Secondary directs, the purchase from GPs of individual investments or a select portfolio of China private equity investments, potentially offer some of the better risk-adjusted investment opportunities in China for PE firms and LP direct investors. Based on China First Capital's research of both publicly-disclosed PE investments in China and entries from our deal log, the universe of unexited PE-invested deals in China is over 7,500 investments, representing an aggregate PE investment of over USD$100 billion…