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china securities journal reporters found that all new foreign private equity funds added this year are equity private equity funds, while the development of foreign securities private equity funds has slowed down relatively in recent years, with only a few companies such as bridgewater (china) expanding against the trend.

kasikornbank

according to the information on the china securities association website, kaitai vision private equity was established in july 2023 and successfully registered with the china securities association on august 29, 2024. the company's registered capital is rmb 33 million. it is a wholly foreign-owned enterprise and a private equity and venture capital fund manager. its business types include private equity investment funds, private equity investment fof funds, venture capital funds and venture capital fof funds. the company currently has 6 full-time employees.

kasikorn vision private equity is wholly owned by kasikorn vision company limited, a subsidiary of kasikorn bank. founded in 1945 and headquartered in bangkok, thailand, kasikorn bank is one of the four largest commercial banks in thailand. according to the official website of kasikorn bank (china), kasikorn bank (china) co., ltd. was approved for external business on november 6, 2017. it currently has branches in beijing, shenzhen, chengdu, shanghai and shenzhen longgang in china. it is the only asean-invested bank headquartered in shenzhen.

the legal representative and managing director of kasikorn vision private equity is natthorn chaiyapruk, who has held positions in kasikorn bank, kasikorn securities, kasikorn bank (china) and kasikorn vision co., ltd.

bridgewater stands out

china securities journal reporters found that, as of now, five new foreign private equity firms have been added this year, namely kaitai yuanjing (shanghai) private equity fund management co., ltd., zhuhai jiangyuan yuncheng private equity fund management co., ltd., suzhou disheng private equity fund management co., ltd., hanling (shanghai) private equity fund management co., ltd., and bofeng (shanghai) private equity fund management co., ltd., all of which are equity private equity firms. among them, the actual controllers of hanling (shanghai) private equity fund management co., ltd. and bofeng (shanghai) private equity fund management co., ltd. are both top international equity investment institutions.

the entry of foreign private equity managers will inevitably have a positive impact on china's private equity market, and also reflects the strategic adjustment of overseas equity institutions. in recent years, due to various reasons, the investment of us dollar funds in china has shrunk significantly, but foreign institutions still hope to actively participate in the domestic market by issuing rmb funds.

unlike private equity, foreign private securities entered china relatively earlier. in january 2017, fidelity international's fidelity international completed registration and became the first wholly foreign-owned private securities investment fund manager. since then, foreign private securities have developed rapidly. after the foreign public offering license was released, foreign giants such as blackrock and fidelity switched to the public offering track. however, the development of foreign private securities has slowed down in recent years, and only a few companies such as bridgewater (china) have expanded against the trend.

according to statistics, there are 32 foreign-funded securities private equity institutions that have been registered. the most recently registered foreign-funded securities private equity firm, sumitomo mitsui desi private equity fund management (shanghai) co., ltd., was registered in september last year, and there have been no new additions since then.

data from private equity ranking network shows that among the 32 foreign securities private equity firms, only bridgewater (china) ranks top with a management scale of more than 10 billion yuan; tengsheng investment and d.e. shaw investment follow closely behind with management scales of 5 billion to 10 billion yuan; ubs asset management, yuansheng investment, and man asset management have management scales of 2 billion to 5 billion yuan. among the 32 companies, 22 have management scales of 0 to 500 million yuan.

bridgewater (china) has developed rapidly in recent years and is a standout among foreign-funded securities private equity. in 2018, bridgewater (china) launched its first private equity fund product. in 2021, bridgewater china's assets under management exceeded 10 billion. according to media reports, at the end of last year, the scale of assets under management of bridgewater china had reached 40 billion yuan.

"bridgewater's performance in the past few years is indeed very outstanding among foreign private equity firms. it has a multi-asset strategy and a large enough strategy capacity, so its scale has expanded rapidly. in addition to bridgewater, teng sheng and d.e. shaw have also developed rapidly, but these two are quantitative private equity firms and have certain limitations in scale. many other foreign securities private equity firms have subjective stock strategies. it has been difficult to trade domestic stocks in recent years and the fundraising environment has not been good," said an industry insider.