Private Equity Firm Global Environment Fund Announces Initial Public Offering of Duoyuan Global Water

CHEVY CHASE, Md.--(Business Wire)--
Private equity firm Global Environment Fund (GEF) announced that one of its
portfolio companies, Duoyuan Global Water Inc. (NYSE:DGW), has completed its
initial public offering on the New York Stock Exchange of 5.5 million American
Depository Shares, raising $88 million. Duoyuan is a leading China-based
domestic water treatment equipment supplier. Prior to the IPO, GEF was the only
outside investor in Duoyuan.

Founded in 1992, Duoyuan offers a comprehensive set of more than 80
complementary products in the areas of circulating water treatment, water
purification, and wastewater treatment.

Jeffrey Leonard, CEO of GEF, noted, "Duoyuan represents a prime example of the
type of clean technology companies in which GEF has invested over the past 20
years - proven technology, great management, growing organically to capture
rapidly expanding local environmental and renewable energy markets."

Steve Park, Duoyuan`s CFO, stated, "We are pleased to have worked with GEF -
their management expertise and sector knowledge created unparalleled value for
our company leading up to this critical point of accessing the U.S. capital
markets to pursue our growth strategy."

About Global Environment Fund

Global Environment Fund (GEF) is a Chevy Chase, Maryland-based private equity
firm founded in 1990 investing in emerging markets, clean technology, energy
efficiency, and timberland in emerging markets. The firm manages over US$1
billion in private equity investments for institutional investors, including
university endowments, foundations, fund-of funds, family offices, pension
funds, and international finance institutions. GEF was recently selected as the
winner of the Financial Times Sustainable Investor of the Year.
www.globalenvironmentfund.com

About Duoyuan Global Water Inc.

Duoyuan Global Water Inc. (Duoyuan) is a leading water treatment equipment
supplier in China. Duoyuan`s products address the key steps in the water
treatment process, including circulating water treatment, water purification,
and wastewater treatment. As one of the first privately-owned Chinese companies
to supply water treatment products in China, and with one of the largest
domestic distribution networks for water treatment equipment, Duoyuan has a
broad end-user customer base that includes wastewater treatment plants, water
works facilities, manufacturing plants, commercial businesses, residential
communities, and individual customers. Duoyuan believes its existing market
presence and extensive distribution network provide proximity to end-user
customers and responsiveness to local market demand. http://www.duoyuan.com.cn

Global Environment Fund
George McPherson, Managing Director
240-482-8933
gmcpherson@globalenvironmentfund.com

Copyright Business Wire 2009