Yes, and the Chinese have logical reasons for accepting lower returns because they're exposed to risk in China that domestic PE firms aren't exposed to. This sa

Yes, and the Chinese have logical reasons for accepting lower returns because they're exposed to risk in China that domestic PE firms aren't exposed to. This said, it should be noted that when the music stops, these firms aren't guaranteed a return at all. Many of them are going to lose. It's just a question of how much.