LPs remain loyal to Asia Alternatives
New York State Common Retirement Fund (NYSCRF) made its first direct China commitment in 2011, investing $100 million in Hony Capital’s fifth fund. Over the preceding years, the LP fashioned a more targeted Asia strategy, complementing its participation in pan-regional vehicles by entering fund-of-funds run by Asia Alternatives Management. It also set up separate accounts with the firm.
It was through Asia Alternatives that NYSCRF got its initial exposure to Hony. This familiarity likely made it easier for the pension fund to write a larger check and go direct. There are other examples...
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