Wednesday, 8 June 2011 at 11:46, Reyters, Hong Kong
Hong Kong's Samena Capital launched a special situations fund on Wednesday, aiming to raise $700 million for investment in listed securities in Asia, the Middle East and North Africa, the firm said in a statement.
The seven-year, closed-ended private equity-style fund, Samena Special Situations Fund II LP, was its second such offering and had commitments of more than $350m, it said.
"The fund will take positions through strategic block purchases, pre-negotiated deals and preferential issuance of equity," said the firm, which manages more than $400m in assets.
The firm's first five-year fund, Samena Special Situations Fund LP, made investments in India's HBL Powers Systems Ltd , Eicher Motors Ltd and offshore oilfield services company Rubicon Offshore International.
Samena recently exited its investment in Eicher, generating a return on investment of 5.4 times, according to the statement.
Samena was established in 2008 with initial equity of $50 million. The firm's first fund attracted close to $200m in investments and has repaid 20 per cent of its capital to investors, Samena said.
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