The Asian Debt Fund, a Singapore-based distressed debt manager launched by ex-Lazard banker Moe Ibrahim, has soft-closed the first tranche of its fund, having surpassed $55 million within the one year since its launch. The fund is sponsored by Finansa, a Bangkok-based investment bank, and Japan Asia Investment Corporation, a Tokyo-based venture capital company.
The Asian Debt Fund was one of the best performing Asian hedge funds in 2004, returning 25% to mid December with no down months. The fund returned 5% during the month of October. By contrast, the ABN Amro Eurekahedge Index for Asian hedge funds was up just 4% to mid-December.
