Jayhawk China Fund (Cayman) Ltd is a long-biased hedge fund focusing on investments in Chinese companies. The Jayhawk China Fund is also offered by JP Morgan to clients of the firm's private bank. The fund invests primarily in equities listed mostly in Hong Kong, mainland China and the United States (although the stocks can trade on any exchange). The fund may also invest in certain late stage private equity transactions. The fund's inception date is July 1997 but began its current long/short format in 1999. The fund entered August with approximately US$248 million in assets. From January 1999 through July 2005 the fund has compounded at an annualised rate of 25.8% net of fees and expenses.