CIC to Invest in EIG Global Energy Partners
EIG Global Energy Partners, LLC (EIG), an institutional investor in the global energy sector, has reached a definitive agreement with the China Investment Corporation (CIC). The CIC is in agreement to purchase a minority stake in EIG. The CIC is an investor in EIG-managed funds.
The China Investment Corporation is betting big on natural resources, energy, and global infrastructure. By investing in an asset manager that specializes in energy and infrastructure, the CIC could potentially learn and benefit from possible expertise and robust deal flow.
Separated in January 2011, EIG was formerly the Energy & Infrastructure Group at Trust Company of the West (TCW). The CIC has also invested in Chesapeake Energy Corporation. In November 2011, Chesapeake sold EIG $500 million of perpetual preferred shares of a newly formed entity, CHK Utica, L.L.C.