TPG Holdings, a global private investment firm with over $59 billion of capital under management, has agreed to acquire a stake in Hong Kong-based hedge fund firm HS Group (HSG).
The transaction will enable HSG to provide long-term capital and strategic guidance to startup and newer hedge funds in Asia for TPG.
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Terms of the transaction and amount of TPG’s stake have not been disclosed.
As part of the deal, TPG’s managing partner and co-head of Asia Tim Dattels will join the advisory board at HSG.
Additionally, TPG’s Brooklands Capital Strategies, a division of TPG Capital BD, has signed a referral agreement with HSG for institutional client relationships.
At the same time, TPG has also recruited a former executive at hedge-fund firm Farallon Capital Management, Gabriel Sod-Hoffs, to start a new internal hedge fund.
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By GlobalDataThe deal marks as TPG’s first Asia hedge fund investment and reflects a move to diversify its range of alternative assets in the region.
Michael Garrow, founder and CIO of HSG, said: "With TPG as strategic partner and Tim joining our Advisory Board, HS Group is well positioned to offer our investors attractive ownership participation in Asia¹s hedge fund growth."
Tim Dattels, managing partner and co-head of TPG Capital Asia, said: "Asia’s hedge fund industry will see secular growth over the coming years, and HS Group’s relationships with the region’s strongest investment talent combined with institutional best practices complement TPG¹s vision for this industry."
Johannes Kaps, founder and CEO of HSG, said: "The combination of both TPG and Gottex Fund Management as institutional partners enhances HSG’s value proposition to hedge fund leaders with access to industry insights and a global investor base."
