Alp Ercil is closing his USD3bn flagship hedge fund at Asia Research & Capital Management Ltd. after 14 years of gains and will convert the Hong Kong-based firm into a family office, according to a person familiar with the matter. The distressed asset fund, known for its rare annual losses, including just a 1% decline since inception, will return capital to investors while maintaining a smaller team to manage partner assets. Founded in 2011, ARCM focused on equity, credit, and commodities, with its latest fund delivering a 19.5% annualised return over five years. The firm made significant bets during the 2020 pandemic selloff, invested in commodities linked to clean energy transitions, and recently acquired Japanese bank stocks amid shifting monetary policy. Ercil previously held leadership roles at Perry Capital.