Fund of Hedge Funds

Penjing notches up first seed deal with £15m to Progress

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Penjing Asset Management, one of a handful of independent, home-grown Asian fund of funds shops in Hong Kong, has raised about $30 million for its new seeding fund and invested in its first seeding deal.

Penjing, run by Ronnie Wu, has made a $15 million commitment to Vikas Gattani’s Progress Capital in Singapore. Penjing plans to fully deploy the existing capital by year-end before taking on additional investors.

The firm is now looking at other seeding deals for an Australian manager, as well as a South-East Asia-focused specialist. The seeding fund will target three categories of early-stage fund investment: