(Bloomberg) -- Tiger Management LLC-backed hedge fund manager Yulan Capital Management LLC has shut down, after rising geopolitical risks made it harder to invest in China.

The New York-based firm that also had a Shanghai office wound down investment in late December, said people with knowledge of the matter, who asked not to be identified as the information is private. Its registration with the US Securities and Exchange Commission was terminated at the end of January. Return figures for the firm weren’t immediately available.

Yulan’s closure took place as geopolitical tensions have made assets allocators less willing to put money to work in China. The US is shoring up national security with export controls and investment restrictions, while China’s regulatory crackdowns and economic slowdown have also reduced investors’ appetite for assets in the nation.

A Shanghai native, Lilian Zhou founded the firm a decade ago after honing her skills at Kelusa Capital, a so-called Tiger Cub Asia-focused hedge fund manager, and Citadel. 

A rare woman-led firm in an industry dominated by men, Yulan won backing from investment legend Julian Robertson’s Tiger Management to “focus on investing in companies in the Greater China region,” according to an August 2015 statement from the latter.

Zhou didn’t reply to messages seeking comment. A spokesman for Tiger Management declined to comment. 

Yulan last reported $439 million of assets in a March 2022 regulatory filing. That amount included a $256 million separate management account for an undisclosed investor. 

Yulan managed a hedge fund that bet on rising and falling stocks in Asia, with a focus on companies in Greater China, according to the firm’s LinkedIn profile. Last year, it sought to raise money for Yulan Onshore China Prosperity Fund LP, a long-only stock pool.

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