Hong Kong-headquartered Search Investment Group has announced plans to raise third party capital for an Asia-focused private equity fund of funds. The fund, to be closed by the end of the year, has a target size of $200 million.
Established in early 1970s, Search is the private investment firm of Robert W. Miller, co-founder of Duty Free Shoppers, the retailer now co-owned with LVMH of France. The firm has invested in alternative assets globally for the past two decades.
Search will make a $40 million investment in the new fund. The product will be marketed to family offices, endowments and institutional investors, according to in a statement.
The fund will invest in private equity funds across Asia Pacific and a broad range of strategies, according to the statement.
The new fund will operate under a separate brand name, similar to Search’s hedge fund of funds manager, Search Alternative Investments Limited (SAIL), which has additional offices in Tokyo and New York.
Commenting on the decision to open its private equity platform to outside investors, David Pierce, Search’s senior managing director, said in the statement: “We have an established process and a proven track record….made direct investments in the Asia Pacific region over many years and we know first hand what it takes to be successful here. International investors have been asking us whether we can help them invest in Asian private equity funds and, after careful consideration, we decided we would.”
Robert Miller said in the statement: “We are responding to the market. We think the industry is in its infancy and that it will become increasingly important in the years to come.”