The recently AIM-listed Macau Property Opportunities Fund, managed by Macau-based Sniper Capital, is getting its deal flow going.
The firm is understood to have strong Hong Kong hedge fund connections although the firm's principals keep a low profile. So far, the fund has made three investments to the tune of £86.6 million ($165.9 million), including the recent acquisition of a luxury residential tower in a high-end mixed-use waterfront project, One-Central, to be developed by Shun Tak Holdings and Hong kong Land.
The firm, designated MPO on AIM, came to the market on 5 June 2006, raising £105 million. The issue was more than two times oversubscribed, highlighting an increasing demand for specialist property and private equity investment vehicles.
The move also underscores an increasing trend for funds seeking a listing - because it gives the manager long-term capital and the freedom to deploy it without the pressure to produce short-term gains. Investors also have the benefit of daily liquidity. Since the listing, the firm has been actively focusing on identifying attractive investment opportunities.
MPOF focuses on property investment, development and redevelopment opportunities in Macau and the Western Pearl Delta region of China. The niche investment strategy involves identifying, acquiring and developing properties that are clearly differentiated by location or sustainability of future demand.