New rules for foreign PE firms

08:35, January 11, 2011      

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Shanghai will allow foreign private equity firms to convert $3 billion of overseas funds into yuan for direct investments in the nation under a pilot program, the China Securities Journal reported.

Carlyle Group, Blackstone and First Eastern Investment Group will be given a combined $300 million quota initially, while 15 other private equity funds will get $1.5 billion under the so-called Qualified Foreign Limited Partner program, according to the report, which cited a person it didn't name.

Source:China Daily
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