But calling up capital in, say, a euro-denominated fund now could lock in money from those U.S. backers at an unfavorable exchange rate, eroding potential gains for those investors.

但如果现在为一只以欧元计价的基金招募资金，有可能以一个对美国投资者不利的汇率锁定他们的资金，从而会侵蚀掉这些投资者的潜在收益。

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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