Permal Group’s former emerging-markets head Steve Zhang is reportedly planning to launch a new Asia fund of hedge funds in February next year.
Known as Pacrise Investment Management, the new company is seeking approval from the Monetary Authority of Singapore and will initially invest in five to 10 hedge funds, reported Bloomberg.
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Zhang is seeking to raise up to $40m for Pacrise Investment Management, which will focus on five hedge fund strategies, including equity long-short, event-driven, macro, multistrategy and fixed income.
Also, Zhang aims to collect a total of US$1bn for the new vehicle by primarily targeting HNW investors in greater China.
Meantime, Zhang is in discussions with a wealth management company in Hong Kong about fundraising support.
Zhang, who joined Permal, a unit of Legg Mason, in 2002 as senior analyst, had managed the US$204m Permal Emerging Markets Holdings.
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