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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New York – Hong Kong based hedge fund manager, PCM Capital, has successfully launched it second Fund of Funds (FoF) – PCM Green Power Fund on 1st, April 2008.  The fund (Class A) returned 1.34% and 1.10% in the first two months respectively.

The new “Green” fund – with its emphasis on Asia – trades or invests in a number of environmental and alternative energy related sectors including clean energy, water management, waste management, power trading, CO2 derivatives and environmental technologies.

Norman Chan, CIO of PCM Capital, said, “We are launching this product in response to the compelling investment opportunities emerging in the environmental sectors, particularly in Asia.  In addition, there is increasing demand from institutional investors for exposure to environmental related investment.”

Norman further added, “The demand reflects growing environmental awareness, attractive upside potential and solid diversification benefits.”

Established in 2006, PCM Capital has two funds under management – PCM Asia Pioneer Fund and PCM Green Power Fund.

For more information, please visit www.pcm-cap.com

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