PE_in_China_final_highres.pdf

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1、PrivateequityinChinaThinkingglobal,actinglocalForewordMorethantwodecadesafterestablishingcomparedwith0.9%intheUSand1.13%initselfasthe“world’sfactory,”ChinaistheUK.PEpenetrationislowevenrelativeonceagaininthemidstofaremarkabletomanyotherdevelopingeconomies—lesstransformation.Years

2、ofinvestmentinthanhalfofitsBRICcounterpartIndia,heavyindustry,infrastructureandanforexample,andlikewiselessforIsrael1.export-ledeconomicmodelhavelaidtheThatPEplayssuchalimitedroleinsuchafoundationforthenextphaseinChina’ssubstantialandrapidlygrowingeconomyextraordinarygrowthstory—

3、theriseoftheprovidestheindustrywithasubstantialsetconsumer.Withpercapitaincomerising,ofopportunitieswithwhichtowork.traditionallyhighsavingsratesarepoisedOfcourse,investors’desireforinroadstogivewaytoincreasingdomesticdemandtotheChinesemarketwouldmeanlittleforavastarrayofgoodsand

4、services.withouttheincreasingwillingnessoflocalChina’sunprecedentedeconomic! ( )&!expansioninahistoricallyshortperiodofworkingactivelytocreateandpromote adomesticpoolofcapitalcomprisedofupsidepotential,isattra

5、ctingprivateequitypensionfunds,provincialgovernments, insurancecompaniesandotheropportunitiesthatarelargelyunavailableinstitutionalinvestorsthatareinterestedininmoredevelopedeconomies.OverthetakinganactiveroleinshapingtheChinaoflastseveralyear

6、s,dozensofgloballythenextcentury.Inthisreport,weexaminethecurrenttheirpresenceinChina,drivenbygreatertrendsatworkinChina’sburgeoningPEregulatoryopennessandtheexpectation(* !thatPEopportunitieswillriseconc

7、urrentlyofPEdeals,theevolvingregulatorywithChina’seconomy.landscapeandthegradualopeningofa!" !vastnewmarketforthePEassetclass. #inmanywaysablankslateregardingPE.OverallPEpenetrationremainsextremelylowrelativetomo

8、stdevelopedeconomies.$!