CIC eyes direct investments in the US and Europe
China Investment Corporation is increasing its allocation to US equities while cutting back further on developed and emerging sovereign bonds. It plans to raise exposure to direct investments through a newly established unit.
China’s sovereign wealth fund is targeting infrastructure and real estate investments in the US and Europe as part of a long-term strategy being developed for its newly established subsidiary, says the fund’s chief executive.
China Investment Corporation (CIC) grew its total assets 14.3% last year to $746.7 billion, a rise of $93 billion from the $653.2 billion total in 2013.
The fund’s investment return for the year was a rather modest 5.47%, down from 2013’s 9.33% and 2012’s 1…
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