Hong Kong-based management company Enhanced Investment Products (EIP) has opened its latest hedge fund to outside investment.

The multi-strategy, event-driven Aleph Fund was launched in April with $20 million of seed capital from Asian investment group CLSA, the Iveagh Trust and Triple A Partners. EIP chief executive Toby Bland said after returns of 8.72% for the year to date and the addition of some private capital, assets under management (AUM) now stood at around $23 million.

Bland said Aleph was an "all-weather fund", designed to perform well in any market environment. He said it invested in a range of strategies including share class arbitrage, merger arbitrage and convertible bonds.

Aleph is exposed to markets across Asia, including Japan and Australia. Bland said it currently had no investments in frontier markets like Vietnam.

"One of the things that's become apparent at the moment is a high correlation between all markets," said Bland. He added the breadth of Aleph's investments meant there was always an opportunity to take in one of the markets.

Bland thought capacity could reach approximately $150 million AUM. "We're not into building big funds," he said.

He said EIP wanted to build relationships with investors who would also want to invest in some of the company's other fund offerings. Those include the Asian-focused long/short market neutral EIP Overlay Fund and a range of enhanced index funds.

The Aleph Fund is domiciled in Mauritius. Bland said EIP liked the island's protected cell legislation and the fact it had signed a number of tax treaties with countries including China and Singapore.

Minimum investment is $150,000. The fund's administrator is Citco and its custodian Deutsche Bank.