SSG Capital Management, based in Hong-Kong, is seeking up to $500 million for a fund that would invest in distressed Asian assets, according to Bloomberg.

We're not diving into the market, said Edwin Wong, who has hired six former colleagues at Lehman Brothers Holdings Inc. to help with the startup fund, according to Bloomberg.

Wong was formerly the head of Lehman's Asia special situations group and the regional credit products team outside Japan, Bloomberg reports. He left the firm in November of last year.

Investments in assets outside Japan would include loans, convertible bonds, bonds, properties and equities in Asia outside Japan, Wong said.

He is seeking to raise funds from Super wealthy Asian families in the region and could begin investing as early as April, the report states. The company would not focus on raising capital from U.S. and European firms until the second quarter, Wong said.