China Investment Corporation
CIC is a sovereign wealth fund responsible for managing part of the People's Republic of China's foreign exchange reserves. CIC was established in 2007 with approximately $200bn of assets under management. At the end of 2015, it had over $810bn in assets under management.
- CIC International Company Ltd: overseas investment and management activities of CIC. It has two overseas branches: one in New York, the other in Hong Kong (est. 2010).
- CIC Capital Corporation: overseas investment and management activities of CIC. It has two investment departments and operational and management departments:
- Investment Department I: responsible for direct investments in infrastructure, mining, and energy (oil and gas) and for managing related bilateral, multilateral, and platform fund investments, and co-investments.
- Investment Department II: responsible for direct investments in sectors other than agriculture and those managed by Investment Department I, and for managing related bilateral, multilateral, and platform fund investments, and co-investments.
- Central Huijin Investment Ltd: Central Huijin makes equity investments in key state-owned financial institutions in China. Central Huijin acts to preserve and enhance the value of state-owned financial assets. Website
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|Mar.2018||Blackstone Group: CIC exited its investment in Blackstone Group, after 11 years. However, CIC continued having some investments in Blackstone's funds. ref|
|Jun.2017||Logicor, a privately-held European logistics real estate company, was acquired from the Blackstone Group.ref The transaction is the largest real estate deal in history; CIC will acquire a fleet of investment-grade warehouses spanning 47m sq.ft (13.7m sq.m.) in 17 European countries, mainly the UK.ref Blackstone bought back a 10% stake in the 17-country warehouse horde in Dec.ref|
|Mar.2017||AirBnB: CIC took a ~10% stake in AirBnB. ref|
|Jan.2017||Real Estate: purchased a 45% stake in 1211 Avenue of the Americas, NYC.|
|Jan.2017||Real Estate: purchased a 45% stake in the McGraw-Hill Building at 1221 Sixth Avenue in midtown Manhattan, from Canada Pension Plan Investment Board. The building is in New York’s iconic Rockefeller Center.ref|
|Jul.2016||CIC recorded a loss on overseas investments in stocks and bonds in 2015. As a consequence, it moved into infrastructure and property in a big way.ref|
|Jan.2016||Real Estate: acquired Hammersmith Embankment in London, the Oxford Business Park, and Uxbridge Business Park, from the Arlington Business Parks Partnership, a joint fund between Australian developer Goodman Ltd and Legal & General.ref|
|Jul.2015||Real Estate: acquired the real estate portfolio belonging to Morgan Stanley's Australian subsidiary, Investa Property Group. The deal instantly made CIC one of Australia’s biggest commercial landlords.ref|
|Jul.2015||Real Estate: partnered with investment manager Natixis SA § AEW Europe to acquire a fleet of 10 malls in France and Belgium from CBRE Global Investors.ref|
|Jan.2015||CIC Capital was founded with a mandate to specialise in making direct investments to refine CIC's overall portfolio management and enhance investment on long-term assets.|
|Nov.2013||Real Estate: acquired a 97% stake in Chiswick Park in London, a large mixed-use office park complex, from Blackstone Group. ref The deal was finalised in Jan.2014. Blackstone will continue to asset manage the 1.3m sq ft site, and will retain the final office block on the site.ref|
|Nov.2012|| Heathrow Airport Holdings: CIC bought a 10% stake in the company. Under the terms of the agreement, CIC will buy a 5.7% stake in FGP Topco Ltd from Spanish firm Ferrovial; FGP Topco is the holding company for Heathrow Airport Holdings. CIC will buy the remaining 4.3% stake from FGP Topco Ltd's other shareholders. ref|
Real Estate: acquired Winchester House in London, together with joint venture partner Invesco Real Estate. The building is Deutsche Bank's London headquarters.ref,ref
|Jan.2012||Thames Water Utilities: CIC acquired an 8.68% stake in Kemble Water Holdings Ltd, Thames Water's parent company. CH. ref|
|Nov.2011||Public Private Partnerships: CIC wrote in the Financial Times that the fund was looking to participate in public-private-partnerships in the UK, and called upon the British govt to encourage PPPs to achieve development. ref|
|Sept.2011||CIC International was established with a mandate to invest and manage overseas assets, and took over the entire portfolio and mandate for overseas investment from CIC. CIC International conducts public market equity and bond investments, hedge fund, multi-asset and real estate investments, private equity (including private credit) fund investments, co-investments, and minority investments as a financial investor.|
|2009||Goodman Ltd: CIC acquired a 17.8% stake in the Australian property developer. The fund has since sold off a portion of its shares.ref|
|2008||CIC joined the International Forum of Sovereign Wealth Funds,ref and signed up to the Santiago Principles on best practice in managing sovereign wealth funds.|
|Sept.2007||CIC was founded as a wholly state-owned company - a sovereign wealth fund - incorporated in accord with China's Company Law, with registered capital of $200bn. The company was established as a vehicle to diversify China's foreign exchange holdings, and seek maximum returns for its shareholder within acceptable risk tolerance.|
The Ministry of Finance issued special treasury bonds to the tune of $67bn, and acquired all the shares of Central Huijin from the State Administration of Foreign Exchange; the shares were then injected into CIC as part of its initial capital contribution.ref Central Huijin's principal shareholder rights are exercised by the State Council.
|2007||Blackstone Group: CIC bought a $3bn stake in Blackstone Group.ref|
|Dec.2003||Central Huijin Investment Company Ltd was established by the State Administration of Foreign Exchange, itself owned by the People's Bank of China which in turn, is a department of the State Council of the People's Republic of China. The company was mandated to exercise the rights and obligations as an investor in major state-owned financial enterprises, on behalf of the State.|