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Yuan funds outshine foreign vehicles
By Winny Wang |
January 7, 2010, Thursday
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Online Edition
Online Edition
YUAN-DENOMINATED funds outshone their foreign peers last year as foreign limited partners retreated from China amid the global credit crunch.
Venture capital investors started 94 funds to raise US$5.86 billion last year on the Chinese mainland, 84 of which were denominated in yuan and raised the equivalent of US$3.57 billion, the Zero2IPO Research Center said in a report today.
The number of yuan funds accounted for 89.4 percent of the total, compared with 75.9 percent in 2008, and the amount raised by yuan funds accounted for 60.9 percent, compared with 32 percent in 2008, the report said.
"Foreign limited partners turned cautious as the global economy had yet to fully recover last year, which made it difficult to raise foreign-currency funds," the research house said.
However, the momentum of China's growing economy and government stimulus policies improved the domestic investment environment and encouraged more domestic limited partners to invest in yuan funds, it said.
The launch of the growth-enterprise market ChiNext also boosted yuan funds.
Venture capital investors started 94 funds to raise US$5.86 billion last year on the Chinese mainland, 84 of which were denominated in yuan and raised the equivalent of US$3.57 billion, the Zero2IPO Research Center said in a report today.
The number of yuan funds accounted for 89.4 percent of the total, compared with 75.9 percent in 2008, and the amount raised by yuan funds accounted for 60.9 percent, compared with 32 percent in 2008, the report said.
"Foreign limited partners turned cautious as the global economy had yet to fully recover last year, which made it difficult to raise foreign-currency funds," the research house said.
However, the momentum of China's growing economy and government stimulus policies improved the domestic investment environment and encouraged more domestic limited partners to invest in yuan funds, it said.
The launch of the growth-enterprise market ChiNext also boosted yuan funds.
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