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China Kicks U.S. Private Equity Aside as Local Funds Rise

Blackstone Group LP and TPG Capital are among global firms being kicked aside as preferred investors in China, the world’s second-biggest private-equity market.

Investments by Chinese firms rose to $7.8 billion last year, exceeding for the first time the $7.4 billion poured in by U.S. and other foreign funds, according to the Asian Venture Capital Journal, which tracks the industry.