As reported last week, event-driven hedge funds in Asia attracted some USD765million in 2010 making them the region’s most popular strategy.
As reported last week, event-driven hedge funds in Asia attracted some USD765million in 2010 making them the region’s most popular strategy. With that in mind, and following an impressive first year in which its market-neutral Asia event-driven fund gained more than 20 per cent, Cayman Island-domiciled Tiresias Capital Ltd has decided to open it up to investors. According to Bloomberg, the firm aims to raise USD150million from investors as of March 1st – when the fund launched it used USD50million in seed capital from the firm’s USD635million Omni Global Fund. Assets have since grown to USD70million and are expected to reach USD100million by March, Tiresias’s Hong Kong-based fund manager, Matthew Moskey told Bloomberg. “Some investors want direct Asia exposure,” said Moskey. “We’re happy to provide that platform and have a more diverse investor base.” A recent report by Thomson Reuters and Freeman Consulting Services estimates that global M&A activity could increase 36 per cent this year to USD3.04trillion. Additionally, a recent market survey found that 45 per cent of participants believed Asia Pacific companies would most likely lead the way in acquisitions. Tiresias is expected to cap the fund at USD250million and only focus on “hard events” such as M&As involving publicly listed Asian companies. “We think 2011 will be a very good year for mergers and acquisitions,” said Moskey.
