NDRC approves 4 new Chinese PE funds

The National Development and Reform Commission (NDRC) granted approval to four new yuan-denominated private equity (PE) funds, bringing the mainland’s total number of approved PE funds to 10, the South China Morning Post reported. The new funds will target water treatment, shipbuilding, public works and equipment-making and will compete with global PE firms such as Carlyle Group and Blackstone Group in local M&A deals. The NDRC also said it was drafting rules to simplify the approval procedures for launching new PE funds and that it would phase out trial runs for government-backed funds. Last year, about 100 global PE funds invested a total of US$12.82 billion in 177 mainland deals.