Like President Richard Nixon, U.S. dealmakers are going to China.
The Washington Post, citing Dealogic data, reports that while buyouts were slowing in the U.S. because of the credit crunch, deals involving U.S. private equity firms in China reached $3.1 billion in June, a record month. “In three years, U.S. private equity money in China has grown almost sixfold,” the article says.
Some of the firms investing in China include the Blackstone Group LP, Carlyle Group and TPG. The article even quotes Carlyle's David Rubenstein calling China the "new Silicon Valley."
However, China's not the only place U.S. firms are seeking out deals as the U.S. market sours. According to The Deal newsweekly, firms are also investing in India, the Middle East and even South Africa. — Matthew Wurtzel
See story from The Washington Post
See M&A Outlook 2008: The Carlyle Group's David Rubenstein
See M&A Outlook 2008 podcast: Cross-border bonanza
See The Deal newsweekly: TPG's woman in China
See The Deal newsweekly: Eastern exposures
See The Deal newsweekly: Dharma deals
See The Deal newsweekly: Turning the tide
See The Deal newsweekly: Big buyouts go south
