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ARTICLE · 22 MARCH 2011

The Internationalisation Of Chinese Private Equity Practice

CMS Cameron McKenna Nabarro Olswang
Explore more from CMS Cameron McKenna Nabarro Olswang

On 24 December 2010, the Shanghai Municipal Service Office, together with other authorities, promulgated the Implementing Measures for the Launch of a Pilot Foreign-Invested Equity Investment Enterprise Project in the Municipality (the "Measures"), which became effective on 22 January 2011.

ChinaGovernment, Public Sector
Ulrike Glueck
Ulrike Glueck
Jason Wei
Jason Wei

On 24 December 2010, the Shanghai Municipal Service Office, together with other authorities, promulgated the Implementing Measures for the Launch of a Pilot Foreign-Invested Equity Investment Enterprise Project in the Municipality (the "Measures"), which became effective on 22 January 2011.

The Measures further ease the path for a specific class of overseas private equity investors to access the Chinese private equity market in Shanghai, reflecting a marked shift by China towards international private equity practices.

1. Fund structure permitted under the Measures

The Measures introduce provisions expressly allowing a foreign-invested equity investment enterprise ("PE Fund") to be established in the form of a partnership for the first time. The new partnership structure which has been afforded to foreign-invested PE firms allows for the investors to invest as a general partner ("GP") or a limited partner ("LP"), reflecting widely accepted private

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