China equity has been going gangbusters lately, with the iShares FTSE China ( FXI) exchange traded fund up 25.3 percent in the last six months, clobbering the MSCI Emerging Markets benchmark.

FORBES: Barclays Urges Caution On China

Carlyle was one of the first firms to go into China, for instance, and the first American firm to raise a yuan-denominated private-equity fund, but it now faces competition from other American firms there, and Chinese ones as well.

ECONOMIST: The Carlyle Group