China Investment Corp (CIC) is close to completing the sale of about $1bn in US private equity fund stakes, according to a report by Bloomberg. The move comes as the $1.3tn sovereign wealth fund continues to scale back exposure to US private markets.
Ardian is among the final bidders for the portfolio, which includes positions in funds managed by Carlyle, Hellman & Friedman, and Welsh Carson Anderson & Stowe. It is one of the most active secondary buyers globally, raising a $30bn secondary fund earlier this year.
The sale follows an earlier attempt by CIC to offload similar positions with firms including Carlyle, KKR and TPG. That process was paused mid-year before being revived.
CIC’s shift mirrors a broader trend among global allocators reducing illiquid dollar-denominated holdings and using the secondary market to generate liquidity. Institutions including Harvard University and Singapore’s GIC have also sought to sell large portfolios of private equity stakes this year.
Alternatives accounted for 48% of CIC’s assets at the end of 2023, with almost two-thirds of its global portfolio managed by external parties.
