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China: The key to QDLP

China’s qualified domestic limited partnership scheme, which lets foreign asset managers raise money onshore in renminbi to invest offshore, is taking shape – but it is complex. Euromoney has some tips designed to stop you wasting time and money.

Photo: iStock

It has taken its sweet time, but China’s qualified domestic limited partnership (QDLP) programme is finally taking shape.

On September 8, Pictet Asset Management got approval from the Asset Management Association of China (AMAC) to launch its first QDLP programme in Shanghai.

However, what is QDLP and is the rollout of a single fund – in this case the Pictet Special Situation Private Securities Fund No.1, managed via a local subsidiary by Pictet Group, an independent Geneva asset manager that oversees $274 billion for global clients – really a big deal?

Potted history

The answer to the second question is yes, but let’s start with a potted history of the scheme. QDLP was first launched in Shanghai in 2013, and in Shenzhen a year later. It spread to nine cities and regions, including Chongqing and Qingdao.

QDLP looked good on paper: stripped down to its bones, the quota-based system lets foreign and domestic asset managers raise money in renminbi from high-net-worth and institutional mainland investors. That capital is, in turn, invested overseas in foreign-owned assets and securities, via a Chinese feeder product.

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