Reuters-  Penta Investment Advisers Ltd., an Asia-focused $4.8 billion hedge fund group, is up 123 percent in both of its two main funds in 2007 through October, demonstrating the benefits ofstrong China markets, according to a recent note sent to investors.

Penta, which is run by former Soros Fund Management trader John Zwaanstra, also said it will close its $2.2 billion Penta Asia Fund to new investors next month, according to the letter. Penta didn’t say why the fund will make the move, but top-performing funds occasionally shut doors to prevent runaway asset growth.

Formerly called Penta Japan Fund, the Asia Fund is up 122.8 percent through October, according to the letter, making it one of the best performers among hedge funds this year. Another of its funds, the $1 billion Asia Domestic Partners fund, is up 123.5 percent through October 2007.

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