Tor approaching $600m for latest debt fund – exclusive

The firm, co-founded by the former executive of Goldman Sachs and the former CEO of Citadel Europe, invests in a broad range of credit and special situations across Asia.

Tor Investment Management, a Hong-Kong headquartered alternative investment firm, will have corralled $600 million for its open-ended fund by August, sources familiar with the matter told PDI.

The fund, which was launched in 2013, invests in a broad range of credit and special situations across Asia. It typically provides short-to-medium term secured lending from six months to three years and also considers investing in second lien mezzanine in certain jurisdiction. In addition, the fund participates in the secondary market including secondary special-sits, according to sources.

Since the beginning of this year, the fund had corralled $200 million by the end of Q2, taking the total fund size to $500 million. It has deployed over a billion since inception in 2013.

Tor declined to comment on fundraising.

Tor was founded by Patrik Edsparr and Chris Mikosh in 2013. Prior to founding Tor, Mikosh was previously the head of trading and managing director at Goldman Sachs’ Asian Special Situations Group in Hong Kong for more than 12 years.

Edsparr was the head of global fixed income and chief executive officer of Citadel Europe. Prior to that, he worked as the head of Principal Investments and Proprietary Positioning at JP Morgan.

The fund was Tor’s debut fund and it started with the partners’ own capital in early 2013. It received its first institutional capital commitment in December the same year. Today, the partners account for about 10 percent of the fund, the rest of the capital came from mainly institutional clients such as pensions, endowments and sovereign wealth funds.

In 2013, the firm entered into a strategic partnership with Grosvenor Capital Management, to invest in Asian credit and special situations.

In the same year, Jason Brown, the former head of Goldman Sachs’ Asian Special Situations Group in Hong Kong, also started Arkkan Capital, an alternative investment firm focusing on special situations investments in emerging markets.