While these funds attracted capital both nationally and regionally, Thai firms had to compete with other Asian firms, particularly Chinese firm, to access these funds. By 2005, the 20 venture capital funds had invested in 101 firms. The major challenge these funds faced was finding good deals. In general, fund managers said that the SMEs were poorly managed and lacked financial transparency. In 2009, there were only 11 members of the Thai Venture Capital Association. In addition, the weak Thai legal system and the underdeveloped capital market made exits difficult.