China-focused private equity funds raised US$10.3 billion in the first half of 2011, and are poised to beat the pre-crisis PE fundraising record of US$14.5 billion in 2008, Reuters reported. China’s share of the world’s fundarising total stands at 45%, and its share of global deal activity has also increased significantly, from a 19% share in 2008 to 41% in the first half of 2011. A report published Thursday by the Emerging Markets Private Equity Association (EMPEA) noted that renimbi-denominated funds targeting local investors funds account for 40% of total capital raised in China. These local renminbi-funds typically receive significant investment from government agencies. PE investments in emerging markets were primarily in the industrial and manufacturing sectors, followed by consumer, services and technology.