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Sun Hung Kai & Co. Commits Capital into GCO Global Credit Special Situations Feeder Fund I Launched by
GCO Asset Management Limited
Sun Hung Kai & Co. Limited (SEHK: 86) (“SHK & Co.”) has announced its capital commitment of US$100 million to the GCO Global Credit Special Situations Feeder Fund I (the “Fund”) which was launched on 8 June 2022. GCO Asset Management Limited (“GCO”) is a newly established credit hedge fund, led by CEO and CIO Banny Leung.
The Hong Kong and London–based team was previously operating inside SHK & Co. and managing internal capital in essentially the same strategy that will be deployed by the Fund. The team’s COO Christopher Jackson, together with three analysts and one operations professional, have also transferred to GCO, which is now fully independent of SHK & Co. The Fund adopts a macro event-driven credit strategy which seeks to deliver consistent risk-adjusted absolute returns.
The cooperation with, and capital commitment to, GCO were conducted through Sun Hung Kai Capital Partners Limited (“SHKCP”), SHK & Co.’s fund management arm.
In addition to the Fund, SHK & Co. and SHKCP has partnered and made capital commitments into East Point Asset Management, ActusRay Partners, E15 VC and Kernel in the past 18 months. Further, SHKCP has launched or registered three of its own funds, being SHK Latitude Alpha Fund – a global fund of hedge funds, Multiple Capital Real Estate Debt I LP – an APAC real estate loan fund and SHKCP Private Access Fund SPC - which provides access to specific tailored investment opportunities.
Lindsay Wright, CEO of SHK Capital Partners, said: “We are very pleased to be partnering with GCO, building on our long relationship with Banny and the GCO team and understanding their strategy. Their investment centric culture focuses on macro event driven credit opportunities, this coupled with the confidence we have in the team, having worked together with them previously, and having spent 12 months preparing for this launch, provide us with the conviction this team can deliver on the Fund’s objective.”
Banny Leung, CEO and CIO of GCO, said: “We are very excited to receive this significant investment from SHK & Co. into our first fund. This serves as a strong endorsement by SHK & Co. of the Team’s experience and track record in global credit markets.”
Seng Huang Lee, Group Executive Chairman of SHK & Co., said: “We are pleased to support Banny and the team on the next chapter of their evolution and development and I am very excited about their prospects. The managers that operate within our partnership ecosystem have generated a solid risk adjusted return in a very difficult environment and it is encouraging to see validation of our strategy through substantial inflows of external capital.”
About Sun Hung Kai & Co. Limited
Sun Hung Kai & Co. Limited (SEHK: 86) (“SHK & Co.”, together with its subsidiaries, the “Group”) is a leader in alternative investing headquartered in Hong Kong. Since its establishment in 1969, the Group has owned and operated market-leading platforms in Financial Services. The Group invests across public markets, alternatives and real estate and has an established track record of generating long-term risk adjusted returns for its shareholders. Most recently, it has extended its strategy to incubate, accelerate and support emerging asset managers in the Asian region. It is also the major shareholder of leading Consumer Finance firm, United Asia Finance Limited. The Group currently holds about HK$48.8 billion in total assets as at 31 December 2021.
For more information about SHK & Co., please visit its corporate website www.shkco.com.
For media enquiries, please contact Hill+Knowlton Strategies Asia:
Joanne Lam / Christy Pun
Tel: (852) 2894 6211 / (852) 2894 6245 Email: SHKCo@hkstrategies.com
14/06/2022 Dissemination of a Financial Press Release, transmitted by EQS Group.