你可能听说过KKR集团（老牌正宗的杠杆收购天王金融史上最成功的产业投资机构之一；全球历史最悠久也是经验最为丰富的私募股权投资机构之一）但是，你有没有听说过弘毅投资（Hony Capital Ltd.）或者是复星集团（Fosun Group）？如果没有，那么你不久也会了解到这两家公司的。
根据安永会计事务所（Ernst&Young）关于私募基金的最新研究报告，世界上最大的几家收购公司正在同中国的本土公司展开激烈的竞争。2011年第四季度，中国排名前10名的私人股本交易有八家是中国本土公司。
安永会计事务所表示，在全球范围内继续融资的困难都非常大，但是随着世界各地的投资者都在增加投资，显然，以市场为导向的新兴基金的利率正在增加。越来越多的本土基金出现在排名前25的基金中，包括中国的弘毅投资（Hony Capital Ltd.）和巴西百达（BTG Patual）。
2012年1月份，弘毅投资表示已经完成了总计达39.5亿美元的两种新的人民币基金融资。弘毅投资正在管理的资产约有450亿美元。随着海外融资的增加，还会有越来越多的像弘毅投资这样的公司出现。例如，2011年复兴集团在法国地中海俱乐部和希腊珠宝商Folli Follie集团都购买了股份。
但是安永会计事务所表示，即使没有新的基金出现，但是在新兴市场还是会有许多“灭火干燥剂”以供使用。因为在2006年和2007年的融资热潮之后，许多公司仍然有多余的钱用来投资。根据安永会计事务所的估计，2011年12月，私募股权公司还有3466亿美元的未使用资金，其中的491亿美元就是为亚洲和新兴市场所准备的。
So you’ve heard of KKR and Blackstone? But how about Hony Capital Ltd. or Fosun Group? If not, you will soon.
According to a new report on private equity by Ernst & Young, the world’s largest buyout firms are increasingly competing with home-grown firms in China for deals. Domestic firms accounted for eight of the top ten private equity deals in China in the fourth quarter of 2011.
Fund-raising continues to be difficult around the world, says Ernst & Young, but there is clearly growing interest in emerging markets-focused funds as investors everywhere look to increase their exposure to these economies. More and more of these local funds are appearing in the top 25 funds raised, including China’s Hony and Brazil’s BTG Pactual.
In January, Hony said it completed fundraising for two new yuan funds, totaling $3.95 billion. Hony has some 45 billion yuan ($7.14 billion) in assets under management. And expect to hear more of these firms as they increasingly look abroad for investments. For example, Fosun bought a stake in French resort operator Club Mediterranee SA last year, as well as in Greek jewellery maker Folli Follie Group SA.
But even without raising new funds, there’s still a lot of “dry powder” waiting to be deployed in emerging markets, says Ernst & Young, as firms still have money left to spend after the fundraising binge of 2006 and 2007. The firm estimates that in December 2011, private equity companies had some $346.6 billion in unspent capital, of which $49.1 billion is destined for Asia and other emerging markets.
