US private equity firm Carlyle Group has spoken out in defense of its track record in China and believes that private equity will be strong in Asian despite the global credit crunch. X.D. Yang, Carlyle's top executive in Asia, pointed out that the company's high-profile struggle to win Beijing's backing for an investment into construction equipment maker Xugong in the face of nationalist opposition was not a fair reflection of its work in China. He told the Financial Times that Carlyle had closed 14 deals in China over the past year with a total value of US$800 million. The purchases were all for minority stakes in companies across a range of sectors including financial services, media and manufacturing. Yang said that the challenging regulatory structure was just part of doing business in China. Carlyle has committed US$6.3 billion in investments in Asia.