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A survey by Deloitte on long-term confidence in the private equity (PE) market on the mainland shows that while investors are optimistic, they would rather hold on to their cash for a while. Meanwhile, mainland investors are not only looking for chances in the domestic market but also overseas markets for expansion.

"Certainly this is a time to place our bet on PE for high growth in Hong Kong," Chris Cooper, head of China private equity, said. "Buyers and investors are taking a breather now amid the global financial turmoil. We expect a rise in the PE market though the number of transactions dropped by 17 percent this year as usual. There is a temporary gap here," he added.

The financial advisory carried out the survey in August with 30 leading PE investors on the mainland. It shows that investors remain confident about the long-term prospects of the mainland's PE market despite the recent global turmoil.

Among these investors, 87 percent thought investment activity will increase or stay the same in the course of the next 12 months.

The main reason is that there is a large capital overhang on the mainland with $29 billion raised last year and only half of the amount invested this year, which means excess capital is still accumulated on the spot.

"PE market on the mainland is a relatively young and dynamic market that changes rapidly, presenting tremendous opportunities as well as uncertainties for investors. The market showed resilience in the first half of 2008 attracting the highest level of PE investment among Asia Pacific countries," said Lawrence Chia, Asia Pacific and China head of corporate finance.

Increased global appetite for mainland PE funds is expected and these funds provide an alternative for companies which need to raise money when the initial public offering route is blocked.

The optimism in PE market on the mainland also means competition will increase further with more new domestic funds and overseas players entering the market. Based on the survey's findings, foreign and domestic funds are expected to be equally active. While domestic funds are getting more of a foothold, some newer funds may struggle to produce returns and raise new money.

"The PE market is unusually stable now and its strong position takes advantage of the volatility in the world. Investors have a lot of money but they lack the experience in private equity market," Ken Dewoskin, a senior strategist said.

Mainland investors were looking into buying troubled financial institutions in the West since 2007 but the results were not good, he said. But they will be increasingly interested in these after the financial turmoil, he added.

(HK Edition 09/24/2008 page3)