HONG KONG, July 3 Global private equity firm TPG
Capital is buying a stake in Hong Kong-based hedge fund sponsor
HS Group Ltd (HSG) and establishing a strategic relationship
with the company, HSG said in a statement on Thursday.
The deal is TPG's first dedicated Asia hedge fund investment
and signals a move to diversify its range of alternative assets
in the region, pushing into a sector where rivals like
Blackstone Group LP and Goldman Sachs already have
a strong presence.
Financial details of the deal were not disclosed.
TPG's managing partner and co-head of Asia Tim Dattels will
join the advisory board at HSG, which provides strategic capital
and institutional guidance to emerging Asian hedge funds.
HSG recently announced a partnership with Pleiad Investment
Advisors, a hedge fund founded by former China and Japan
specialists at Soros Fund Management, Kenneth Lee and Michael
Yoshino, who are both former TPG executives.
"Pleiad's founders illustrate the caliber of HS Group's
investment pipeline, having succeeded at TPG in Asia, as well as
Tiger and Soros," said Dattels, the former head of investment
banking for Asia ex Japan at Goldman Sachs.
Pleiad intends to launch in the third quarter with
investments of over $150 million from its founding partners, HSG
(Reporting by Stephen Aldred; Editing by Miral Fahmy)