Chinese hedge fund firm PCA Investments has shut down after less than three years in business.
The Wall Street Journal reported that PCA, which is almost entirely backed by Chinese sovereign wealth fund China Investment Corp., closed last week. The reason for the closure was not disclosed.
The article added that it is unusual for CIC, which manages approximately $575 billion for the country, to invest in start-up firms. The sovereign wealth fund, which is PCA’s only major external investor, is currently undergoing management changes; it appointed a new chairman last year while its current president is set to be replaced by its executive vice president.
Launched in 2011 by Hang Hu and Wing Lau, PCA is a multi-asset and multi-strategy investment firm running an Asia-wide equities strategy, a global fixed-income strategy and a global macro strategy. It has offices in Hong Kong and Beijing.