China’s $200bn sovereign wealth fund now has as much as $90bn to spend on assets abroad, an increase of more than 30%, its president and chief investment officer said on Wednesday. The China Investment Corporation initially had about $66bn for investment offshore but Gao Xiqing said it had changed its allocation after the government reduced the amount needed to restructure some struggling state-owned financial institutions. Gao said most of CIC’s enlarged offshore allocation would go to external managers to invest in equities, fixed income products and alternative investments.

This entry was posted by Gwen Robinson on Thursday, April 24th, 2008 at 5:37 and is filed under Capital markets, M&A. Tagged with CIC. Edit this entry.