Esports hedge fund PAC Capital has acquired Clearwater Portfolio Management in a deal that balloons the gaming and tech investor’s funds under management to $500 million, and represents the start of traditional Australian financial planners targeting a global sector that is now worth $US180 billion.

After a hotly contested auction, Byron Bay-based Clearwater will transfer its $250 million of assets to PAC. Founder and chief executive Clayton Larcombe says he will direct the fresh financial planning fund flows towards the fast-growing and highly profitable esports and gaming sectors.