Vision Asia Opportunities Fund, a Guernsey-domiciled closed-ended investment company established to invest in a portfolio of Asian hedge funds and funds of hedge funds, has announced plans
Vision Asia Opportunities Fund, a Guernsey-domiciled closed-ended investment company established to invest in a portfolio of Asian hedge funds and funds of hedge funds, has announced plans to raise up to GBP100m and to seek a listing on the Irish Stock Exchange.
The fund aims to offer investors exposure to Asia through a broad, multimanager-based alternative investment programme with a targeted low level of volatility, with the objective of achieving long-term capital appreciation.
The Vision Asia Opportunities Fund is targeting an annual return of between 12 and 15 per cent and volatility at or below 7.5 per cent standard deviation. It may use leverage up to a maximum of 20 per cent of net asset value, primarily for short-term liquidity purposes.
The fund, managed by Vision Investment Management, offers access to underlying funds including the Vision Asia Maximus Fund, which has been closed to new investors since January 2006 and has returned 77.12 per cent since its launch.
Says Vision Investment Management chief executive Jerry Wang: ‘We are delighted to bring the Vision Asia Opportunities Fund to the market. The launch will allow investors the opportunity to have exposure to Asia but with controlled volatility and risk.
‘Vision Investment Management has grown up with the Asian hedge fund industry and we are confident that the low-risk nature of the fund, coupled with its access to top-performing underlying closed funds, will deliver superior long term performance.’
The fund’s manager, Vision Investment Management, has unveiled plans to join the Official List of the Irish Stock Exchange and for the fund’s shares to be traded on the London Stock Exchange, with Evolution Securities acting as lead manager on the share placing and UK broker.
The fund’s directors have announced their intention to list the company on the Official List of the Irish Stock Exchange and to seek to raise up to GBP100m through a placing and offer for subscription of new ordinary shares. Following admission, the company’s listed and issued share capital will comprise sterling, euro shares and US dollar shares which will be traded on the main market of the London Stock Exchange.
Vision Investment Management plans to invest the assets of the new fund in the various funds of hedge funds, including the Vision Asia Maximus Fund. A multi-strategy fund of hedge funds with exposure across the Asia-Pacific region including Japan and Australia, the Maximus Fund maintains a balanced allocation between Asia equity long/short and non- equity related strategies.
The Asia Opportunities Fund will also invest in the Vision Shin Nihon Segregated Portfolio, a multi-strategy fund of hedge funds which invests primarily in the Japanese market, the Vision Shinya Segregated Portfolio, a multi-strategy fund of hedge funds which invests primarily in non-Japan Asia, and the Vision Commodities Segregated Portfolio, a multi-strategy fund of hedge funds that seeks long-term absolute returns by investing in a diversified basket of managers investing in the commodities and natural resources.
In addition, the new fund intends to invest in individual Asian hedge funds that may have been unavailable for investment by open-ended funds of hedge funds due to their lock-up or redemption provisions.
Evolution Securities will act as lead manager and broker to the issue. It is expected that the offer for subscription will open by mid-April and that dealings in Vision shares on the London Stock Exchange will begin before the end of the month.
