Three Arrows Capital’s Su Zhu Puts Singapore Mansion Up for Sale

Su Zhu, the billionaire co-founder of embattled Three Arrows Capital (3AC) has put up one of his luxury mansions for sale.

According to Bloomberg citing sources close to the transactions, Zhu’s mansion, a so-called good-class bungalow which is the local equivalent of a mansion in Singapore, is being listed at a price of $35 million (S$48.8 million) which is the amount the estate was acquired back in late last year.

This building is one of two good-class bungalows owned by Su Zhu and his wife Tao Yaqiong Evelyn. Reserved only for the affluent in Singapore, the ownership of the good-class bungalows showed how well Zhu has ridden the cryptocurrency boom which now seems to be turning its back against him.

While it is unclear how he is being impacted financially, Su Zhu led Three Arrows Capital which he co-founded with Kyle Davies into liquidation. 

With the broader digital currency price meltdown sending reverberations across the length and breadth of the nascent industry, Three Arrows Capital was unable to fulfill its obligations to creditors and as a result, a court in the British Virgin Islands ordered the liquidation of the firm earlier this week.

The Bloomberg report is also unclear on whether Su Zhu hopes to use the proceeds from the same mansion to take care of some overhead costs as 3AC, as the firm is popularly called has a long-drawn-out restructuring process ahead.

Three Arrows Capital’s Woes: a General Industry Disaster

That Three Arrows Capital is in distress does not mean the popular hedge fund is alone in its struggles. Infact, more companies and funds are struggling with bad internal problems, some of which may eventually lead to liquidation as well.

A prominent name in this regard is Celsius Network, one of the industry’s most revered lending platforms whose lawyers have advised to file for Chapter 11 Bankruptcy. Celsius paused withdrawals on its platform last month and is yet to come back on board.

Unlike Celsius Network in which Goldman Sachs is preparing a bailout, the downfall of Three Arrows Capital came almost unannounced, thus making industry giants unprepared to help.