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This is the third fund from Adamas and the first fund from the joint venture between Adamas, an investment firm focused on funding established enterprises in Greater China and developed markets in Asia and Yun Sheng Capital Company Limited, a subsidiary of Ping An Group. The remaining capital commitments will be raised in subsequent closes, expected to be completed mid next year.

Global investors involved in the first close of the Adamas Ping An Opportunities Fund include a US pension fund, a European financial institution, an asset manager from the Nordics, a Middle East sovereign wealth fund and an Asian family office.

The majority of enterprises in China have limited access to traditional bank financing and public equity markets have not kept pace with the brisk growth of private enterprises. The fund bridges this funding gap and aims to help companies develop their business while aiming to provide investors with risk-adjusted returns.

Paul Heffner, Chief Executive Officer at Adamas, said: "The fund will mainly provide debt to enterprises in China, providing a better platform for growth.

Barry Lau, Chief Investment Officer at Adamas, said: "Up to 95% of the more than 50 million small to medium enterprises in Greater China cannot access traditional bank financing, hindering their growth. There is a financing gap for these companies of around US$3.5-5.0 trillion.

Marc de Kloe, Chief Operating Officer at Adamas, said: "The combined team's expertise in the Chinese structured finance market and extensive network will make the fund a best in class capital provider to SMEs in China. We will also implement an ESG framework to mitigate risk and improve transparency."