Protium Capital, a hedge fund firm founded by former Hillhouse Capital Management fund manager Lu Ning, has raised between $100 million and $150 million for a new long-short equity fund, making it one of the largest China-focused hedge fund launches so far this year, according to a report by Reuters.

The fund, which is due to begin trading in July, has attracted seed money from Hillhouse founder and billionaire investor Zhang Lei, as well as commitments from business owners, financial institutions and family offices from China and Asia. It is expected to focus on investments in the tech, industrial and consumer sectors.

Protium's fundraising success comes at a time when other china-focused funds have raised around $50 million or less, according to unnamed Reuters sources, with investors cutting their exposure to China due to concerns about the country's weaker-than-expected post-pandemic recovery and ongoing trade and political tensions with the US.