Key Takeaways
- • Alex Turnbull, son of Federal Communications Minister Malcolm Turnbull, is launching Keshik Capital, a Singapore-based hedge fund with planned inception as early as January 2015, focusing on Asian opportunities with global flexibility.
- • Turnbull held the position of executive director at Goldman Sachs's Special Situations Group (SSG) for four years until early 2014, where he gained experience in distressed debt and equity investing across Asia.
- • Keshik Capital will pursue investments in equity and credit instruments, including convertible bonds, positioning itself as at least the third hedge-fund startup leveraging Goldman Sachs SSG alumni and Asian market opportunities.
- • Goldman Sachs's Investing and Lending division, which houses SSG, generated $4.6 billion in pretax earnings in 2013, representing the most profitable segment of the New York-based institution's four business divisions.
- • Turnbull's professional background includes roles at Mount Kellett Capital Management (founded by former SSG executives), Deutsche Bank, and Fortress Investment Group, alongside Harvard University education and current Singapore-based operations.
Summary
Alex Turnbull is establishing Keshik Capital, a Singapore-headquartered hedge fund targeting Asian markets with global investment flexibility. According to people with knowledge of the fund's development, operations were expected to commence as early as January 2015. Turnbull will serve as chief investment officer, bringing four years of experience from Goldman Sachs's Special Situations Group, where he held the rank of executive director until departing in early 2014.
The fund's investment mandate encompasses equities and credit instruments, with particular emphasis on convertible bonds. This positioning reflects Turnbull's expertise in distressed investing—a core competency of SSG, which specializes in acquiring and restructuring distressed debt and underperforming companies. Goldman Sachs's Investing and Lending operations, which houses SSG, delivered $4.6 billion in pretax earnings during 2013, representing the bank's highest-performing business segment among its four divisions.
Keshik Capital joins a cohort of recent hedge-fund launches drawing personnel and strategic frameworks from Goldman Sachs's SSG unit. Turnbull's professional trajectory includes prior appointments at Mount Kellett Capital Management—an investment vehicle founded by former SSG executives Mark McGoldrick and Jason Maynard—as well as tenures at Deutsche Bank and Fortress Investment Group. He holds a degree from Harvard University and is based in Singapore.
The establishment of Keshik Capital reflects broader market dynamics in which experienced distressed investors are deploying capital toward Asian credit and equity opportunities. SSG's portfolio includes holdings in established Asian enterprises such as Accordia Golf, Japan's largest golf-course operator, and the international pizza-chain Sbarro, demonstrating the group's regional investment reach and sectoral diversity.
Goldman Sachs declined to comment on Turnbull's departure from the firm. Malcolm Turnbull, the fund manager's father, served as co-chairman of Goldman Sachs's Australian operations between 1997 and 2001.
The fund's investment mandate encompasses equities and credit instruments, with particular emphasis on convertible bonds. This positioning reflects Turnbull's expertise in distressed investing—a core competency of SSG, which specializes in acquiring and restructuring distressed debt and underperforming companies. Goldman Sachs's Investing and Lending operations, which houses SSG, delivered $4.6 billion in pretax earnings during 2013, representing the bank's highest-performing business segment among its four divisions.
Keshik Capital joins a cohort of recent hedge-fund launches drawing personnel and strategic frameworks from Goldman Sachs's SSG unit. Turnbull's professional trajectory includes prior appointments at Mount Kellett Capital Management—an investment vehicle founded by former SSG executives Mark McGoldrick and Jason Maynard—as well as tenures at Deutsche Bank and Fortress Investment Group. He holds a degree from Harvard University and is based in Singapore.
The establishment of Keshik Capital reflects broader market dynamics in which experienced distressed investors are deploying capital toward Asian credit and equity opportunities. SSG's portfolio includes holdings in established Asian enterprises such as Accordia Golf, Japan's largest golf-course operator, and the international pizza-chain Sbarro, demonstrating the group's regional investment reach and sectoral diversity.
Goldman Sachs declined to comment on Turnbull's departure from the firm. Malcolm Turnbull, the fund manager's father, served as co-chairman of Goldman Sachs's Australian operations between 1997 and 2001.
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