凯雷投资集团旗下的北京凯雷人民币基金已完成首次交割，可马上开始投资。该基金目前已获得24亿元人的注资承诺，其最终募资目标为50亿元。
今年上半年共有26支新人民币私募股权基金完成募集。人民币私募股权基金业的强劲发展将会给国内专业律所带来更多机遇。
Global buyout firms are racing to launch RMB funds in an effort to carry out deals more quickly and easily in China. Private equity giant Carlyle Group has recently launched its second RMB fund this year, this time in Beijing.
Having received RMB2.4bn in commitments from various sources, including the Beijing state-owned Capital Operation and Management Center (BSCOMC) and the Beijing Equity Investment Development Fund, the group has set up a JV, holding an 80% stake, with BSCOMC to help manage the fund.
Through the JV, Carlyle and BSCOMC will work together to identify opportunities and share resources to tap growth opportunities in China. The Fund, which follows the establishment of the Fosun-Carlyle (Shanghai) Equity Investment Fund earlier this year, is now ready to invest, mainly in large-scale companies with high growth prospects.
Carlyle is not the only PE giant boosting its investment strategies via RMB funds in China. According to Zero2IPO’s recent PE report for China, there were 26 RMB funds set up (and six foreign invested funds) in H1 2010. The new number marks a significant increase from 2009 H2’s 15 new RMB funds.
The trend towards localisation – using RMB to raise funds, make acquisitions and exit – has picked up momentum as the international status of China's currency has increased in the wake of the financial crisis.
“We are seeing a significant rise in the number of RMB funds and these funds are of all different flavours,” said Walker Wallace, partner at O’Melveny & Myers.
The significant interest has opened new doors for PE lawyers, especially domestic PE legal advisors. “There are greater opportunities now for PRC firms because both RMB fund investors and target companies require PRC counsels,” said Wayne Chen, partner at Llinks Law Offices. Chen has over the past 12 months also helped numerous clients establish RMB funds in both Shanghai and the Jiangsu region.
Global Law Office also recently scored an a US$389m engagement, advising furniture retailer Red Star Macalline on its US$389m investment from Warburg Pincus, CITIC Private Equity, Fosun Group and Bohai Industrial Investment. ALB
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