2009-07-31 — wsj.com
China Investment Corp.'s $200 billion sovereign-wealth fund is reaching out to old friends in the U.S. as it ventures into hedge-fund investing.
The fund has selected Morgan Stanley and Blackstone Group LP to oversee hundreds of millions of dollars in new private-fund investments, people familiar with the matter said.
...
The Chinese fund's choice of money managers illustrates the importance of long-term relationships in China. After the investments in both Blackstone and Morgan Stanley showed mark-to-market losses, CIC was criticized at home. Rather than retreating from those deals, CIC's top managers made additional investments in the two firms. In June, when CIC bought more Morgan Stanley shares, it said the deal "further strengthened" ties in a relationship it called "excellent."
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