CIC Among Biggest Investors In 3i EUR1.2B Growth Fund -Source

According to the Wall Street Journal, “China Investment Corp., the country’s $300 billion sovereign-wealth fund, was one of the biggest third-party investors in 3i Group PLC’s (III.LN) EUR1.2 billion growth capital fund raised earlier this year, a person familiar with the situation said Wednesday.

“3i has good ties with CIC and has been welcomed by the government there as it has been in India,” the person said, adding that 3i has been exploring raising a yuan fund that CIC could be involved in, although no decision has yet been taken.

In China, the growth of yuan-denominated funds, which don’t need government approval to buy assets there, has added to the competition. Like other international private equity firms seeking an edge in China, Blackstone Group (BX) and Carlyle Group LP are raising yuan-denominated funds, which come from local investors.

On Wednesday, CIC supervisory board Chairman Jin Liqun said the sovereign wealth fund is keen to continue forming partnerships with other fund groups in investing, but didn’t mention any specific deals.

“We have projects with different partners and to expand collaboration in the future,” Jin said in a speech at the private equity-focused Super Return Conference in Hong Kong Wednesday, but didn’t’ elaborate. “We seek to make superior risk adjusted returns and act as a stabilizing force in a world of volatility.”

Read more: Wall Street Journal



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