Fund manager Adamas Asset Management has hired two senior executives as it officially launches its fourth closed-ended fund, Adamas Pan-Asia Credit Opportunity Fund.
The new hires are Brock Silvers, a Hong Kong-based managing director for global marketing and investor relations, and Richard Clarke, a chief operating officer also based in Hong Kong.
Silvers joins from Kaiyuan Capital, a Shanghai-based multi-asset investment and fundraising advisory group.
His responsibilities at Adamas include global marketing, fundraising, investor relations and investment project oversight. “It is really [about] expanding the business regionally and in some cases globally,” he said.
Clarke joins from Monex Europe, a financial group specialising in foreign exchange services where he oversaw foreign exchange and treasury sales across Asia-Pacific, according to his LinkedIn profile.
Marc de Kloe, the previous COO of Adamas, joined an Amsterdam-based hedge fund, Theta Capital Management, as a partner in March 2019.
Adamas is primarily a senior secured lender to small and mid-sized enterprises with equity portions included to exploit the upside potential of investee firms.
Private Debt Investor reported in July that the Hong Kong-based asset manager was planning to launch Adamas Pan-Asia Credit Opportunity Fund after its third fund’s investment life came to an end in October 2019.
The Pan-Asian credit vehicle will target mid-market lending opportunities in US dollar-denominated transactions. Notably, the fund will exclude both China and India, according to Silvers.
Adamas co-manages Adamas Ping An Opportunities Fund, in partnership with Yun Sheng Capital Company, a subsidiary of China Ping An Life Insurance, as PDI reported. The vehicle is structured as a joint-venture and has a four-year life with a target return of 8-12 percent on an unlevered cash-on-cash basis.
“We continue to co-operate with Ping An in various ways and they are certainly very valuable in terms of the dealflow and name recognition among the entrepreneurs regionally… [However] they will not be part of the GP, but could still participate pending further discussions,” Silvers added.