Partners Capital, the private investment office for private equity professionals, is opening an office in Hong Kong as a way of gaining access to emerging managerial talent in Asia.
The new Hong Kong office will allow Partners greater opportunity to identify promising new funds managed by domestic GPs. “Many more indigenous managers are gaining traction and building institutional quality asset management businesses; and hence the need to now be on the ground in Asia,” said Stan Miranda, a co-founder of the firm alongside Paul Dimitruk, in an interview.
Many more indigenous managers are gaining traction and building institutional quality asset management businesses; and hence the need to now be on the ground in Asia.
Setting up shop in Asia will further allow Partners greater opportunity to market its services to Asian investors and managers, added Miranda.
Partners Capital invests the personal wealth of fund managers as a way of diversifying their holdings across various assets, including absolute return hedge funds, emerging markets (both private equity and other asset classes), commodities, property (away from their own markets) and other specialist private equity funds.
Partners Capital, which currently advises more than $6 billion in assets, has a portfolio which is 30 percent invested in Asia across all asset classes.
The firm has already hired its first Hong Kong-based employee, due to start in mid-November, when the Hong Kong company has been officially formed. Registration with the local authorities is expected to be complete by the beginning of February.
For more on Partners Capital and its expansion into Asia, see the November edition of PERE's sister magazine, Private Equity International.