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The job of constructing the new fund has been given to Julius Wang, who has joined Vision as a managing director and member of the board. Vision has seen a few defections lately but is rebuilding and remains spearheaded by Asian fund of fund industry doyens, Jerry Wang and James Chen.
WangÆs job at Vision will be to devise and structure the fund. Therefore at this formative stage there are no specific details of how the Angel fund will operate, its target size, putative fee structure, or what percentage of the business a hedge fund manager will have to hand over in return for VisionÆs involvement. More details will emerge about the new fund by the beginning of the third quarter.
Before joining Vision, Julius Wang was a senior managing director at Ritchie Capital Asia and before that he managed a multistrategy fund of funds at SAIL for five years.
At Ritchie Capital he helped set up the Hong Kong operation which Harjit Bhatia now runs. Ritchie has confirmed that Wang will not be replaced there.
Vision is one of AsiaÆs most well known indigenous fund of funds. It has total assets under management of $1.7 billion. It was the recipient of a portion of the hotly contested CALPERS allocation to Asian fund of funds in 2005. Vision was also a double winner of Asian Investors Asian fund of funds award in 2004 and 2005.
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.
The fund's 29.6% returns marked its best ever and exceeded its reference portfolio, which has 80% allocated to equities, by 1.73%.