Cheers, Jeers for a Not-Your-Daddy's PE Fund

From left to right, Wu Gang, chairman of Jiuding Capital, and fund partner Tan Zhenyu and Huang Xiaojie

(Beijing) – China's private equity sector is shivering in a figurative winter for initial public offerings – the traditional cash-out route for exiting PE investors – that's now in its second year with no end in sight.

But so far the freeze has not affected a maverick PE fund backed by a team of young Chinese financiers whose unusual strategy has turned heads and, in some cases, enraged competitors.