Wong’s SSG Capital lines up third special situations fund

March 31, 2014  

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Hong Kong-based SSG Capital Management is on the verge of launching a new Asia-focused special situations fund, its third since the outfit was established more than five years ago.

The new fund is understood to be attracting significant interest from investors around the region and beyond – and could potentially become the group’s biggest offering since SSG was established by CIO Edwin Wong in 2009.

Before he founded SSG, Wong worked at Lehman Brothers where he ran the Asia special situations group and the firm’s credit businesses, delivering strong returns for the investment bank.

Sources say the fund is well on track to raise as much as $800 million given the growing popularity among investors of hedge fund strategies with a private equity flavor.

The region’s biggest start-hedge fund last year was a special situations fund managed by ARCM Capital, the Hong Kong-based vehicle established by ex-Perry Capital manager Alp Ercil, which raised well over $1 billion in December.

SSG itself launched its first special situations fund in 2010. Its second fund was launched and closed in 2012 at a capped size of $400 million.

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