China's private equity arena draws more HNWIs

The investor base for China’s private equity sector is becoming less institutionalised, as a growing number of renminbi funds increasingly draw in local high-net-worth individuals, according to Ernst & Young.   Last year, $28.5 billion was raised for China private equity, down from $32 billion in 2010. However, the amount of capital raised locally via renminbi-denominated funds has risen dramatically as a proportion of total capital, accounting for 88% last year, up from 25% i…