The Carlyle Group has said it plans to double its investments in China within five years as global buyout firms and investment banks try to establish themselves in the country.

According to Dow Jones Newswires, Carlyle co-founder David Rubenstein said the $40bn (€31.2bn) private equity firm plans to double its investments in the region. The firm currently employes 34 staff in three offices in China managing $4.5bn in two Chinese buyout funds and $1bn in three venture capital growth funds focused on the country.