Search Investment Group establishes fund of private equity funds

Search Investment Group, via its subsidiary Squadron Capital, is setting up a private-equity fund of funds named Squadron Asia Pacific. Search Group is the Hong Kong investment arm of the Robert Miller family of Duty Free Shoppers fame. The family will kick in an initial $40 million. This should be 10-20% of the fund size, which is targeted initially at $200 million and capped at $400 million.Management fees are likely to be 1%, with back-end performance fees of approximately 10%. The…