The investment arm of the French banking group has entered a strategic partnership in Hong Kong with a firm focused on Asian alternative asset classes.

BNP Paribas Investment Partners, part of French banking group BNP Paribas, is teaming up with Orion Partners, an alternative investments house with a focus on Asia. The European firm will take a minority stake in a new partnership based in Hong Kong, while Orion continues to operate under its current management.

Financial terms of the partnership were not disclosed.

BNPP IP and Orion Partners plan to launch new funds as part of their partnership, BNP Paribas said in a statement.

“Orion Partners has had a strong, long-standing relationship with BNPP IP and it is the perfect partner to enhance our specialist alternative investment business through product innovation and access to premier international distribution channels,” TK Chiang, managing partner and co-founder of Orion Partners, said.

Berkshire Capital Securities advised Orion Partners in the transaction.

Described as an “Asia-based, Asia-focused, independent alternative investment firm”, Orion Partners has more than $1 billion of assets under management (as at 30 September 2015). The business was created in 2000. Clients include high net worth individuals, family offices and funds of funds.