Advanced Capital, the European alternative investment specialist led Robert Tomei, is joining forces with IMQubator, the hedge fund incubator, to put €50m of seed investment into the new mCapital European & Asian Special Situations Fund. Launched on 11 February 2011, the mCapital fund offers a niche investment strategy with a focus on distressed assets. The fund is led by Mark Devonshire, former head of Merrill Lynch's Hong Kong and London Principal Credit Group.