跨国私人股本基金在中国争夺交易上面临的竞争日益激烈，它们正在考虑一种新策略——募集人民币资金，或许是通过与本土资金来源合作的形式。

银行家表示，凯雷集团(Carlyle Group)、得克萨斯太平洋集团(TPG)，以及新加坡和香港的投资公司都在研究这种可能性，不过仍处于初期阶段。

目前，中国尚不具备允许设立可行的在岸交易结构的法律框架，因此所有跨国基金、甚至多数由中国人拥有并运营的基金，都是通过利用离岸投资工具和外币设立的。

但中国政府多次表示，愿意为一个有活力的国内私人股本行业提供支持，目前正在制定大量法律法规，以鼓励设立以人民币计价的基金，甚至允许成立中外合资基金。

全球信贷危机增加了发达市场私人股本交易的资金成本，并重新激发了跨国基金对中国的兴趣。

“发达市场目前的危机已使（跨国基金的）重点转向中国，这些基金为中国专项投资募集资金非常轻松，”普华永道(PWC)中国并购税收服务主管傅振煌(Danny Po)表示，“目前是一个卖方市场，缺的是好目标，而不是资金。”

尽管此前竞争主要在跨国基金之间展开，但它们很快将必须面对大量的本土基金，这些基金正从越来越富裕的本土投资者手中筹集资金。

“这些国内私人股本公司将是外资基金的强大竞争对手，”宝维斯国际律师事务所(Paul, Weiss, Rifkind, Wharton and Garrison)驻香港长期合伙人杰克&S226;兰格(Jack Lange)表示。

“它们在商界和政府中有更好的人脉……更为明智的做法是与它们联手，而非展开面对面的竞争。”

Among those examining the prospect, albeit in a preliminary way, are Carlyle Group, TPG and investment firms in Singapore and Hong Kong, bankers say.

China does not yet have the legal framework to allow a viable onshore structure so all international funds and even most Chinese-owned and operated funds are set up using an offshore investment vehicle and foreign currency.

But the government has repeatedly said it wanted to encourage a vibrant domestic private equity industry and numerous laws and regulations are being prepared to encourage renminbi-denominated funds and even allow Sino-foreign joint ventures.

The global credit crisis has increased the cost of capital for private equity deals in developed markets and helped renew international funds' interest in China.

“The ongoing crisis in developed markets has shifted the focus to China and it is very easy for funds to raise money for China-specific investments,” says Danny Po, head of M&A tax services in China for PWC. “It is a sellers market right now, with a shortage of good targets and no shortage of funds.”

While international funds previously competed mostly with each other, they will soon have to go up against a slew of domestic funds which are raising money from the bulging coffers of local investors.

“These domestic private equity firms will be huge competition for the foreign firms,” says Jack Lange, a long time partner in the Hong Kong office of Paul, Weiss, Rifkind, Wharton &Garrison.

“They will have better contacts both in business and government . . . it makes more sense to team up than compete head to head.”