CIC eyes to invest in funds

By Paritosh Bansal | June 20, 2009, Saturday |

Print Edition

CHINA Investment Corp, the nation's US$200-billion sovereign wealth fund, is looking to invest in a few hedge funds and is set to put US$500 million into a Blackstone Group fund, the Wall Street Journal said yesterday.

The move comes as CIC Chairman Lou Jiwei worries about missing investment opportunities as the market nears a bottom, the paper reported, citing unnamed sources.

CIC has been approached by hedge fund managers, including Eton Park Capital Management's Eric Mindich and Paulson & Co's John Paulson, the paper reported.

It added that last year Renaissance Technologies approached CIC about selling a stake but ultimately did not do a deal.

The paper did not say how much CIC might allocate to the hedge funds, although it cited officials as saying in the past that it plans to give asset managers up to US$80 billion overall.

CIC, Blackstone and the hedge funds declined to comment on the report.

Finance

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CIC eyes to invest in funds

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