Chinese Private Equity Firms Flex Their Muscles

Local rivals exploit their home field advantage
Pedestrians cross Finance Street in Beijing Photograph by Nelson Ching/Bloomberg

Not that long ago, Blackstone Group, TPG Capital, Goldman Sachs Group, and other foreign buyout specialists had little trouble muscling out local rivals for deals in China. Today, Chinese firms dominate the private equity landscape. Investments by Chinese firms in the world’s second-biggest private equity market rose to $7.8 billion last year, overtaking for the first time the $7.4 billion that came in from U.S. and European funds, according to Asian Venture Capital Journal.

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