CIC to sell US$1bil private equity assets

Asset disposition: A man uses his mobile phone on a street in Hong Kong. Potential buyers for the CIC investments include other sovereign funds, secondary-focused asset managers, and private investors such as family office. — AFP

HONG KONG: Chinese sovereign investor China Investment Corp (CIC) is selling about US$1bil of its private equity (PE) investment portfolio in the secondary market, according to sources.

The assets are held in a number of funds managed by eight US fund managers, including Blackstone Inc and Carlyle Group, said the sources.