1. Strictly, these are offshore funds without distributor status.

2. Most offshore funds are domiciled in Guernsey, Dublin or Luxembourg.

3. More than 100 offshore funds pay an income in sterling.

4. "Investors in offshore funds want transparency," said John Fadely, a Clifford Chance lawyer focusing on fund formation, referring to concerns of the LPs.

5. Perhaps one-third of offshore funds in Switzerland are from places where the wealthy may not pay much tax anyway, including Russia and the Middle East.

6. You have stated that "Investors in offshore funds want transparency.

7. To attract more investors and offshore funds to Hong Kong, measures have been taken to abolish estate duty and exempt offshore funds from profits tax.

8. The subcommittee also found that corporations that repatriated large sums under the first holiday have since built up their offshore funds at a greater rate than before.

9. Because they also won't need the pre-investment regulatory approvals that are required for offshore funds, RMB funds may be more nimble.

10. Any appreciation of the RMB against the U.S. dollar during the investment holding period of these offshore funds would raise their IRRs.

11. Foreign private equity groups have struggled to make inroads into China, partly because of strict regulations governing the use of US dollar-based offshore funds to acquire local assets.