Rafael Ratzel knows this firsthand. A German national with an entrepreneurial pedigree now based in Beijing, he leads international strategy at a private equity firm.
His experience shows how an MBA in China can help international students build long-term business careers in the country.
From entrepreneurship to an MBA in China
By the time he turned 18, Rafael had lived in Germany, the US, and the Netherlands. He was set to begin a bachelor’s degree in Switzerland, but instead, booked a one-way flight to Hong Kong—where he would go on to complete a double degree in engineering and business.
As serendipitously as the move itself, his first venture came about by chance. Halfway through his studies, Rafael launched a company almost by accident.
“I met someone who had a problem with a factory in China, and I told him I’d sort it out. One thing led to another, and a couple of years later I had hired a bunch of my classmates. Together, we were running a manufacturing outsourcing business for European companies,” he says.
The business soon expanded. Rafael began exporting products from China to Western markets, and later helped Chinese companies import components and technology from Europe, arranging licensing deals and supporting them with setting up production partnerships.
By the time he moved to Beijing, he had spent five years running his company. It was there that a chance conversation with a student on the Tsinghua Global MBA led him to change direction again.
“He told me it [Tsinghua] was very deep inside China, very competitive, and a top university. It sounded super interesting. I thought, I want to give this a try,” says Rafael.
Though he was already established in the market, the MBA would offer Rafael a way to deepen his understanding of China’s business landscape, formalize his experience, and open new doors.
Studying the Tsinghua Global MBA
Once on campus, Rafael found himself among a diverse group of classmates. The Chinese cohort came from a wide range of industries and regions, while the international students shared what he describes as an adventurous mindset.
“It’s great because you can explore opportunities you didn’t know existed, in part because there’s such a wide spectrum of people from all around China and beyond, and very few with a background like yours,” he says.
The Tsinghua name quickly proved valuable. Through faculty networks and school events, Rafael and his classmates gained access to senior figures across China’s business landscape. One standout moment came during an advisory board lunch hosted by the School of Economics and Management.
“I was the only student at a table having lunch with the founder of the biggest textile manufacturer in China, the CEO of Goldman Sachs, the founder and CEO of Carlyle, and the founder and CEO of Blackstone,” he says.
“That kind of exposure we had was very unique. That doesn’t happen anywhere else in the world. Because of the global interest in China, when you’re at Tsinghua, everything kind of accumulates there.”
The MBA also gave Rafael the chance to apply what he was learning in a real-world setting. As part of the school’s Integrative Practical Project (IPP), he and his classmates used faculty and career office connections to visit companies and meet directly with founders and CEOs—many of whom had never worked with international students before.
During one of these visits, his team met a founder of a privately owned company looking to expand into Europe. Instead of choosing a standard assignment, they pitched a project to help the company assess plans for a new manufacturing site and technology partnership in Europe. When the company decided to go ahead with the plan, the founder paid them a project bonus that covered Rafael’s tuition.
“It was the kind of opportunity you don’t get at a Western university,” he says.
It’s also through the MBA network that Rafael met the founder of a private equity firm that later offered Rafael an opportunity, which would lay the groundwork for the next stage in his career.
Climbing the ladder in private equity
After completing his MBA in 2016, Rafael accepted the offer to join the private equity and venture capital firm—a company that was originally established as part of Tsinghua University and later privatized.
“He said, ‘I don’t have a job description, but I think we could build something together,’” Rafael recalls.
Rafael’s interest in this new pathway saw him join the firm on a local contract with a significantly lower salary than his pre-MBA income.
In the years that followed, he took on ever-increasing responsibilities and built the firm’s international business from scratch. He supported portfolio companies with market entry and acquisitions overseas and helped drive cross-border partnerships in Europe and the US.
In 2022, he began raising the firm’s first US dollar fund. Now closed at $100 million, it marked a significant step in expanding the firm’s global investment platform.
Today, Rafael is a managing partner, leading the firm’s international business and working closely with the investment team in Beijing.
Looking back, he reflects that moving to China was not the easiest choice he could have made in his career, but he sees it as a necessary one for those who want to engage with the world’s future.
“I'm not saying you need to fall in love with China, but if you want to understand how the world is changing, this is where you need to be,” he concludes.
