CIC is not part of a consortium shortlisted for the infrastructure project, a source told AsianInvestor. The company that announced the consortium being shortlisted confirmed CIC's participation.
For the $1.35 trillion alternative-heavy China Investment Corporation, it could be just a matter of time before it surpasses the world's largest sovereign wealth fund Norwegian Government Pension Fund Global.
Back in 2014, China Investment Corporation had started expanding offshore private equity exposure, while the American pension fund actively sought Asia-based partners.
China's sovereign wealth fund's 2020 returns may have declined, but the fund remains upbeat about US equities, external managers and the prospects for the Greater Bay Area
After posting a 12% annual return for 2020, China Investment Corporation is emphasising tie-ups with foreign fund partners to attract know-how and technology into its home market.
The Chinese sovereign wealth fund believes co-investments can effectively expand its investment pipeline but is looking outside the US for fund vehicles or direct investments.
The likes of China's CIC, New Zealand Super and Australia's Future Fund see cyber risks as a key threat. Some of their peers, however, are wary of discussing the problem.
China's sovereign wealth fund is accelerating its overseas drive into private equity, property and infrastructure after recording a return of 6.22% last year.
Australian infrastructure projects are attracting investors who are looking for certainty and reliable returns. Investors are favouring brownfield projects, or greenfield sites with government backing.
BNPP IP appoints new India CEO; CIC loses private equity MD to Ontario Teachers; ARA AM names Australia chief; Credit Agricole appoints new HK private bank boss; Citi hires Asia retail bank head; CBRC vice-chairman named; and Sidley Austin names new partners.
China Investment Corporation CEO Ding Xuedong has taken on an additional role as head of investment bank CICC. The sovereign wealth fund says he will retain his current function.
The fund pledges to improve accountability, manager selection, due diligence and oversight of subsidiaries, adding that it has dealt with the staff responsible following a critical auditor report.