Our China private equity team practices an investment strategy with several core attributes:

• Leverage our competitive advantage. We seek investment opportunities where we feel we have an advantage over the competition due to our proprietary relationships, unique understanding of cultural and legal sensitivities, and experience in a given industry sector.

• Target strong franchises. We proactively target the strongest Chinese companies which have high barriers to entry due to established brands, distribution and/or technology.

• Partner with management. A prerequisite to our investment is that we must feel comfortable in our ability to forge a strong working relationship with the management team of our investee companies.

• Pre-identified exit. We need to have a clear plan regarding the exit opportunities for our investments.