Swiss fund of funds Adveq will open its Beijing office later this year creating its first base in China from which to invest its $200 million debut Asia fund.
This will be the firm’s fourth office alongside its Zurich, Frankfurt and New York teams.
An investor said: “The firm has fully raised a fund in excess of $200 million to invest in Asia. It has already committed a dozen investments across China and many more in Asia.”
Bruno Raschle, Adveq’s chief executive, said: “We have historically run our activities out of Switzerland and the growth of our organisation has caused us to open offices in other parts of the world. The Asian office is because this part of the world is playing an increasingly important investment role.”
The move is the second part of an international expansion by the team as it also opened its New York office in June.
Adveq’s spokesman said: “We have always invested globally but what has changed is the company has grown a lot with over 50 professionals. At some stage it gets easier if you have teams close to where the funds are investing. It doesn’t make sense to have so many people crossing the ocean.”
The Beijing office will help invest the fund of funds’ Asia programme which has approximately $100 million (€70 million) under management. Adveq has invested 20 percent of its commitments in the Asia Pacific region.