China CIC to Sell $1b of US Private Equity Investments: Rtrs (1)

China Investment Corporation is selling about $1 billion of its private equity PE investment portfolio in the secondary market, Reuters reports, citing two unidentified people with knowledge of the matter.

• Assets are held in a number of funds managed by eight US fund managers, including Blackstone and Carlyle Group
• CIC has tapped US investment bank Evercore to advise on the sale and aims to complete the divestments by the end of June
• Total value of the assets and the sale deadline are not fixed
  • The $1 billion worth of assets coming to the end of investment cycle
• Blackstone and Carlyle ...