Collective investment company Samena Capital has partnered with Argyle Street Management to launch Samena ASM Asia Bond Fund.

The open-ended fund will be managed by a joint venture between the two companies. It will be seeded with $70 million to be invested in corporate bonds issued in Asia.

The fund is the fourth launched by Samena since the company was established in February 2008. It follows following funds targeted at Japan and special situations as well as a seeding vehicle for hedge funds, the Angel Fund.

Argyle Street specialises in Asian fixed income and distressed debt. Chairman V-Nee Yeh is one of Samena's founder shareholders.

Yeh said prospects for the fund were "extremely bright". "The proprietary sourcing capabilities of the two firms coupled with a good understanding of horizontal complexities of Asia investing, makes the joint venture an exciting and unique value proposition," he said.

"We're looking to take advantage of the equity like returns now available on debt issued by well-known Asian corporates, and to leverage our deep knowledge of the market to create visible, superior performance through an unbeatable risk-reward structure which only an informed bond investor can deliver," noted Yeh.

The Asia bond fund is registered in the Cayman Islands. It will be marketed to institutional and high net worth investors. Minimum investment is $1 million.