REFILE--ARCM raises $1.1 bln in Asia's biggest hedge fund launch this year
(Removes extraneous word from headline)
HONG KONG Dec 9 (Reuters) - Asia Research & Capital Management (ARCM) has raised $1.1 billion for its new hedge fund, the region's biggest launch this year, and helping the firm to double its assets, a source with direct knowledge of the matter said.
ARCM, founded by Alp Ercil, the former Asia head of New York-based Perry Capital, has become one of the largest hedge fund companies in the region, underscoring how pension funds and endowments prefer to invest with bigger firms.
Its debut fund raised $940 million and was the biggest launch in the region for 2012.
The Hong Kong-based firm, which focuses on distressed investment opportunities in credit and equities in the Asia-Pacific region, has fully invested Fund I assets, the source said, adding that the full $1.1 billion for Fund II came from the same set of investors the firm had in the first fund.
Bill Wong, the hedge fund's chief operating officer, declined to comment. The source declined to be identified as the information was private. (Reporting by Nishant Kumar; Editing by Denny Thomas and Edwina Gibbs)
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