Shan Weijian, the former TPG executive who now leads private equity firm PAG, has raised $3.6bn for his second Asian buyout fund, joining the fundraising rush in the region.

前德州太平洋投资集团(TPG)董事总经理、现私募股权公司太盟投资集团(PAG)董事长单伟建为他的第二支亚洲收购基金筹集到了36亿美元，为该地区的筹资热潮又添一股推力。

The fundraising comes at a time when there are conflicting trends about the extent to which there is a credit crunch in Asia.

这笔资金筹集的时间，恰好是亚洲信贷紧缩出现相互矛盾趋势的时候。

Many private equity firms expect banks in the region to curb lending as corporate borrowers struggle. Executives at many investment groups hope that if the banks retreat, it will leave a gap that their capital can fill.

许多私募股权公司希望该地区银行遏制贷款，而借款企业则在为贷款而努力。多家投资集团高管都报有这样的希望，如果银行退出，将留下一块空白，而他们的资本可以补上。

However, in some parts of Asia, private equity, distressed and venture capital funds have raised such large sums that Mr Shan thinks there is too much capital trying to be invested, which could hit returns to investors.

但是在亚洲部分地区，私募股权投资、不良资产基金和风险投资基金都筹集到了庞大的数额，这让单伟建认为这些地区有太多资金想要投资，投资者的收益可能会受到打击。

In recent months, Singapore-based RRJ has raised $4.5bn, and Bain Capital has raised $3bn, while Barings Private Equity raised $4bn earlier last year, joining KKR which raised $6bn.

近几个月来，新加坡RRJ筹集到45亿美元，贝恩资本(Bain Capital)筹集到30亿美元，霸菱私募基金(Barings Private Equity)在去年早些时候筹集到40亿美元，还有KKR筹集到60亿美元。

Mr Shan’s first buyout fund, which closed with $2.5bn just over three years ago, has already returned $1.5bn of capital so far and has a gross internal rate of return of about 30 per cent.

单伟建三年前组建的第一支收购基金最终筹资25亿美元，现已返还15亿美元资金，内部总回报率约为30%。

Mr Shan expects the most profitable opportunities to come from companies that cater to domestic demand from a rising middle class, particularly in China, and invest in entertainment, healthcare and financing firms as well as internet apps.

单伟建预计最盈利的机会来自一些迎合了该地区、尤其是中国的正在崛起的中产阶层的需求的企业，以及对娱乐、医疗保健、融资公司以及互联网应用的投资。

However, it is still possible to lose significant amounts of money in those sectors, with growth does not necessarily leading to profitability, given the intense competition.

不过对这些行业的投资仍可能损失惨重，由于竞争激烈，其增长不一定能带来盈利能力。

“There is always too much capacity, competition and capital,” Mr Shan said. “The key is to identify and build businesses that have barriers to entry.”

单伟建说：“总是有太多生产力、竞争和资本。关键在于要识别和建立有进入壁垒的业务。”

Emerging markets, particularly in Asia and Latin America, have not had a particularly strong period in recent years, faced with everything from a downturn in commodities prices to regulatory uncertainties.

新兴市场，尤其是亚洲和拉美市场，由于面临大宗商品价格低迷以及监管方面不确定等种种问题，近年来还未出现投资特别强劲的时期。