When Citic Private Equity Funds Management Co closed the largest local- currency private equity fund in China's history last month it could not have looked more different from the previous funds to hold that title.
For years the Chinese government in Beijing has been encouraging the creation of a homegrown private equity industry that could rival the dominance of US players such as Carlyle Group, KKR, Blackstone and TPG.
Until recently the result has been either privately-run Chinese funds that raise dollars and emulate the offshore structure of their foreign competitors or state-owned behemoths, such as Bohai Industry Investment Fund, that operate more like government departments than cutting-edge capitalists.
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