Kaye Scholer LLP advised Shenzen PRC based investment management firm, Munsun Asset Managements Limited, and its founder, Mr. Li Xianghong, on the launch of the second of a series of China-focused hedge fund, Essence Munsun China Growth Fund.
The Fund’s investment objective is to seek long-term capital growth through a portfolio consisting primarily of securities of companies established or operating in the People’s Republic of China, Hong Kong, Macau or Taiwan (“Greater China Region”) and of Chinese companies listed in the Hong Kong, New York, London, and Singapore stock exchanges. The Fund will invest companies that are positioned to benefit from robust economic growth and promising investment opportunities in Greater China Region.
The fund demonstrates a continued interest from hedge fund investors in the opportunities present in the Greater China Region, In addition, the fund’s successful launch shows that traditional hedge fund documentation is accepted in the region as appropriate for such opportunities.
The Kaye Scholer team was led by partner Timothy Spangler with assistance by Shanghai-based associate Pang Zhang-Whitaker. The team advised Munsun on the structuring and launch of the Fund, established and documented in line with international hedge fund practices. The team also advised Munsun on the structuring and launch of its first China-based hedge fund, Munsun China Opportunity Investment Fund in 2010.
Hedge funds have increased their focus on China in the last decade. Along with the gradual improvement of legal infrastructure in the recent years, hedge funds have demonstrated a sustained trend towards the establishment of alternative investments firms in China, the world’s fastest-growing economy.
Kaye Scholer is well positioned to advise alternative investment managers – through its Shanghai office and throughout the firm – on the domestic and cross-border issues that arise in a successful off-shore USD and on-shore RMB fund launch.
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