Investors have poured US$1.1 billion into a private equity fund launched by Chase Manhattan Bank to profit from the post-crisis recovery in Asia. The closed-end Asian Opportunity Fund - managed by the bank's investment arm, Chase Capital Partners (CCP) - yesterday closed its doors to further investments. At its SAR launch in May last year, CCP (formerly Chase Asia Equity Partners), set a target size of US$750 million for the fund. With Chase Manhattan Bank's commitment to a 25 per cent holding, the fund was heavily oversubscribed and drew support from financial institutions worldwide, as well as high net worth United States and Asian investors. One backer is International Finance Corp, the commercial investment arm of the World Bank - which requires the fund to avoid investing in targets considered 'objectionable', like alcohol, cigarettes and gaming, said Wong Mun-fui, managing director investor relations for CCP. Physical property in the region was also avoided by Hong Kong-based investment adviser Chase Capital Partners Asia (CCP Asia), Mr Wong said. The fund had committed US$330 million of the proceeds at the last count, he said, with investments made in such unlisted targets as ASAT of Hong Kong, Mando Corp of Korea, Advanced Interconnect Technologies of Indonesia and TIW Asia, a regional wireless telecommunications platform company. The net asset valuation of the fund had shown positive growth despite reversals in the region's economic outlook, Mr Wong said, adding the fund should be fully invested in five years. The target rate of return set at the launch of the fund was 30 per cent compounded annually, but no immediate plans were in the pipeline to make the first distribution to shareholders - who are committed for the 10-year lifespan of the fund. The investment strategy established for the fund was to invest in 'world-class managers, large deals, control-position buyouts, control with strategic investors, and structured minority positions'. At a ceremony in Hong Kong yesterday to mark the closing of the fund, Andrew Liu Yiu-sing, chief executive of CCP Asia, said the support received was an endorsement of its strategy. CCP is a global private equity firm with about US$18 billion under management.