US News
Page 1 of 3 | Next PageShow Entire Article
China to Buy US Assets via GM Pension
Financial Times | July 18, 2012 | 09:17 PM EDT
The Chinese government has agreed to buy investment stakes currently held by General Motors? pension plan, in a deal that will make Beijing a sizeable investor in many of the U.S. and Europe?s largest private equity funds.
The State Administration of Foreign Exchange, which manages China?s more than $3 trillion in foreign exchange reserves, will pay $1.5 billion -$2 billion for GM?s [ GM?20.07?
+0.47 (+2.40%) ] positions in blue chip private equity funds managed by firms including Carlyle Group, Blackstone and CVC Capital Partners.
Performance Equity, an advisory firm that manages pension investments for GM and its affiliates, is one of many traditional private equity investors who are reducing their investments with private equity groups in order to lower the risk of their portfolios.
Investors in private equity typically agree to lock up their money for as long as 10 years, but can cash out earlier by finding a buyer for their stake.
According to people familiar with the transaction, Performance Equity has notified several large private equity firms that it will be selling some of its fund stakes over coming months.
Page 1 of 3 | Next PageShow Entire Article
Source: http://www.cnbc.com/id/48234701?__source=RSS*tag*&par=RSS
purple squirrel blade runner close encounters of the third kind norovirus beyonce and jay z baby droid 4 ann coulter
No comments:
Post a Comment