Hong Kong, 16 April 2009 – International law firm Orrick, Herrington & Sutcliffe LLP (Orrik) has advised Woori Investment & Securities (Woori) based in Seoul in relation to the establishment and launch of two hedge funds, Woori Absolute Asia Multi-Strategy Fund and Woori Absolute Global Opportunities Fund, with initial capital of US$100 million.
Orrick’s team was led by partners Sook Young Yeu in Hong Kong and Eugene Chang in Tokyo. The two multi-strategy hedge funds, managed by Woori Absolute Partners based in Singapore, represent the first time that an offshore hedge fund has been backed by a Korean financial institution.
“We are delighted to have worked with Woori in structuring and launching these innovative hedge funds” explained Eugene Chang, head of Orrick’s Korean Global Finance Practice.
Sook Young Yeu, partner and head of Orrick’s Asia Investment Funds Practice, based in Hong Kong added: “Orrick has one of the region’s strongest Korea-focused Investment Funds teams and we have more than 20 years of experience in representing Korean investors and offshore funds in their inbound and outbound cross-border investments. This is the first time we have seen a Korean financial institution sponsoring and seeding offshore hedge funds and we believe that we will see more Korean financial institution-backed offshore hedge funds and other private funds in the future.”
Orrick has a leading Asia Investment Funds practice with lawyers based in Hong Kong, Beijing, Shanghai and Tokyo and over 20 years’ experience in advising Asian and global fund sponsors and investors on virtually every type of fund, ranging from hedge funds, private equity funds, including buyout, venture capital, mezzanine, fund-of-funds, co-investment and structured products to real estate opportunity funds and distressed assets and fund restructurings.