Sterling International has designs on a fund that may strike some as risky after a fashion. The New York Post reports that the Paris-based firm is launching Designer Projects, a private equity fund that hopes to raise some US$50 million to invest in young fashion designers. The Post does not say how much the fund has raised so far, but already Designer Projects has invested in Sunjoon Moon, whose stellar reputation apparently earned her enough investment money to open a boutique in Paris and hire a sales director. This is not the first time p.e. money has been used to stitch together some deals for young designers, and the results have been less-than-inspiring. The Pegasus Group is noted for having “failed spectacularly,” according to the Post. Founded in 2000, Pegasus tried to raise money for fledgling designers, and once it failed to thrive, the firm changed its name to the Lieber Group, named for the quirky handbag designer.