The European and Asian Special Situations Fund has a target AUM of USD500m. 
 
The fund will focus on stressed, distressed, recovery and development capital in Europe and Asia, with an objective of providing 15 per cent-plus annualised returns over the economic cycle.

The mCapital team will be made up of 11 investment professionals based in Hong Kong and London.
 
Devonshire has 22 years' experience in global alternative asset markets, most recently at Merrill Lynch, where he established the European and Asian operations of PCG. Prior to that, he established and managed money for a number of banks, including Standard Bank, successfully investing for them through the economic crises of the past two decades.
 
'This is another milestone in the launch of mCapital and especially the European and Asian Special Situations Fund. Speaking for the mCapital team, we're very pleased to have the approval of the SFC,' says Devonshire. 'In addition, the total capital that we have soft circled for the fund, is a vote of confidence from investors in the quality and experience of the team, their belief in our immediate strategy of investing in stressed and distressed assets and that this is the right time."