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* Long/short hedge fund Tybourne aims to raise $1 billion
* To invest globally but maintain an Asian bias
* Proposes "modified high water mark" for lower fees
HONG KONG, March 15 (Reuters) - A highly anticipated hedge fund from former Lone Pine and Goldman Sachs executives will be launched in July and carry an innovative fee structure, according to a document seen by Reuters.
Eashwar Krishnan, former Asia head of hedge fund firm Lone Pine Capital, and Tanvir Ghani, former head of capital introduction for Asia-Pacific at Goldman Sachs Group Inc were aiming to raise $1 billion in the fund.
The launch, set for July 2, is one among four major start-ups in the region that have attracted investor attention this year, improving prospects for the struggling Asian hedge fund industry as tried and tested fund managers and traders expand investment options.
The duo are setting up long/short equities hedge fund Tybourne Capital Management in Hong Kong and putting together a team of at least 19 staff, the fund information document showed.
The fund will invest globally, but have an Asian bias. Its main focus will be on consumer, financials, technology, media, telecommunications and industrial sectors, the document showed.
An e-mail to Ghani did not elicit a reply.
Lone Pine will take a small ownership stake in the management company and will fund part of Tybourne's start-up and operating expenses, while the principals are the largest investors in the hedge fund, the document showed.
Krishnan, who moved to Hong Kong in 2007 to set up and manage Lone Pine's operations in Asia, was a senior analyst at the Greenwich-based hedge fund for the past 11 years. He has invested globally, with a particular emphasis on technology.
Krishnan, who also worked as an analyst at Goldman Sachs between 1998 and 2000, has a degree in physics.
MODIFIED FEE STRUCTURE
Tybourne aims to attract 70 percent to 80 percent of the assets for longer durations of three and five years to help it take a longer-term investment view.
Investors will have to put in at least $5 million into the hedge fund, five times more than the usual up to $1 million required by most funds in Asia.
Tybourne will halve the performance fee in exchange of a "modified high water mark", an innovative and uncommon fee structure in Asia which allows hedge funds to charge performance fees on gains even after periods of losses.
The discount will remain in effect even after the high water mark is reached and until the fund recovers 250 percent of the losses, the document showed.
High water mark refers to peak net asset values above which hedge funds can charge performance fees.
Tybourne has picked Goldman Sachs and Credit Suisse Group AG as prime brokers. Goldman Sachs is the fund's administrator.
Krishnan joins the likes of senior UBS Australia trader Gerard Satur who is setting up MST Capital that aims to garner up to A$500 million and employ the increasingly popular macro strategy.
Others such as Alp Ercil, a former partner and the head of New York-based hedge fund Perry Capital's Asia operations, and Aje Saigal, a veteran at sovereign wealth fund Government of Singapore Investment Corp (GIC), are also launching funds. (Editing by Chris Lewis and Muralikumar Anantharaman)