Morgan Creek Capital Management, a $4bn (€3.1bn) fund of hedge funds firm, is looking to raise $1bn for its latest fund.

The firm expects to start marketing the fund during the first quarter and launch later this year. One hedge fund marketer familiar with the fund told Financial News it is currently in negotiations to find a partner for the fund. The partner would help raise assets and possibly invest in the fund and could also provide other resources such as portfolio management or legal guidance.