China firms overtake foreign rivals in private equity fundraising

The value of China's private equity deals reached a record high of $15.2 billion in 2011, a year in which domestic funds surpassed overseas peers for the first time to account for 60% of the 173 deals transacted, finds a new report by global consultancy Bain & Co. Despite a slowdown in the mainland economy last year, deal values have been steadily rising over the past decade. In 2011 the average deal size was $88 million, compared with $72 million in 2010 (193 investments wort…