Advertisement
UK markets closed

  • FTSE 100

    8,164.12
    -15.56 (-0.19%)
     

  • FTSE 250

    20,286.03
    -45.77 (-0.23%)
     

  • AIM

    764.38
    -0.09 (-0.01%)
     

  • GBP/EUR

    1.1796
    -0.0009 (-0.07%)
     

  • GBP/USD

    1.2646
    +0.0005 (+0.04%)
     

  • Bitcoin GBP

    48,703.37
    +558.09 (+1.16%)
     

  • CMC Crypto 200

    1,280.42
    -3.41 (-0.27%)
     

  • S&P 500

    5,460.48
    -22.39 (-0.41%)
     

  • DOW

    39,118.86
    -45.24 (-0.12%)
     

  • CRUDE OIL

    81.46
    -0.28 (-0.34%)
     

  • GOLD FUTURES

    2,336.90
    +0.30 (+0.01%)
     

  • NIKKEI 225

    39,583.08
    +241.58 (+0.61%)
     

  • HANG SENG

    17,718.61
    +2.11 (+0.01%)
     

  • DAX

    18,235.45
    +24.85 (+0.14%)
     

  • CAC 40

    7,479.40
    -51.32 (-0.68%)
     
Property :

8 UK holiday home businesses you could buy now

A holiday let could be a very sound investment, providing a decent income, capital growth and — somewhere to escape

Joe Tsai-Backed Blue Pool Lures $500 Million for Hedge Fund Bets

Lulu Yilun Chen and Bei Hu
·2-min read

(Bloomberg) -- An investment firm backed by Alibaba Group Holding Ltd. Chairman Joe Tsai has raised $500 million to invest in hedge and private credit funds, according to people familiar with the matter.

Most Read from Bloomberg

The new fund is part of Blue Pool Capital’s long-term strategy to build an asset management business that’s open to external clients, the people said, asking not to be identified because the information is private.

ADVERTISEMENT

Clients of the Harborside fund include family offices globally and a major sovereign wealth fund, the people said, without giving further details. Investors can also participate in private equity, venture or growth capital and real estate co-investment opportunities that Blue Pool itself sources.

Blue Pool, which counts Tsai as a major backer, registered the fund in the Cayman Islands in December, according to regulatory data. The Hong Kong-based firm already has a flagship fund that invests in a variety of asset classes worldwide, including private equity, venture and growth capital, real estate, hedge funds, private credit and publicly traded stocks, said the people.

Family offices around the world have been rethinking their asset allocations amid mounting geopolitical risks and elevated interest rates, according to a UBS Group AG report. About a third of those surveyed by the Swiss bank are looking to increase allocations to funds and funds of funds.

Set up in 2004, Blue Pool has been a licensed asset manager in Hong Kong since 2009, according to regulatory records. It is now wholly owned by Chief Executive Officer Oliver Weisberg, a Deutsche Bank AG and Citadel alumnus, who joined in 2015. Weisberg and other Blue Pool executives didn’t answer phone calls and emails seeking comments.

Blue Pool has been a leading investor in private credit manager Owl Rock Capital, which in 2021 merged with Dyal Capital Partners to form the publicly listed Blue Owl Capital Inc., which now oversees more than $174 billion of assets.

Closer to home, Blue Pool in 2016 backed a Hong Kong-based hedge fund firm started by Avinash Abraham, a former Balyasny Asset Management regional head. The firm, Torq Capital Management, shuttered earlier this year, as Abraham rejoined Citadel.

Bloomberg estimates Tsai’s personal fortune at $5.5 billion, including his holdings in the Brooklyn Nets basketball team, Alibaba and real estate. Apart from Tsai, Blue Pool’s other investors include its principals, their friends and families.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.