KKR Backs York Vet’s Planned Asia Hedge Fund

Sep 29 2014 | 11:28am ET

For its first-ever hedge-fund seeding deal in Asia, Kohlberg Kravis Roberts is partnering with a York Capital Management and Citadel Investment Group veteran.

Feng Hsiung has founded Acion Partners in Hong Kong. The firm will launch its maiden hedge fund in the first quarter—with capital provided by KKR.

In addition to the seed capital, KKR will take a minority stake in Acion and assist the firm in building its team, Bloomberg News reports. It is unclear how much KKR will invest in the hedge fund or how much it is paying for its stake.

Acion will employ a pan-Asian event-driven strategy investing in both stocks and bonds.

Hsiung was CEO of York Capital Management Asia until April. He worked at the US$19 billion firm for seven years, setting up its Hong Kong office and co-managing its US$600 million Asian Opportunities Fund. He joined York from Citadel, where he handled Asian event-driven investments from 2004 through 2006.

Hsiung also formerly worked at Goldman Sachs and McKinsey & Co.

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