London Asia Capital

http://www.investorschronicle.co.uk/InvestmentGuides/Funds/article/20080812/a05ed554-6867-11dd-af6e-00144f2af8e8/Bargain-basement-funds.jsp

"Another slightly less drastic example comes in the guise of London Asia Capital and its private equity offshoot London Asia Chinese Private Equity Fund Ltd. Again, this seemed like a great idea at the time - a specialist fund, advised by London Asia, that would invest in small-to-mid cap companies about to be floated or already on Western markets. To be fair, most of its investee companies seem to have prospered, but the timing was dreadful. Chinese stocks are down at least 50 per cent from recent highs and heading even lower, with small caps particularly badly hit. That huge downward pressure - Indian small-cap investors have suffered similar falls - has made valuing Chinese investments very difficult and the parent company London Asia recently suspended its shares while the management worked out what the company was actually worth."