Blue Pool hits $300M first close on Harborside II, targets $500M by year-end
What's the deal? Blue Pool CapitalDealroom has a profile for this one. Try Dealroom →, the Hong Kong-based firm backed by Alibaba chairman Joe Tsai, has held a $300 million first close on Harborside II, a fund of hedge funds. People familiar with the fundraising told Hedgeweek the vehicle is targeting $500 million by year-end.
Why now? The capital was secured in July from ultra-high-net-worth individuals and institutions, according to the same reporting, which Commercial Times independently carried. It follows Harborside I, which raised about $500 million in 2024 to invest in hedge funds and private-credit managers.
What's the endgame? Harborside II is described as spanning a range of hedge-fund strategies. It sits within a wider third-party build-out at Blue Pool, which also runs Riverside, a private-equity strategy that people familiar with the matter said raised $1 billion earlier this year, with holdings that have included XiaohongshuDealroom has a profile for this one. Try Dealroom →, known as RedNote.
The bigger picture: Blue Pool's flagship book still manages Tsai's capital across hedge funds, private equity, venture, private credit, and listed equities, and has seeded some of the external vehicles. That architecture — family-office core, then parallel products opened to outsiders — is a recognizable path for Asia wealth platforms chasing management-fee income without fully spinning out.
What could go wrong? For limited partners, the diligence is the usual fund-of-funds stack: fees on fees, overlap with Tsai's proprietary book, and whether "range of hedge-fund strategies" includes the private-credit sleeve that defined Fund I. Blue Pool has not publicly confirmed the raise, so the figures remain sourced to people familiar with the fundraising.
The signal: Demand is not occurring in a vacuum — Singapore's GIC has been reported as planning a sizable increase in hedge-fund allocations, and market volatility keeps institutions shopping for strategies that reprice faster than private-market NAVs. If Harborside II reaches $500 million, it will be further evidence that hedge-fund exposure, not just private equity, is the product Asia's largest fortunes want to manufacture for outsiders.
Read more: hedgeco.net
Image credit: Roger Wagner
