Key Takeaways
- • Kurt Baker, ex-Morgan Stanley prime broker and former Millennium Asia business development head, is launching 30th Century Partners in Hong Kong targeting $3 billion in capital commitments with eight to 10 investment teams, positioning it as the largest hedge fund launch of 2023 by a significant margin.
- • The $3 billion launch exceeds SurgoCap Partners' estimated $1.8 billion raise and reflects robust institutional appetite for multistrategy platforms in Asia, though it remains dwarfed by Bobby Jain's planned Millennium spin-off targeting the largest hedge fund launch in history.
- • Hong Kong multistrategy funds are actively recruiting portfolio managers and investment talent across the region; Polymer Capital Management ($4.5 billion AUM) exemplifies this trend, adding former Morgan Stanley, ExodusPoint, and UBS portfolio managers throughout 2023.
- • Baker's track record—including co-founding JT Capital Management focused on Greater China alongside former Barclays portfolio manager Larry Zhang—suggests 30th Century Partners will leverage Asia expertise and existing networks to assemble its investment teams ahead of launch.
Summary
Kurt Baker, a veteran of Morgan Stanley's prime brokerage division and a decade-long tenure at Millennium Management, is establishing 30th Century Partners, a multistrategy hedge fund in Hong Kong with an ambitious $3 billion capital commitment target. According to Bloomberg reporting cited in the article, the fund will operate with eight to 10 investment teams, a structure typical of multistrategy platforms that deploy capital across multiple portfolio manager-led pods. If the fund achieves its stated fundraising goal and launches in 2023 as expected, it would represent the largest hedge fund launch of the year by a substantial margin.
Baker's career trajectory offers insight into the fund's likely operational direction and talent acquisition strategy. His nearly ten-year career at Millennium included roles as head of Asian business development and special advisor to business development in New York, positioning him within one of the industry's most prominent talent networks. Prior to Millennium, Baker co-founded JT Capital Management, a Greater China-focused hedge fund, in partnership with Larry Zhang, a former Barclays portfolio manager. This combination of prime brokerage experience, multistrategy operational knowledge, and Asia-focused investment management suggests 30th Century Partners will prioritize hiring investment talent with regional expertise and established track records.
The Hong Kong hedge fund recruitment environment remains highly active, as evidenced by competing platforms' hiring initiatives. Polymer Capital Management, founded by ex-Point72 Asia chief Angus Wai and currently managing approximately $4.5 billion in assets, has recruited multiple senior portfolio managers throughout 2023, including Shiv Gupta (former Morgan Stanley equities trader in Tokyo), Meng Lou (former ExodusPoint portfolio manager in Hong Kong), and Dan Bosscher (formerly of UBS in Sydney). This pattern reflects institutional capital's continued confidence in Asia-based multistrategy platforms and the availability of experienced investment talent willing to join new ventures.
While 30th Century Partners' $3 billion launch represents a significant capital raise, it exists within a broader context of larger fund launches. SurgoCap Partners' estimated $1.8 billion raise falls notably below Baker's target, yet both launches are eclipsed by Bobby Jain's planned hedge fund, which is targeting capital commitments exceeding ExodusPoint's $8.5 billion raise—positioning Jain's venture to rank among the largest hedge fund launches in industry history.
Baker's career trajectory offers insight into the fund's likely operational direction and talent acquisition strategy. His nearly ten-year career at Millennium included roles as head of Asian business development and special advisor to business development in New York, positioning him within one of the industry's most prominent talent networks. Prior to Millennium, Baker co-founded JT Capital Management, a Greater China-focused hedge fund, in partnership with Larry Zhang, a former Barclays portfolio manager. This combination of prime brokerage experience, multistrategy operational knowledge, and Asia-focused investment management suggests 30th Century Partners will prioritize hiring investment talent with regional expertise and established track records.
The Hong Kong hedge fund recruitment environment remains highly active, as evidenced by competing platforms' hiring initiatives. Polymer Capital Management, founded by ex-Point72 Asia chief Angus Wai and currently managing approximately $4.5 billion in assets, has recruited multiple senior portfolio managers throughout 2023, including Shiv Gupta (former Morgan Stanley equities trader in Tokyo), Meng Lou (former ExodusPoint portfolio manager in Hong Kong), and Dan Bosscher (formerly of UBS in Sydney). This pattern reflects institutional capital's continued confidence in Asia-based multistrategy platforms and the availability of experienced investment talent willing to join new ventures.
While 30th Century Partners' $3 billion launch represents a significant capital raise, it exists within a broader context of larger fund launches. SurgoCap Partners' estimated $1.8 billion raise falls notably below Baker's target, yet both launches are eclipsed by Bobby Jain's planned hedge fund, which is targeting capital commitments exceeding ExodusPoint's $8.5 billion raise—positioning Jain's venture to rank among the largest hedge fund launches in industry history.
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