German firm launches bankruptcy proceedings against Evergrande.
The Hong Kong-based fund started in 2004 with $6 million in assets under management and its meteoric rise over two years took it to over $800 million.
It is understood that its partners, ex-Lehman employees Huy Hoang, Charle Peza and Nami Hamada, will split following a debate about the future direction of the fund. It is understood that they all plan to stay in the asset management sector via new incarnations, and clarification on the details of those new vehicles is expected shortly.
Efforts to contact the principals by press time via phone and email were unsuccessful.
The event-driven fund specialised in mergers and acquisitions and restructurings in Hong Kong, Korea, Singapore, Taiwan and Japan, focusing on large-cap transactions in bigger markets.
The managers racked up a 25% annualised return and, remarkably for an event-driven fund, the standard deviation of 7.8% for the HDH Special Situations Fund was even more stable than many long/short funds.
HDH won awards for AsianInvestorÆs æBest Hedge Fund Launch' in 2004 and æBest Asia-Pacific Hedge FundÆ in 2005.
Weekly investor roundup: Didi to delist in New York and pursue HK listing; China's NSSF invests $600 million in VC fund of funds
Didi has decided to delist in New York to pursue an A-share listing in Hong Kong; China’s National Social Security Fund (NSSF) has invested $627.23 million in a venture capital fund of funds managed by China International Capital Corporation (CICC); the entity formed through the merger of QSuper and Sunsuper will be called Australian Retirement Trust; GIC signs two Australia property deals through joint ventures; and more.
Asset owners are spoiled for choice when it comes to private credit assets, but keeping and finding talents as well as choosing the right managers remains a challenge.
The New Zealand sovereign fund is set to announce several new deals by March 2022.
November’s most read: Evergrande has defaulted, some say; Which assets will perform under stagflation?
Members of German market information provider, DMSA Deutsche Markt Screening Agentur say Evergrande has defaulted; Analysts are split over whether the market is approaching stagflation or pointing to a healthy recovery; Low hedge fund returns and high management fees have seen pension fund allocations fall but CPPIB is keeping the faith; and more.