China's PE industry is expanding globally at an unprecedented pace, putting firms in competition with European and US counterparts like never before. "There's a lot of domestic capital available, obviously looking for a home, and that's fueling the emergence of these funds," said Michael Thorneman, a partner with Bain & Company. The number of active Chinese funds, at 672 during 2013-2015, was the highest in at least five years, according to data compiled by Bain.