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From Benedicte Gravrand, Opalesque Geneva: - A Singapore-based alternative investment manager and a Paris-based funds incubator are launching a seeding fund to invest in Asian hedge funds, after partnering in June 2011.

Woori Absolute Partners (WAP) is raising a $200m seeding fund with NewAlpha to invest in Asian hedge funds looking for backers, according to a report from Reuters.

NewAlpha just confirmed to Opalesque that the fund has indeed been launched.

WAP announced its strategic partnership with NewAlpha in June 2011. Both firms are both co-seed investors in the Singapore-based Asian credit hedge fund Blue Rice Investment Management and this common investment helped them establish this new venture.

The seeding fund was launched on Nov. 1. The partners are rasing capital from Asian and European investors, after initially injecting $50m into the fund and spending the last 18 months screening more than 150 Asian hedge funds. Two funds could receive around $25m each in the first quarter of 2013.

"This is very much a supply and demand imbalance," Edward Moon, co-founder and CIO of Woori Absolute Partners......................

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