HONG KONG Aug 23 Alp Ercil, the former Asia head of New York-based Perry Capital, closed his own Asia-Pacific fund to fresh money this week after raising $940 million in the biggest hedge fund launch in the region for 2012, a source with direct knowledge of the matter said.
Hong Kong-based Ercil launched his investment firm Asia Research & Capital Management Limited earlier this year with 18 people, including 14 from Perry Capital, which decided to shut its operations in the region in October last year to focus on the U.S. and European markets.
The private-equity style hedge fund firm, which focuses on distressed investment opportunities in credit and equities in the Asia-Pacific region, received $440 million in the first round of capital raising that ended on April 30.
It has raised an additional $500 million since then, getting close to its target of $1 billion, and told clients this week that it was no longer open to investments, the source said.
Bill Wong, the hedge fund's chief operating officer, declined to comment. (Reporting by Nishant Kumar; Editing by Edmund Klamann)