Aberdeen plans $200m Hedge Fund Legends fund

Aberdeen Investments plans to launch Hedge Fund Legends, a concentrated fund of hedge funds aimed at institutional and private-banking clients in the Asia-Pacific region. The firm is targeting approximately $200 million and expects to open the vehicle in the coming months.

The fund intends to invest with eight to 10 established hedge fund managers across multiple strategies, including multi-strategy, equity market neutral, credit relative value, systematic macro and event-driven. Aberdeen will initially market the product to cornerstone distributors, including Asian private banks.

Proposed managers under consideration include Capula, via its global relative-value strategy, and Millennium, the multi-strategy firm. Final allocations will depend on investment due diligence, manager capacity and Aberdeen’s portfolio construction process.

Aberdeen said the strategy will target an absolute US dollar return of cash plus 5 percent rather than a regular income stream. Dongyue Zhang, head of investment specialists for APAC in multi-asset, alternatives and quantitative strategies at Aberdeen, said the firm sees opportunities for hedge funds because of wide dispersion across equity and credit markets and divergent moves in interest rates, currencies and commodities.

Manager selection will focus on investment processes and the ability to generate differentiated risk-adjusted returns rather than on name alone. Aberdeen will assess each manager’s role in the overall portfolio before finalising allocations. The fund will not use equal weighting; position sizes are expected to reflect conviction, liquidity, capacity, risk and each manager’s contribution to diversification.

Aberdeen will conduct investment and operational due diligence and manage portfolio construction, liquidity, risk oversight and ongoing monitoring. The firm plans to track potential overlap between managers and to assess exposures by underlying risk factors and return drivers. The roster is expected to remain relatively stable but can be adjusted as opportunities, capacity, liquidity and risk characteristics change.

Fees have not been finalised, though Aberdeen expects the structure to offer cost-efficient access to the underlying managers while covering manager selection and portfolio management services. The firm reported $18.8 billion under management across active and passive hedge funds and alternative credit as of June 2026. Its alternatives platform consists of more than two decades of research experience and more than 20 professionals based mainly in New York and London.