China private equity proving a harder sell
There have been a lot of new entrants to the private-equity market in China in the past year, but limited partners are becoming more discerning about who they invest with.
Raising private-equity money has become more difficult in China and, by some definitions, $300 million is the new billion. If you can bring in the former sum, you're doing well, say PE fund-of-fund (FoF) managers. In 2007, numerous Chinese private equity start-ups were raising money on a non-verifiable track record and a powerpoint presentation, but now it's not so easy for them.
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