Yap has established a firm called Ark One in Hong Kong. Its first vehicle, a credit-focused hedge fund, will launch at some point in August once regulatory approval has been granted, according to media reports.
Yap could not be reached for comment at the time of going to press.
Speaking to Bloomberg, Yap said: “We're seeing the need for more diversified Asian home-grown credit hedge funds as the Asian fixed-income markets liberalize further.”
Ark is eyeing a target of $250 million for the fund which it hopes to raise within its first year. One Asian institutional investor is understood to have already committed $50 million.
The fund's primary focus will be on China, while the rest will reportedly be deployed elsewhere in Asia. About a third will be allocated to private credits.