Hedge fund manager Octavian Advisors entered a joint venture with Shanghai-based alternatives manager Goshawk Group. Octavian is a New York-based international distressed debt and special situations manager with $1.1 billion under management. Goshawk specializes in Asian-focused distressed debt, corporate proprietary debt and real estate; its assets under management are not being disclosed, said Mary Beth Grover, an Octavian spokeswoman. The two companies will source and co-invest in distressed, private and special situations investment deals through the alliance. Octavian will be able to use Goshawks Mandarin-speaking staff in Shanghai, Taipei and Tianjin for investment research and due diligence. Goshawk will move its New York personnel into Octavians offices there.