China Plans $500M Invest With Blackstone Hedge Funds

Jun 19 2009 | 1:05pm ET

China’s sovereign wealth fund is wasting no time in implementing its plan to invest in hedge funds. Just days after China Investment Corp.’s pointman on hedge funds announced the fund’s intentions, details are emerging about just how much CIC might invest—and who it might invest with.

The Blackstone Group appears to be the biggest winner, The Wall Street Journal reports. CIC may invest $500 million in a Blackstone hedge fund unit.

All told, CIC hedge fund adviser Felix Chee said the $200 billion sovereign fund could invest up to $6 billion in hedge funds by the end of the year.

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