China’s National Regulatory Framework for RMB Funds Taking Shape

Many GPs are drawn to the idea of forming an RMB fund. LPs looking for RMB exposure or an uncorrelated growth capital investment may also be attracted to RMB funds. The NDRC has emerged as the national regulator, releasing a series of disclosure and best practice requirements in January 2011 and, in March 2011, implementation guidelines. In this alert, Orrick outlines and offers insight into the requirements and implementation guidelines for those considering forming or investing in RMB funds.