Renminbi funds are quickly fueling China's budding private equity industry, with TPG Capital, Blackstone Group LP and Carlyle Group using the instruments, which are denominated in Chinese currency, to attract local investors. One Hong Kong company also taking advantage of the trend is CDC Corp., a developer and investor in enterprise software that recently signed an agreement with the government of Nanhai District, Foshan, to jointly establish a 600 million renminbi ($90 million) private equity fund focused on new media and tech companies in China and the U.S. On a recent visit to New York, CDC CEO Peter Yip dropped by The Deal magazine to chat about renminbi funds and his relationships with U.S. investors, including New York venture capital firm Greycroft Partners. For more of our conversation with Yip, see "Rooting for renminbi," in the current issue of The Deal magazine. - Mary Kathleen Flynn