KKR to back startup by former York Capital Asia CEO: sources

[HONG KONG] KKR & Co has sealed its first Asia hedge-fund partnership backing a startup by the former regional chief of York Capital Management LP, according to people with knowledge of the matter.

Hsiung Feng's Hong Kong-based Acion Partners Ltd will start a pan-Asia event-driven hedge fund in the first quarter of 2015, investing in equities and credit, said the people, who asked not to be identified as the information is private.

The private-equity firm led by billionaires Henry Kravis and George Roberts, based in New York, will take an unspecified minority stake in Acion as part of the broader partnership, they added. Anita Davis, a Hong Kong-based spokeswoman for KKR, declined to comment on the deal.