Renminbi secondaries: An underpenetrated market
Plenty of Chinese high net worth individuals want to sell LP interests in renminbi funds. Local and foreign secondaries managers would like to take advantage, but they are held back by an immature market
Gopher Asset Management, the PE arm of NASDAQ-listed Noah Holdings, closed its debut renminbi-denominated secondaries fund-of-funds at RMB600 million ($97 million) in 2013. The timing was good: LPs' exit...
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