Private Equity Firms Stretch China Angles in Pursuit of Ex-China Deals

Serena Tan, deputy chair of the firm's global private funds practice, was quoted in an article "Private equity firms stretch China angles in pursuit of ex-China deals." The article discussed the trend that Chinese private equity firms are increasingly pursuing cross-border buyouts, and at the same time, their branding is shifting toward a “global” identity to avoid geopolitical sensitivities.

Serena observed that, in certain cases, fund documents have been worded loosely enough for GPs to make overseas investments with no China angle at all. LPs haven’t stood in their way, provided there is confidence in the team and its competencies. Meanwhile, it is generally agreed that the definition of China nexus has loosened since 2020.

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