China's private equity (PE) market grew at a rate of 40% per year from 200
to 2008, reaching a value of US$9 billion, and is expected to continue
growing at an annual rate of 20% to 25% through 2015. Much of this grow
has been driven by foreign funds entering the market, accounting for an
estimated two-thirds of the total market share by deal value in 2008, with
several larger deals topping US$200 million in size -- such as CVC Capital
Partners' 2007 purchase of a 29% stake in bottle maker Zhuhai Zhongfu for
US$213 million.

Key Risks: The Law, the Books, Getting In and Out, and the Party