Derek Sulger, Partner, Lunar Capital Management

Abstract

If I had to pick one country that embodies the extremes of the opportunities and challenges of emerging market private equity, it would have to be China. Home to 1.35 billion people — close to one in five of the world’s population — it boasts an economy that has grown at approximately 8 per cent per annum for more than a decade. And yet concerns about corruption, intellectual property theft, government interventionism and a possible bursting of a property and banking bubble together present a risk profile almost as formidable as the market size and growth trend are exciting.