Tone Change

The chorus for China private equity is no longer merry. Investors are frustrated with private equity in China, and they have been unreserved in voicing disappointment. At a recent conference in the United States, Mr. David Bonderman, a founder of TPG, described China as "a more difficult place than most." In the following month, at an industry gathering in Hong Kong, a number of general partners echoed Mr. Bonderman's disenchantment with China. As double-digit growth in China takes a hiatus, private equity investors have found it difficult to repeat their past illustrious results. © 2013 Institutional Investor. All Rights Reserved.