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)