The St. Louis-based Xiling Fund, LLC. launched four years ago with $17 million earmarked for investment purchases of antique Chinese porcelain.

Managed by Bill Carey, president and chief investment officer of Cortland Associates, a Clayton, Missouri, investment firm with $450 million in assets under management, this private fund is now fully invested with a 20-piece collection

A second private investment fund is underway. Xiling Fund II raised $25 million from less than 100 investors.

Carey and his advisors are after imperial Chinese porcelain. Their goal is to hold onto the collection for 10 to 15 years, loaning certain works to museums, and then systematically sell pieces at auction to China's new wealthy elite.

According to a recent appraisal, the collection has appreciated by 64% in market value, says Carey of the original fund.