KGR Absolute Return boosts assets to GBP70m through share issue

KGR Absolute Return boosts assets to GBP70m through share issue

KGR Absolute Return PCC, a Guernsey-registered fund of hedge funds that invests with Asia-focused managers, has raised some GBP15m through a placing and offer for subscription for C shares on the London Stock Exchange, bringing its aggregate net assets to about GBP70m.

'We are satisfied with the results of this C share issue which has enabled us to continue broadening our institutional investor base to meet growing demand for access to Asian-focused hedge fund investment vehicles, despite a difficult market environment,' says chairman Rupert Dorey. 'It is also most gratifying to see the majority of our existing institutional investors supporting the issue by subscribing for C shares.'

The fund's investment adviser, KGR Capital (Hong Kong), which has around USD350m in assets under management, expects that at least 80 per cent of the aggregate net proceeds of the issue will be invested or committed by October 31.

In April, Swiss-based alternative asset manager LGT Capital Partners announced its intention to acquire KGR Capital, subject to regulatory approval, to enhance its presence and investment expertise in Asia.

'The approval process is going well,' says Mark White, chief executive of KGR Capital (Europe). 'We have now received the necessary approval from the Financial Services Authority in London and expect to receive the same from the Securities and Futures Commission in Hong Kong shortly.'

LGT Capital Partners is a fund of funds manager focused on institutional investors and currently manages more than USD18bn in hedge fund and private equity investments through its Crown and Castle alternative investment programmes. The firm, which has headquarters at Pfäffikon and offices in New York, Dublin, Hong Kong and Tokyo, is part of the LGT (Liechtenstein Global Trust) group, a wealth and asset manager owned by the Liechtenstein royal family.

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