Adirondack Capital Management, the New York-based alternative investment manager, has opened a new office in Singapore.

The company targets global emerging markets and provides services to institutional investors, endowments, pension funds, corporations and high net worth individuals. It is hoped that the establishment of a Singapore unit will help the firm build on its growth strategy in the fast-rising southeast Asian region.

"[The new office] reflects on the firm's commitment to this important country, market and region, and we are pleased to respond to growing demands of our clients and partners and to the increase in investment opportunities in the region," Edmund Luzine, president and chief executive, said in a statement.

Adirondack plans to open additional offices Asia next year - in Dubai and Mumbai - along with another in Baghdad.