Mark Devonshire's mCapital has been one of the more eagerly awaited start-ups of 2009 in the Asia-Pacific region. The firm has now been accorded SFC approval in Hong Kong and the European and Asian Special Situations Fund is expected to launch in early July with about $300 million in assets under management.
mCapital will operate out of Hong Kong and London initially with about 15 staff (11 professionals). Devonshire will be based in Hong Kong. A CFO is expected to join the firm soon.
mCapital's investment team has worked together at Merrill Lynch since