China QFLP program to extend to Beijing
Months after PRC regulators approved a pilot scheme that allows overseas LPs to exchange their currencies into RMB to invest in Shanghai-incorporated private equity funds, authorities are set to extend the rule to Beijing.
According to The Wall Street Journal, citing Caixin, details of the Beijing-related Qualified Foreign Limited Partner (QFLP) plan are soon to be released, and will likely mirror the Shanghainese program. That pilot, which went into effect in January, made Shanghai the first territory to allow overseas investors to make capital contributions in foreign currency for private equity fund investments in China - a substantial piece of legislation given that foreign investors, outside those investing in holdings companies and venture capital enterprises, have traditionally been barred from such activities.
These international investors eligible for that pilot program include fund of funds; sovereign, pension, endowment and charity funds; insurance companies; banks and apparently other institutional investors given the green light by authorities
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