China funds could be back in vogue, as seen by the launch of a US$40 million direct investment fund by a group of leading financial and industrial institutions within and outside the country. China Enterprise Development Fund, the investment holding company set up for the fund, was floated on the Irish Stock Exchange last week. It will channel funds into four joint ventures in China - manufacturers of motorcycles, pharmaceuticals and food, and a provider of services and equipment in the telecommunications sector. Standard Chartered Asia was the financial adviser to the fund, acting also as placing manager with KEB (Asia). The fund was promoted by China Enterprise Investment Management, established by China and non-China companies. They include Liechtenstein Global Trust, Daewoo Securities, Standard Chartered Bank, Korea Exchange Bank, Korea First Bank and Asian Finance and Investment.