Local funds take spotlight in raising proceeds
By Winny Wang |
January 8, 2010, Friday
|
Print Edition
Print Edition
YUAN-DENOMINATED funds outshone their foreign peers in 2009 when foreign limited partners withdrew from the capital market amid the global credit crunch.
Of the 94 funds started by venture capital investors to raise US$5.86 billion last year on the Chinese mainland, 84 were denominated in yuan and they raised the equivalent of US$3.57 billion, the Zero2IPO Research Center said in a report yesterday.
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 has yet to fully recover last year, which made it difficult to raise foreign-currency funds," the center said.
However, the momentum of China's growing economy and the government's stimulus policies improved the country's investment environment and encouraged more domestic limited partners to invest in yuan funds, it said.
The launch of ChiNext, China's growth-enterprise market, also helped yuan funds to take the lead in the market.
The Chinese government encourages the development of venture capital and private equity markets to propel economic recovery.
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