An array of blue-chip global fund managers have adjusted their fundraising strategies for China, collecting their latest batch of dry powder in the local currency or renminbi (RMB) to back their bets on the market despite concerns that the country may be losing its growth momentum over COVID contraction and geopolitical risks.
The appetite for RMB fundraising is booming – especially among global venture and growth capital heavyweights – after a significant drop in foreign direct investments into China amid the previous years of virus-induced travel restrictions and Beijing’s tech crackdown.