Goldman Sachs Group Inc invested money from China's sovereign wealth fund i...
- Goldman Sachs Group Inc invested money from China’s sovereign wealth fund in a California-based industrial company and is looking for more U.S. deals, three sources familiar with the matter said, even after increased scrutiny from Washington all but stopped U.S.-China deals last year.
Chinese efforts to invest in U.S. companies have been tripped up over the past year by Washington’s concerns the Chinese were gaining control of sensitive technology or companies that played key roles in the economy. The Cooperation fund was set up expressly to help U.S. companies penetrate the Chinese market. And the fund is touting CIC’s involvement as a strategic advantage in accomplishing this goal.
CIC did not respond to requests for comment. The sovereign fund said last summer that it planned to press ahead with the Cooperation fund despite U.S.-China trade tensions, but details of its first deal have not been previously reported. The sources asked not to be identified because the Cooperation fund’s details are confidential.
“This is a really innovative structure, one which could go a long way to enable them to undertake transactions that would be hard for them to do otherwise,” said Euan Rellie, co-founder of BDA Partners, an investment bank that specializes in cross-border deals, referring to the Goldman fund and CIC.CIC, whose assets under management are approaching $1 trillion, also has investments in other private equity funds.
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