Blackstone-Backed Senrigan’s Fund Gets First Inflow Since MarchBei Hu
Senrigan Capital Group Ltd., the Asia-focused, event-driven hedge fund backed by Blackstone Group LP, has received more than $13 million of additional capital from an existing investor, the first inflow since March.
The new money pushed up the fund’s assets under management to more than $280 million, said Suzi-Kay Jacoel, investor relations officer at Hong Kong-based Senrigan. She declined to identify the U.S. institution, which was one of the top five investors in the fund before the latest investment, citing a confidentiality agreement.
The additional capital represents a vote of confidence for Senrigan, whose assets topped $1 billion in April 2011 before it was hit by the collapse of a deal that was once its largest investment.
“Some investors indicated earlier this year that they would add to the fund if they saw positive developments,” Jacoel said in a telephone interview yesterday.
Senrigan started trading in November 2009 and is led by Nick Taylor, who oversaw more than $1 billion for Modal Capital Partners, a Credit Suisse Group AG hedge fund that he helped set up in 1999. He went on to head Citadel LLC’s principal investments business in Asia and Europe between July and December 2008.
Senrigan invests in companies undergoing events such as mergers and acquisitions.
It lost money from the collapse of Sichuan Hanlong Group’s bid to take over Australia’s Sundance Resources Ltd. The deal broke after Liu Han, the billionaire chairman of closely held Hanlong, was reported by China’s Shanghai Securities News to have been unexpectedly detained with his wife in China in March.
Senrigan Master Fund lost 14 percent in the first half, according to a performance update sent to investors last month. Without the Sundance investment, it would have generated a 5 percent return in the six months, it said in the document.
The fund lost 3 percent in June, with 2 percentage points attributable to a Sundance-related markdown on what the document described as a general sell-off in Australia before the end of the tax year, it said.
A Eurekahedge Pte index of 14 Asian event-driven funds lost 3.6 percent in June as concerns about interest-rate increases in the U.S. and an economic slowdown in China hit the stock market, cutting first-half gain to 10 percent.