For years, private-equity funds have been searching for the best way to invest into China. Now they're looking for ways to get Chinese money out.

　　多年來，私募股權(quán)投資基金一直在尋找進(jìn)入中國進(jìn)行投資的最佳方式?，F(xiàn)在，他們正在想辦法將國內(nèi)投資者的錢帶到海外。

　　In one of the first moves of its kind, RIT Capital Partners PLC -- an investment firm chaired by Jacob Rothschild -- together with local Chinese investment company Creat Group and investment advisory firm Quercus Ventures at the end of March said they plan to raise $750 million in yuan from domestic Chinese investors to invest in overseas companies.

　　作為這項創(chuàng)舉的一個代表，投資公司RIT Capital Partners PLC（主席為雅各布•羅斯柴爾德）攜手國內(nèi)本土投資公司科瑞集團(tuán)（Creat Group）和投資顧問公司Quercus Ventures于3月底宣布，三者計劃從國內(nèi)投資者那里以人民幣募集規(guī)模相當(dāng)于7.5億美元的資金以投資海外公司。

　　Their efforts to raise funds and get deals done will be a test of how easily private equity will be able to regularly use Chinese money in international markets, something that isn't yet assured of success.

　　上述三家投資實體努力募集資金并完成交易的嘗試將成為一個試驗，可以檢測私募股權(quán)投資基金定期利用國內(nèi)資本在國際市場進(jìn)行投資的便利性。到目前為止這件事情還沒有成功的保證。

　　With China growing increasingly wealthy -- and much of the developed world still suffering the effects of the global financial crisis -- fund managers are starting to look toward China as not just an investment destination, but a potential source of funding for deals elsewhere in the world.

　　隨著中國越來越富裕，而多數(shù)發(fā)達(dá)國家還在受全球金融危機負(fù)面影響的拖累，許多基金經(jīng)理開始不僅將中國看成是一個投資目的地，而且是一個可以為全球其它地區(qū)的交易提供資金的潛在來源。

　　Already China has become a major investor internationally, with firms demonstrating a voracious demand for overseas resources and individuals snapping up real estate around the globe. Much of that gets greenlighted by Beijing because it is in the country's strategic interests, or comes from savings amassed overseas.

　　在國際上中國已經(jīng)成為了一個主要投資者，中國的各大企業(yè)極度渴求海外資源，中國的個人投資者在全球搶購房產(chǎn)。這些投資大都得到了中國政府的批準(zhǔn)，因為這符合中國的戰(zhàn)略意義，或投資的資金來自海外儲蓄。

　　But China still maintains strict capital controls that make it difficult for the yuan to be changed into foreign currency to make a financial investment. Investment in foreign stock markets can be done only through funds that have a quota to convert a certain amount of foreign exchange for the purpose.

　　但中國仍然實施嚴(yán)格的資本管制，因此將人民幣兌換成外幣進(jìn)行金融投資并不容易。想要投資海外股市只有通過特定的基金才能實現(xiàn)。這些基金擁有配額，能夠?qū)⑷嗣駧艃稉Q成一定數(shù)量的外幣以投資海外股市。

　　'Regulators like the concept [of outward private equity], particularly when it involves helping Chinese firms go' abroad, says Ying White, a partner at law firm Akin Gump Strauss Hauer & Feld LLP in Beijing. "But there's a lot of issues that need to be worked out."

　　美國艾金•崗波律師事務(wù)所（Akin Gump Strauss Hauer & Feld LLP）北京分所合伙人張瑩（Ying White）說，監(jiān)管機構(gòu)喜歡這種對外私募股權(quán)投資的概念，特別是當(dāng)其涉及幫助中國企業(yè)“走出去”的時候。但這同時也有很多相關(guān)問題需要解決。

　　Ms. White says that China's current system for regulating Chinese purchases abroad is geared toward regulators approving each outward investment deal by deal.

　　張瑩說，中國現(xiàn)行制度在監(jiān)管中國人海外股權(quán)投資時，監(jiān)管機構(gòu)總是逐一審批每一筆對外投資項目。

　　That is fine for major firms that make only the occasional strategic purchase, but might prove problematic for a private-equity fund looking to make multiple deals a year. And given the often slow pace of approval, requiring the sign-off of multiple government agencies, there is always the risk of missing a window of opportunity for competitive deals.

　　這種審批方式對于那些偶爾進(jìn)行戰(zhàn)略性股權(quán)投資的大型企業(yè)來說沒有問題，但對于一年要做好幾筆交易的私募股權(quán)投資基金來說恐怕就有麻煩了。由于審批的過程通常緩慢，需要好幾個政府部門的批準(zhǔn)，對于那些競爭激烈的交易來說，總有可能錯失機會的窗口。

　　So far the early movers are trying to demonstrate that their funds will benefit China's broader interests. J. Rothschild Creat Partners -- the name of the venture between RIT and Creat -- is aiming to invest in foreign firms that have growth opportunities in China, and holds open the potential for Chinese firms to invest alongside them.

　　到目前為止，這批先行者正試圖證明，各自的基金有利于中國廣泛的利益。此次RIT Capital Partners PLC和科瑞集團(tuán)共同成立的私募基金名叫J. Rothschild Creat Partners，其瞄準(zhǔn)的對象是在中國有成長機會的海外公司，同時也打開機會的大門，允許中國企業(yè)和該基金一同投資。

　　That is a similar approach to A Capital, a European-backed fund involved in arranging China-based Fosun International Ltd.'s stake in resort-chain Club Mediterranee SA of France last year.

　　這和歐洲的一家私募股權(quán)投資基金A Capital的做法類似。這家基金在去年曾安排中國的復(fù)星國際（Fosun International Ltd.）收購度假連鎖集團(tuán)法國地中海俱樂部（Club Mediterranee SA）的部分股份。

　　A Capital has signed a memorandum of understanding with the Beijing municipal government to set up a yuan-denominated fund to invest overseas. The plan is for the fund to sometimes invest alongside firms introduced to it by the Beijing government that are looking to expand abroad. 為了設(shè)立一支以人民幣計價的海外投資基金，A Capital同北京市政府簽署了一份理解備忘錄。如果遇到北京市政府介紹的正在尋求海外擴(kuò)張機會的公司，該基金有時也會和這些公司一起投資。

　　For the early movers, such political support is likely to be key. RIT is hoping it has that covered. According to Quercus Chief Financial Officer Maxim Parr, the fund already has support from one of the key regulators, the National Development and Reform Commission, China's top economic decision-making body.

　　對于先行者來說，上述來自政府的支持可能非常關(guān)鍵。RIT也希望能得到類似的支持。Quercus的首席財務(wù)長帕爾（Maxim Parr）介紹，該基金已經(jīng)得到了一個主要監(jiān)管機構(gòu)──國家發(fā)展和改革委員會（簡稱：發(fā)改委）的支持。發(fā)改委是中國最高的經(jīng)濟(jì)決策機構(gòu)。

　　And Chairman Zheng Yuewen of Creat Group, which has 20 years of experience investing in China, also heads up the China International Chamber of Commerce for the Private Sector, a government-backed industry group geared to helping private Chinese firms expand overseas.

　　科瑞集團(tuán)董事長鄭躍文在中國有20年的投資經(jīng)驗，他同時還擔(dān)任中國民間國際經(jīng)濟(jì)合作商會的負(fù)責(zé)人。該商會是政府支持的行業(yè)性組織，旨在協(xié)助中國私營企業(yè)進(jìn)行海外擴(kuò)張。

　　The fund hopes the chamber's members -- which include high-profile Chinese firms such as Lenovo Group Ltd., Zhejiang Geely Holding Group Co., Shimao Property Holdings Ltd. and Fosun -- will form a base of investors. It hopes to start raising funds in May.

　　該基金希望商會成員企業(yè)能形成一個投資者團(tuán)體，同時希望今年5月開始募集資金。商會成員企業(yè)包括一批知名的中國公司，其中有聯(lián)想集團(tuán)、浙江吉利控股集團(tuán)有限公司、世茂房地產(chǎn)控股有限公司以及復(fù)星集團(tuán)。

　　It will initially focus on technology and clean-tech, the green economy, health care, natural resources, and luxury goods, areas where China has already demonstrated a demand for Western expertise and brands.

　　該基金最初將主要聚焦科技類企業(yè)、清潔技術(shù)、綠色經(jīng)濟(jì)、醫(yī)療保健、自然資源以及奢侈品。在上述領(lǐng)域，中國已經(jīng)表現(xiàn)出對西方的專業(yè)知識和品牌的需求。