Andon Hong Kong Ltd, the investment arm of Chinese medical device maker Andon Health Co, is expanding its global alternatives footprint with the opening of a New York office, marking a significant move into hedge fund and private market investing, according to a report by Bloomberg.
Chuck Sun, a former hedge fund allocator at Soros Fund Management and quantitative researcher at Point72, will lead hedge fund manager selection from the firm’s new US base. Sun’s mandate includes building a diversified global hedge fund portfolio and contributing to strategic asset allocation.
“We plan to add more hedge fund allocation and build broader and deeper connections with private market managers in New York,” said Jason Guo, Chief Investment Officer of Andon Hong Kong, which manages several billion dollars.
The move reflects Andon’s ambition to deepen exposure to alternative investments, a trend mirrored by other Asian family offices such as Nan Fung Trinity, which also recently announced plans for a New York outpost.
As of end-2024, hedge funds accounted for 1.6% of Andon’s portfolio, while private equity made up 11.7%, according to its annual report. Fixed income and listed equities still dominate holdings, but the firm is actively rebalancing to diversify risk and enhance long-term returns.
Andon Health is chaired by founder Liu Yi, whose 23% stake is valued at approximately $546m, per the Bloomberg Billionaires Index.
