TPG Enters Asian Hedge Fund Space Through HS Group Acquisition

Global private equity firm TPG Capital has entered into the Asian hedge fund space with an acquisition of an undisclosed stake in Hong Kong-based HS Group Ltd., which backs start-up hedge funds in Asia, according to a company announcement.

TPG Capital’s co-head of Asia Tim Dattels is joining the advisory board of the HS Group. The Fort Worth, Texas-based TPG is planning to refer institutional clients to HS Group.

HS Group was founded last year by Michael Garrow, formerly of Blackstone Group L.P., and Johannes Kaps, a former managing director of Goldman Sachs Group Inc.

Hedge funds focused on the Asia-Pacific region returned 16.73% in 2013, the best performing region in the world.