How will the latest series of sweeping reforms affect China's expanding private equity industry? How does this complex sector of the massive Chinese economy point the way towards further explosive growth? How can investors position themselves under the new regulatory system to do business in the future? Private Equity Funds in China: A 20-Year Overview, in 2 volumes, serves as the definitive resource on understanding and navigating China's private funds market. Both a history and a guide, the 2 volumes of this set explain the ups-and-downs of China's private funds market and the substantial differences and striking similarities between China's private equity market and similar markets in the United States and Europe. With comprehensive data and statistics, as well as inside information, Chief Editor Xia Bin, the Counselor of the State Council, presents policy recommendations which could potentially change China's equity funds sector, and even the asset management market. Private Equity Funds in China: A 20-Year Overview offers a bold and frank assessment of the state of the industry and reveals: The inner workings of China's private securities and non-securities investment funds The intricacies of China's "sunshine" private funds The progression of China's venture capital funds
Private investment funds are currently investing more capital than ever and the funds themselves are larger than ever. The industry's success comes against a backdrop of the continued fallout from the 2008 financial crisis, from evolving market trends and from increasing regulatory and tax compliance. In relation to structuring, fund-raising, making deals, managing exits fund sponsors, maintaining investor relations and dealing with the press, investors and their advisers are faced with unprecedented challenges and opportunities. This practical guide features contributions by leading industry specialists on a wide range of issues arising at all stages of a private investment fund's life cycle. Topics covered include formation and structuring, regulatory matters, limited partner issues and negotiations, deal-level considerations, environmental concerns and end-of-fund-life procedures, as well as jurisdictional/offshore matters, their jurisdictional differences and choice drivers (eg Luxembourg, the Cayman Islands and the Channel Islands). The guide also sets out and explores the particular issues presented in relation to listed funds, start-up and spin-out funds, real estate funds, infrastructure and energy funds, and secondary transactions. In consequence, this publication provides a wide-ranging and practical guide to the legal, regulatory, tax and commercial elements of establishing and operating private investment funds. Practitioners and other industry participants are likely to gain significant benefit from applying its contents within their own environment.
Covers ETFs - the hottest investment product of the new century.
Explains the nature of this new investment class and all advantages of these instruments.
Provides a deep insight into the market and the development of that asset class during the past ten years.
Some of the information in this book is usually limited to institutional investors with access to research data bases.
All of the contributions have been made by professional investment consultants to give a first hand insight into the matter.
Written primarily for business managers and government officials, this is a comprehensive and extremely timely handbook on how to successfully initiate and implement joint ventures and direct investments in China. The authors combine in one volume an appreciation of the nuances faced in the negotiation of U.S.-Chinese joint ventures, an examination of the investment environment in China and an assessment of its past traditions, present policies, and emerging problems. Case studies of a variety of actual joint ventures are especially valuable for readers involved in or planning to open negotiations in China. Several chapters assess the impacts of the events in Tianamen Square on foreign direct investment in the country. The book opens with two chapters which examine the reasons for China's open policy and the responses of foreign investors to the new policy. A group of chapters then explores the country's investment, cultural, and legal environments and their likely impacts on joint venture negotiations. Turning to an examination of Chinese markets and production capabilities, the authors assess consumption patterns, decision making, customer/supplier relations, local sourcing problems, transportation, the availability of skilled labor, management, and R&D. They go on to analyze the contributions of foreign direct investment, including the role of transnational corporations, and present a step-by-step guide to negotiating a joint venture in China and implementing the agreement reached. Finally, the authors look at prospects for development and modernization in China, particularly in terms of the trend towards recentralization following the Tianamen Square upheaval. In addition to business development managers, students in international business programs will find Direct Investment and Joint Ventures in China an indispensable resource.
This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the "originate and distribute" model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan's hometown investment fund can succeed in all three ways. After all, the majority of the world's businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.
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