Bloomberg – Abax Global Capital Ltd., a Hong Kong-based hedge fund manager backed by Morgan Stanley, plans to start a private equity fund in China that invests in companies making environmentally friendly products such as clean energy.

The yuan-denominated fund aims to raise about 500 million yuan ($73 million) from Chinese investors by its first close in two months, Donald Yang, Abax’s Hong Kong-based president, said in a phone interview Aug. 21. It will be sponsored by a large Chinese financial institution, whose name he declined to reveal because of pending regulatory reviews of the plan.

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Bloomberg – Abax Global Capital Ltd., a Hong Kong-based asset manager part-owned by Morgan Stanley, plans to open a hedge fund backed by Tudor Investment Corp. to outside investors for the first time.

The Abax Dymon Asia Macro Fund, which started with $113 million in August 2008, seeks to profit from regional economic trends. The fund will have a “clawback” arrangement under which half of the 20 percent performance fee earned is repaid to investors if the fund loses money in the next year.

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