NEW YORK : Carlyle Group Inc Chief Executive Kewsong Lee said on Wednesday that the U.S. private equity firm will remain a long-term investor in China despite"bumps" that have unnerved some investors.
The crackdown has sparked investor concerns over policy changes and wiped off hundreds of billions of dollars in market value from some of China's largest companies including Alibaba Group Holding Limited and Tencent Holdings Ltd. Investor concerns this week that property developer China Evergrande could default on its massive debt pile have added to the market jitters.
Lee said that sophisticated investors such as sovereign wealth funds and pension plans remain underinvested in China, the world's second-largest economy, and that there were still opportunities available to investment firms with local expertise such as Carlyle that can navigate the country's complex regulatory environment.
On the drive toward sustainability and environmental, social and corporate governance , Lee said that in the first half of this year nearly 60per cent of the board directors who joined companies that have been controlled by Carlyle for at least two years were from diverse backgrounds, putting it ahead of its 30per cent target.
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