Hedge Fund Regal Seeks $1 Billion for New Fund on Expansion Push

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(Bloomberg) -- Hedge fund manager Philip King’s Regal Partners Ltd. is targeting around $1 billion in fresh funds for a new vehicle in the Cayman Islands as it pushes ahead with its expansion plans.

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Regal Partners Private Fund will be a feeder fund into the company’s Australia-based multi-strategy vehicle that posted a 19% return since its December inception. The fund includes private credit, water, power and resources and the flagship global long-short equity fund, which has returned 25% over the past year, beating around 97% of its peers, data compiled by Bloomberg show.

The Cayman offering is seeking institutional investors and family offices that “can invest in a tax effective way into the Regal multi-strategy,” King, Regal’s chief investment officer, said in an interview.

Regal manages almost A$17 billion ($11.5 billion) — up from A$4.7 billion two years ago — in funds with offices in Sydney, Singapore and New York. From a mainly long-short equities fund, it’s expanded into an investment manager across private markets and alternatives and is looking at more acquisitions across both public and private markets, according to Regal Chief Executive Officer Brendan O’Connor.

That could mean growing into real estate, infrastructure, venture capital and other areas of credit, O’Connor said in the same interview. “I think we could be a lot bigger in credit over the years ahead as well,” he said.