The fund is the first element of a broader platform which seeks to take advantage of what the firm says are perfect storm conditions for investing in Japan.

The equity long/short fund will be co-managed by Ramiz Hasan (pictured) and Celia Farnon who together have almost 40 years of combined experience managing Japanese assets. The fund, which will be seeded with USD25m, will invest in large and mid-cap stocks and is marketed primarily at institutional and high net worth investors in the Samena region, Japan, Europe and the US.

Hasan says: 'The investment outlook for Japan is now very compelling. Renowned Japanese blue-chips are trading at their most attractive valuations for 40 years due to a combination of investor capitulation with this asset class and severe economic conditions faced by corporate Japan. The previous times Japan reached bargain territory was in 1995, 1998 and 2003. I believe 2009 will be the best opportunity of all.

'Japan has consistently responded to its financial problems with decisive action that underpins a rebound in equity valuations. A forthcoming election promises a sea-change in long-awaited pensions and healthcare reform, as well as greater Government appetite for engagement with the Samena countries, to which Japan remains hugely under-exposed. All this at a time when the choice of Japan-focussed funds has significantly decreased, reducing competition for opportunities and explaining the significant interest we've already had from a diverse group of investors who recognise our differentiated investment case.'

The Japan fund is the second major initiative introduced by Samena Capital since the company's launch in 2008. In October the firm successfully closed the Samena Special Situations Fund with close to USD200m in assets, making it one of the largest funds of its type in Asia and one of the largest fund-raisings in the difficult markets of 2008.

Shirish Saraf, president and founder of Samena Capital, says: 'The launch of the Samena Japan Absolute Return Fund marks another significant milestone in the development of Samena Capital as a global investment house of significant repute. The successful close of our Special Situations Fund last year proved the validity of our relationship-driven investment model and approach, which is already delivering positive returns for investors, and our focus is to now replicate this success in new markets.'