HK-based PE firm PAG launches new Asia-focused hedge fund platform

Hong Kong
Residential and commercial buildings are seen from Victoria Peak in Hong Kong, China, on Monday, Sept. 11, 2017. Photographer: Billy H.C. Kwok/Bloomberg Photo by Bloomberg

Hong Kong-based private equity firm PAG and asset manager Angus Wai have launched a new Asian equity-focused, market-neutral hedge fund platform, Polymer Capital Management, it said in an announcement on Thursday.

The hedge fund platform will start trading in the second quarter of 2019.

According to PAG, Polymer aims to generate consistent, low volatility returns by capitalising on the considerable opportunities in Asian equity markets, by combining the region’s best investment talent with strict risk management tailored for the Asian investment environment’s unique characteristics.

“Polymer will be a unique offering in Asia, one that matches our singular knowledge of local markets with PAG’s best-in-class standards. We feel that the timing is ideal to be launching such an offering, given the significant recent market dislocations and the strong pool of talent currently available in the region,” said Wai, who is the CEO of the firm.

Wai has 12 years of experience in overseeing asset management businesses in Asian markets. He was recently Asia Pacific CEO at Folger Hill Asset Management, managing a team of 50 across offices in Hong Kong and Singapore.

Prior to that, he was head of Asia Pacific at Point72 Asset Management, where he oversaw the firm’s equity long and short business strategies and the build-out of its Hong Kong, Singapore and Japan offices. An accounting graduate, Wai started his career as a public auditor at KPMG Hong Kong and Canada and has also served on the investment advisory group of Sumitomo Trust Finance.

“The platform model is effective as it allows us to attract the best talent, yet does not depend on any one individual. Combined with a robust risk management framework, it can deliver strong, sustainable returns to investors.

“Angus Wai has a unique knowledge of the talent pool available and risk framework required in the region, and thus is one of the very few people to have successfully built and managed such a platform,” said PAG founder Chris Gradel.

PAG has closed its third Asia-focused private equity buyout fund at $6 billion last November, where the vehicle will start deploying capital in the region this year. The firm currently manages $30 billion across its 10 offices in Asia and around the world.

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