BEIJING - US-based private equity giant Bain Capital is considering raising a yuan-denominated fund in China within two years.

The move will see the financial services company joining rivals such as the Morgan Stanley, Carlyle Group and Blackstone Group in the hunt for a piece of the booming market.

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"Bain Capital will set up a yuan-denominated fund as soon as possible, no more than two years," Wang Lihong, managing director of Bain Capital Asia told China Daily on Thursday.

She said that such a fund would provide an opportunity for investing in industries where "speed of accomplishing an investment is important".

She also said that the allure of raising a local currency yuan fund is strong for global private equity firms, some of which have already launched plans to raise funds.

Bain manages an Asian fund, European fund and a US buyout fund. It has invested about one-third of its North American fund, about 10 percent of the European fund and about 55-60 percent of the Asian fund.