Hong Kong alternative investment firm Tribridge Investment Partners has announced plans to launch a new hedge fund in August, to be known as Tribridge Asian Special Situations Fund. This will join the stable of four other funds with combined assets of $259 million.
Tribridge has hired John Liptak to run the new fund. Previously he ran the special situations group at Bank of America, where he worked from 2001 to 2009. Before then he worked at ING Barings, UBS and CSFB.
The new fund will be pan-Asian in scope and will express its views on mispriced instruments through long/short credit positions and capital structure arbitrage trades. There won't be any private equity style deals or direct loans.
Target returns are 25% plus, net of a management fee of 2% and a performance fee of 20%. Volatility is expected to be in the range of 8-12%. Leverage will be capped at 2x, while gross exposure will usually range from 100-150% and net exposure 80-130%. The fund will give investors quarterly liquidity with 90 days' notice.
Citi is the prime broker and BNY Mellon is the administrator.