WSJ: Carlyle Set Up China Yuan Fund Earlier This Yr - Sources
包括美国一些大名鼎鼎的私募股权基金在内的国外机构正在中国大举筹集资金，此举为在这个全球增长最快的主要经济体内达成交易提供了一条新的途径。据知情人士透露，凯雷集团(Carlyle Group LLC)正就在中国国内筹建数十亿元人民币私募股权基金进行深入谈判。早在今年初，凯雷就已设立了一只规模较小的人民币基金，主要注重成长型资本投资，不过这一消息一直未对外披露。知情人士称，Kohlberg Kravis Roberts & Co.也在积极研究设立人民币基金的事宜。这些天来，包括百仕通集团(Blackstone Group LP)和麦格理集团(Macquarie Group Ltd.)在内的其它国外私募股权公司和银行已宣布从中国当地投资者手中总共筹集约45亿美元资金的计划。中国市场对美国私募股权公司具有强大的吸引力。在过去一年里，由于信贷市场动荡和全球经济衰退，它们的十几桩杠杆式收购都以失败告终。与此形成鲜明对比的是，中国经济以比许多人的预期更好的姿态正在摆脱全球金融危机，第二季度增长率达到了7.9%。中国大多数交易的规模都在1亿美元左右，没有或只有很低的杠杆比率。凭借中国日益增长的消费需求和帮助中国企业海外上市，私募股权公司能够获得巨大的回报，而又无需背负债务。中国还有巨大的投资者队伍有待开发。这包括中国的社保基金，但也有众多富裕起来的中国企业家，他们中许多人都通过向私募股权公司出售股权或是手下的公司上市而赚得钵满盆满。KKR大中华区负责人刘海峰(David Liu)说，中国对将资金投入到另类资产中存在许多尚未被满足的需求。国外私募股权公司已在中国经营了多年，但由于不愿让外国人控制本地的知名企业，许多公司都难以达成交易。目前所发生的变化是，国外公司正在设立面向持有人民币的当地投资者的基金。国外公司希望它们的待遇能像国内投资者一样，自由投资于更为广泛的行业。凯雷亚洲基金联席负责人杨向东说，国外基金公司将积极参与人民币基金业的发展。我们这一年多来一直在这个问题上同政府机构密切合作。纷至沓来的这些设立新基金的公告反映出了国外公司的紧迫感。美国美迈斯律师事务所(O'Melveny & Myers LLP)北京办事处负责人司马瑞(Lawrence Sussman)说，私募股权公司都担心，如果现在不在当地设立机构，它们可能会在竞争中处于劣势。司马瑞预计，中国有外资参与的人民币基金数量今年将增加一倍以上，达到约100只。Rick Carew（更新完成）相关阅读全球对冲基金将重点转向中国 2009-08-20境外私募股权公司接连设立人民币基金 2009-08-18中国加快制定私募基金管理规定 2009-08-17百仕通筹划在华建立50亿元私募基金 2009-08-14 本文涉及股票或公司document.write (truthmeter('2009年08月21日07:39', 'CAY.XX'));Carlyle Group L.p.总部地点：美国股票代码：CYLdocument.write (truthmeter('2009年08月21日07:39', 'KPE.AE'));Kkr Private Equity Investors L.p.总部地点：美国上市地点：AMS股票代码：KKR
Foreign firms that include some of the biggest names in U.S. private equity are rushing to raise Chinese funds that offer a new route to getting deals done in the world's fastest-expanding major economy.In the latest example, Carlyle Group LLC is in advanced discussions to raise a local-currency private-equity fund of several billion yuan, according to people familiar with the situation, after already setting up a previously undisclosed smaller yuan fund earlier this year for growth-capital investments.Kohlberg Kravis Roberts & Co. also is actively studying setting up a yuan-denominated fund, according to people familiar with the situation.In recent days, other foreign private-equity firms and banks, including Blackstone Group LP and Macquarie Group Ltd., have announced plans to raise a total of about $4.5 billion in funds from local investors.The allure of the Chinese market is powerful for U.S. private-equity firms that have watched dozens of leveraged buyout deals sour over the past year amid turmoil in credit markets and a global recession. By contrast, China's economy is emerging from the global financial crisis in better shape than many had expected, expanding 7.9% in the second quarter.Most deals in China are about $100 million in size and involve little or no leverage. By riding China's increasing consumer demand and helping Chinese companies navigate an overseas listing, private-equity firms can earn big returns without loading up a company's balance sheet with debt.China also offers a huge untapped investor base. That includes the country's social-security fund, but also a number of wealthy Chinese entrepreneurs, many of whom made fortunes by selling stakes to private-equity firms and listing their companies.'There is a lot of pent-up demand in China for deploying capital into alternative assets,' said David Liu, KKR's head of Greater China.Foreign private-equity firms have been operating in China for years, but many have struggled to get deals done amid resistance to letting foreigners control prominent local companies.What has changed is that the foreign firms are setting up funds geared toward local investors holding China's currency, the yuan. The foreign firms hope they will be treated like domestic investors and free to invest in a broader range of industries.'Foreign managers will be actively involved in developing the yuan-fund industry,' said X.D. Yang, co-head of Carlyle Asia's buyout fund. 'We've been working closely with government agencies on this for over a year.'The flurry of announcements reflects a sense of urgency among the foreign firms.'Private-equity firms are worried that if they don't set up local entities now, they could be at a competitive disadvantage,' said Lawrence Sussman, head of law firm O'Melveny & Myers LLP's Beijing office. Mr. Sussman expects that the number of yuan-denominated funds in China with foreign participation will more than double this year to about 100 such funds.Rick Carew
Foreign firms that include some of the biggest names in U.S. private equity are rushing to raise Chinese funds that offer a new route to getting deals done in the world's fastest-expanding major economy.In the latest example, Carlyle Group LLC is in advanced discussions to raise a local-currency private-equity fund of several billion yuan, according to people familiar with the situation, after already setting up a previously undisclosed smaller yuan fund earlier this year for growth-capital investments.Kohlberg Kravis Roberts & Co. also is actively studying setting up a yuan-denominated fund, according to people familiar with the situation.In recent days, other foreign private-equity firms and banks, including Blackstone Group LP and Macquarie Group Ltd., have announced plans to raise a total of about $4.5 billion in funds from local investors.The allure of the Chinese market is powerful for U.S. private-equity firms that have watched dozens of leveraged buyout deals sour over the past year amid turmoil in credit markets and a global recession. By contrast, China's economy is emerging from the global financial crisis in better shape than many had expected, expanding 7.9% in the second quarter.Most deals in China are about $100 million in size and involve little or no leverage. By riding China's increasing consumer demand and helping Chinese companies navigate an overseas listing, private-equity firms can earn big returns without loading up a company's balance sheet with debt.China also offers a huge untapped investor base. That includes the country's social-security fund, but also a number of wealthy Chinese entrepreneurs, many of whom made fortunes by selling stakes to private-equity firms and listing their companies.'There is a lot of pent-up demand in China for deploying capital into alternative assets,' said David Liu, KKR's head of Greater China.Foreign private-equity firms have been operating in China for years, but many have struggled to get deals done amid resistance to letting foreigners control prominent local companies.What has changed is that the foreign firms are setting up funds geared toward local investors holding China's currency, the yuan. The foreign firms hope they will be treated like domestic investors and free to invest in a broader range of industries.'Foreign managers will be actively involved in developing the yuan-fund industry,' said X.D. Yang, co-head of Carlyle Asia's buyout fund. 'We've been working closely with government agencies on this for over a year.'The flurry of announcements reflects a sense of urgency among the foreign firms.'Private-equity firms are worried that if they don't set up local entities now, they could be at a competitive disadvantage,' said Lawrence Sussman, head of law firm O'Melveny & Myers LLP's Beijing office. Mr. Sussman expects that the number of yuan-denominated funds in China with foreign participation will more than double this year to about 100 such funds.Rick Carew