China’s CIC to exit US PE funds amid tensions

China Investment Corporation (CIC) is seeking to sell about USD1bn worth of US private equity investments in the secondary market, sources said, as the Chinese sovereign wealth fund looks to rebalance its portfolio amid geopolitical tensions. The assets, held across funds managed by eight US firms including Blackstone and Carlyle, were mostly acquired between 2016 and 2017 and are nearing the end of their investment cycles. CIC has appointed Evercore as advisor and aims to complete the sale by June, though the final value and timing may shift depending on market demand. The move follows increased scrutiny on US-China financial ties and comes amid reports that Chinese state funds are curbing new investments in US private equity firms under pressure from Beijing.