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CIC to invest in PE secondary market

Feb. 22, 2010 (China Knowledge) - China Investment Corp, the country's US$300 billion sovereign wealth fund, will keep expanding in the overseas markets by agreeing to invest a combined US$1.5 billion in the private equity secondary market, sources reported.

Reportedly, CIC will open custom accounts with Lexington Partners, Goldman Sachs and Pantheon Ventures, which each gained mandates to manage US$500 million for the sovereign fund in special accounts.

CIC had been advised by consultancy firms, including Credit Suisse, before short-listing the three candidates from a selection of 30 private equity managers in the secondary market.

Earlier this month, chipmaker Intel Corp said its investment arm will cooperate with CIC to invest in new technology.

CIC bought 2 million shares of the U.S. Oil Fund worth US$78.6 million, which makes CIC the fourth-largest shareholder in the exchange-traded crude oil futures fund.

The shares are equal to 3.48% of the outstanding units. CIC also bought 1.45 million shares in the SPDR Gold Trust worth US$ 155.6 million, according to an earlier report from China Knowledge.



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