Funds of Hedge Funds

Hong Kong's Penjing notches first seed


Penjing Asset Management, one of a handful of independent home-grown Asian fund of funds shops in Hong Kong, has raised about $30 million in its newly launched seeding fund, and invested in its first seeding deal. The Hong Kong-based manager, run by Ronnie Wu, has made a $15 million seeding commitment into Vikas Gattani's Progress Capital in Singapore.

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 investments: strategy driven, manager driven and asset-class driven that