest country in relation to company valuations in Asia so there is a continuous stream of ideas and possible trades available.ö
Gross exposure is expected to range between 150% and 250%, and net exposure at -20% to +50%. There is a 2% management fee and a 20% performance fee with a high watermark.
The fundÆs lawyers are Simmons & Simmons. Goldman Sachs has been chosen as the prime broker, administrators are to be confirmed.
Kwap property arm appoints CEO; VFMC names new CEO as Lisa Gray retires; MSIG Singapore promotes Mack Eng as CEO; Monroe Capital opens first Asia office in Seoul, hires head from Aberdeen; Vanguard Australia appoints new MD to relocate from US; HSBC AM expands EM debt team; Vantage FX hires from CGS-CIMB in Singapore; and more.
Financials and healthcare have been spotted as promising sectors, while several tech IPOs are on the way, including a $2.2 billion fintech firm and a GIC-backed e-commerce startup.
A strong recovery in the Asia Pacific private capital markets in 2021 sets up favourable hiring and compensation trends.
The $95 billion Korean savings will set up a separately managed account for real estate debt investment early next year in order to shorten decision-making and help it win deals in a crowded market.