Samena does debut buy-and-build deal

The new firm has acquired Hong Kong-based Vision Asia Pacific, the angel fund seeding platform of Hong Kong-based hedge fund of fund manager Vision Investment Management.

Samena Capital, an alternative investment firm set up in February 2008 by co-founder and ex-managing director of Abraaj Capital, Shirish Saraf, has purchased Hong Kong-based Vision Asia Pacific.

Vision Asia Pacific (VAP) is the angel seeding platform of hedge fund of fund manager Vision Investment Management. The purchase includes VAP’s management team, led by Julius Wang, and $75 million (€53 million) in assets in a five-year closed end fund, Vision Angel Fund I.

The deal, the financial details of which were not disclosed, will see Vision Investment Management become a shareholder in Samena Capital and Vision founder and CEO/CIO, Jerry Wang, take a seat on Samena’s board. Vision Asia Pacific will be renamed Samena Asia Pacific Managers and Vision Angel Fund I will be renamed ‘Angel Fund’.

The transaction marks the first step in Cayman-headquartered Samena’s plan to expand through the acquisition of asset management firms across its core investment geographies: the Sub-continent, Asia, Middle East and North Africa.

“The VAP acquisition brings to life Samena’s buy and build model of investment management,” said Saraf. “Leveraging the $50 million in equity with which we capitalised our management company, we are determined to create a meaningful Asia platform which allows us to unlock the value opportunities sourced by our SAMENA-wide shareholder base.”

In May, Samena launched a $25 million long-short strategy hedge fund targeting large- and mid-cap Japanese stocks, the Samena Japan Absolute Returns Fund.

The firm closed its debut private equity fund, the Samena Special Situations Fund, late last year on under $200 million, falling short of its original $350 million target.