在华私募新尝试：国内募资 海外投资（双语）

　　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.

　　多年来，私募股权投资基金一直在寻找进入中国进行投资的最佳方式。现在，他们正在想办法将国内投资者的钱带到海外。

　　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.

　　作为这项创举的一个代表，投资公司RIT Capital Partners PLC（主席为雅各布•罗斯柴尔德）携手国内本土投资公司科瑞集团（Creat Group）和投资顾问公司Quercus Ventures于3月底宣布，三者计划从国内投资者那里以人民币募集规模相当于7.5亿美元的资金以投资海外公司。

　　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.

　　上述三家投资实体努力募集资金并完成交易的尝试将成为一个试验，可以检测私募股权投资基金定期利用国内资本在国际市场进行投资的便利性。到目前为止这件事情还没有成功的保证。

　　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.

　　随着中国越来越富裕，而多数发达国家还在受全球金融危机负面影响的拖累，许多基金经理开始不仅将中国看成是一个投资目的地，而且是一个可以为全球其它地区的交易提供资金的潜在来源。

　　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.

　　在国际上中国已经成为了一个主要投资者，中国的各大企业极度渴求海外资源，中国的个人投资者在全球抢购房产。这些投资大都得到了中国政府的批准，因为这符合中国的战略意义，或投资的资金来自海外储蓄。

　　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.

　　但中国仍然实施严格的资本管制，因此将人民币兑换成外币进行金融投资并不容易。想要投资海外股市只有通过特定的基金才能实现。这些基金拥有配额，能够将人民币兑换成一定数量的外币以投资海外股市。

　　'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."

　　美国艾金•岗波律师事务所（Akin Gump Strauss Hauer & Feld LLP）北京分所合伙人张莹（Ying White）说，监管机构喜欢这种对外私募股权投资的概念，特别是当其涉及帮助中国企业“走出去”的时候。但这同时也有很多相关问题需要解决。

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

　　张莹说，中国现行制度在监管中国人海外股权投资时，监管机构总是逐一审批每一笔对外投资项目。

　　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.

　　这种审批方式对于那些偶尔进行战略性股权投资的大型企业来说没有问题，但对于一年要做好几笔交易的私募股权投资基金来说恐怕就有麻烦了。由于审批的过程通常缓慢，需要好几个政府部门的批准，对于那些竞争激烈的交易来说，总有可能错失机会的窗口。

　　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.

　　到目前为止，这批先行者正试图证明，各自的基金有利于中国广泛的利益。此次RIT Capital Partners PLC和科瑞集团共同成立的私募基金名叫J. Rothschild Creat Partners，其瞄准的对象是在中国有成长机会的海外公司，同时也打开机会的大门，允许中国企业和该基金一同投资。

　　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.

　　这和欧洲的一家私募股权投资基金A Capital的做法类似。这家基金在去年曾安排中国的复星国际（Fosun International Ltd.）收购度假连锁集团法国地中海俱乐部（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. 为了设立一支以人民币计价的海外投资基金，A Capital同北京市政府签署了一份理解备忘录。如果遇到北京市政府介绍的正在寻求海外扩张机会的公司，该基金有时也会和这些公司一起投资。

　　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.

　　对于先行者来说，上述来自政府的支持可能非常关键。RIT也希望能得到类似的支持。Quercus的首席财务长帕尔（Maxim Parr）介绍，该基金已经得到了一个主要监管机构──国家发展和改革委员会（简称：发改委）的支持。发改委是中国最高的经济决策机构。

　　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.

　　科瑞集团董事长郑跃文在中国有20年的投资经验，他同时还担任中国民间国际经济合作商会的负责人。该商会是政府支持的行业性组织，旨在协助中国私营企业进行海外扩张。

　　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.

　　该基金希望商会成员企业能形成一个投资者团体，同时希望今年5月开始募集资金。商会成员企业包括一批知名的中国公司，其中有联想集团、浙江吉利控股集团有限公司、世茂房地产控股有限公司以及复星集团。

　　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.

　　该基金最初将主要聚焦科技类企业、清洁技术、绿色经济、医疗保健、自然资源以及奢侈品。在上述领域，中国已经表现出对西方的专业知识和品牌的需求。