China private equity proving a harder sell

Raising private-equity money has become more difficult in China and, by some definitions, $300 million is the new billion. If you can bring in the former sum, you're doing well, say PE fund-of-fund (FoF) managers. In 2007, numerous Chinese private equity start-ups were raising money on a non-verifiable track record and a powerpoint presentation, but now it's not so easy for them. Investors are aware that a lot of people have been selling the dream in China and India. Now, limited part…