Prax Capital

The China-focused firm plans to raise both a real estate and private equity fund denominated in the local currency.

The two firms in 2006 innvested $25m in the Inner Mongolian hot pot restaurant chain, which was listed on the Hong Kong stock exchange in June 2008. US restaurant company Yum! brands, which owns chains including Taco Bell and KFC, has paid $63m for a 20% stake in Little Sheep.

The firm has invested $10m to back the expansion plans of Blue Horizon Group as it looks to tap into growing demand in the hospitality sector in China.

Global private equity giants like Carlyle, Blackstone and KKR are testing new strategies in order to do private equity in China.

The Steve Schwarzman-led firm, which is targeting about $738m for its debut RMB fund, expects a final close by September.

KKR will for the first time raise a country-specific fund, which has a target of around $1bn.

Origo's maiden RMB fund - to be established in partnership with the Xinxiang municipal government - will focus on clean technology.

Fundraising figures for 2009 show that for the first time ever RMB-denominated funds surpassed those raised in dollars.

China's private equity industry began the year on shaky ground and ended it with a prediction that it would one day become the world's largest. Jenny Blinch looks at a fluctuating year

The Hong Kong-based asset manager is the latest in a line of firms to launch a fund under the Shanghai Pudong New Area pilot scheme.

The firm has acted quickly on a new pilot scheme from the Beijing government to attract foreign private equity investment. It will reportedly raise $732m.