Hong Kong-based Isola Capital has roped in alternative investment company Sun Hung Kai & Co as one of the anchor investors for the first close of its latest fund with Sydney-based Mantis Funds, according to a company statement on Monday. 

Financial details of the fund’s first close were undisclosed.

The fund, dubbed Isola Fullerton Global Private Alpha SP, is being sub-advised by Temasek-backed Fullerton Fund Management with a focus on private equity, venture capital, and private credit strategies.

Other anchor investors in the fund include Australian multi-family office advisory firm QuarterFive and an undisclosed Australian single family office, the statement said.

The firms have partnered to build a feeder fund for Australian investors to invest in global private alternative funds. A feeder fund, similar to a fund of funds that invests in multiple underlying funds, invests in a single master fund which directs and oversees all investments.

“Family offices in Asia are increasingly looking to private markets as a means to access the real economy and diversify their portfolios,” said Marcella Lui, Head of Investment Solutions at Sun Hung Kai & Co, in the statement.

Isola Capital is an asset management firm primarily catering to single family offices, multi-family offices, and entrepreneurs with offices in Hong Kong, Belgium, and Singapore. The firm told DealStreetAsia in an interview last year that the fund would have a target of up to $400 million.

Mantis Funds is a platform service catered to boutique alternative investment managers. A year after the company was launched in 2020, Australia-based fund manager Tribeca Investment Partners purchased a stake in Mantis.

Founded in 1969, Sun Hung Kai & Co manages about HK$41 billion ($5.2 billion) in assets, investing across public markets, credit and alternatives strategies including real estate and private equity. The company also provides family office solutions to ultra-high-net-worth investors.