Sniper Capital, a leading real estate fund manager focused on Macau and Southern China, announces the official launch of a new US$100 million private closed-end fund that will target undervalued non-gaming real estate opportunities in Macau.

Macau Sniper Fund has received initial commitments of US$20 million from the firm's existing investor base. Sniper Capital, which has committed US$5 million of its own investment capital, will seek to build on this early momentum with a target close during the first quarter of 2011. Macau, the only Chinese city where casino gambling is legal, has replaced Las Vegas as the world's largest gaming market. Yet, the heavy focus on casino projects has left the city with a significantly underdeveloped nongaming entertainment and leisure market. It is this unique opportunity that drives the Fund's strategy.

Macau Sniper Fund will target IRRs of 25% or higher through the acquisition of niche properties in districts which have yet to reach their full potential. Value creation will be achieved through the redevelopment and repositioning of these properties into retail and entertainment destinations that stay true to Macau's 500 years of Portuguese heritage.

"Supported by the Central government, Macau is committed to reducing its heavy dependence upon gaming, which accounts for over 80% of the local economy. The potential for non-gaming growth in Macau is unparalleled," said Martin Tacon, Director of Sniper Capital.