China’s LP problem
When the world's largest equity players announced plans to launch renminbi-denominated funds in China, there was no shortage of headlines. This was what they had been waiting years for: an opportunity to tap into the growing wealth of local institutions and individual investors, and use that capital to pursue deals without the stigma of foreign money hanging over them.
Blackstone was the first of major buyout firms to jump in, declaring plans in August 2009 for a joint venture fund said to be worth $731.9 million. Carlyle and TPG soon followed, and they have since been...
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