What, just being a hedge fund isn’t good enough anymore? Apparently not for this fund hell-bent on diversification based way out in the south London suburbs. (Hey, at least it’s not doing a float.) Instead, it’s casting about for $500 million to fill the coffers of its spanking-new private-equity fund. But where does it plan on spending all the dough?

Lionhart, a hedge fund based in the south London suburb, is seeking to raise at least $500m for its debut private equity fund. The diversification of Lionhart, which has offices in Wimbledon as well as the Cayman Islands, Toronto, New York and Singapore, underlines the increasingly blurred lines between hedge funds and private equity.

Lionhart Talon, the new private equity fund launched this month, will initially seek to raise $500m but will have a hard cap limit of $2bn, which it hopes will be reached after a few years.

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