New York-based hedge fund guru, Phil Falcone (pictured), is preparing to make his first foray into the Asia region with the launch of a Pan-Asia fund next month, reports FINalternatives. Although unavailable to comment, Falcone’s new fund will reportedly focus on special situation opportunities. It is still open to investment and has already received USD500 million from one unknown investor. No other details are known at this time, although it is believed Falcone himself will manage the fund. These are busy times for the hedge fund honcho. Whilst his flagship Harbinger offshore fund may currently be failing to repeat the returns of 2009, his dream to deliver a satellite-based wireless network to rural America gathers apace. Add Asia to the equation and the scope and diversity of Falcone’s plans are plain to see.