Hedge funds that receive early-stage investment are ironically the ones deemed as being the most attractive to investors, say seeders and funds of funds.
As the alternative fund-of-funds industry shrinks, Asian PE multi-managers should continue to see flows from small Western institutions. So says placement agent Monument Group, which is setting up a Japan office.
Post-crisis investor trends will lead to further consolidation among funds of private equity funds and more negotiation around fees, says industry veteran David Pierce.
Large fund-of-private-equity funds being raised in the mainland will bring capital to domestic private equity vehicles, which are estimated to number in the thousands.
US alternatives manager Morgan Creek is raising a second Asia private equity fund of fund, with a target of $300 million.
US alternatives fund-of-fund manager Morgan Creek has appointed Squadron's Anand Prasanna to its Shanghai office as it heightens its focus on Asian emerging markets.