Woori Absolute Partners (WAP), a Singapore based alternative investment management firm, and NewAlpha Asset Management (NewAlpha), the European based global hedge fund incubation specialist have teamed up to launch an Asia based investment vehicle which will seed emerging hedge fund managers and will be marketed to qualified investors in Asia and Europe.
The two firms plan to target a first closing date by year end 2011 followed by a final closing in 2012 with an AUM size of approximately USD100m and a targeted final closing of approximately USD200m, including initial capital contribution.
WAP and NewAlpha are both co-seed investors in the Singapore based Asian credit hedge fund, Blue Rice Investment Management (BRIM), and this common investment was a positive first step towards establishing this new collaborative investment venture. Both firms believe the synergies produced by the joint partnership will represent a unique offering to emerging managers as well as to investors. NewAlpha has a distinguished track record of investing in emerging hedge fund managers and, as a subsidiary of OFI Asset Management, has access to a broad network of qualified investors throughout Europe.
WAP has established its hedge fund investment track record through its investment into BRIM and its investment and active management of its own fund of hedge funds vehicle. WAP has also developed a strong hedge fund network throughout the Asia Pacific region and is also able to leverage Woori’s leading distribution capabilities to qualified investors throughout the region.
