Yap, who worked for Mizuho Securities Asia Ltd. until May, will be joined at Ark One by two other founding partners, the news service said, adding that Yap declined to identify these persons. The fund will be opened to investors in mid-August, pending license approval by Hong Kong’s Securities and Futures Commission, Yap told the news service.

The report noted that Yap is the latest credit trader to start a fund, happening at a time of strong debt issuance in the region enabled by low interest rates and yield premiums for risky borrowers, as well as some relaxation of regulations.

An Asia-based institution has committed an initial $50 million toward the fund, which will invest in public and private credit in the region with a focus on China, Yap said.