Hedge Funds
CIC May Invest in Blackstone Hedge Funds
Stock quotes in this article:BX
China Investment Corp. is poised to invest $500 million in a Blackstone Group(BX) hedge-fund unit, a report says.
CIC is considering investing in a handful of hedge funds, a move that comes as Chairman Lou Jiwei is concerned his fund may miss opportunities near the bottom of the market, the Wall Street Journal reports, citing people who work closely with the Chinese fund. A spokeswoman for CIC and a spokesman for Blackstone declined to comment for the Journal. CIC is one of the world's largest sovereign-wealth funds, controlling about $200 billion. The fund invested $3 billion for a nearly 10% stake in Blackstone just before it went public in 2007. Since Blackstone's IPO almost two years ago, Blackstone shares have dropped about 64%, leaving CIC with a loss of about $1.9 billion, the Journal reports. Still, CIC managers later struck a deal with Blackstone allowing the fund to increase its stake to 12.5%, signaling confidence in the firm's prospects, the Journal notes.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
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