Beijing-backed technology funds with almost $900bn under management are struggling to hit their profit targets, according to executives who say their capital is stuck in companies that cannot launch initial public offerings and are unattractive to investors.
“Traditional exit strategies for private equity funds do not work well for us,” an executive at Zhongyuan Science Innovation Venture Capital, a state-backed investment fund in central Henan province, told the Financial Times.
“Our investment decisions have more to do with policy considerations than market principles,” added the executive, who asked not to be named.
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