China's State Administration of Foreign Exchange has agreed to invest more than $2.5bn in the latest TPG fund, in what could be the largest commitment ever made to a private equity firm, people familiar with the matter say.
The investment by the Chinese entity, known as Safe, underscores the growing inclination of sovereign wealth funds to invest through private equity firms – rather than directly – to minimise the potential political backlash to their growing activity.
It also illustrates the growing importance of sovereign wealth funds to private equity firms at a time when pension funds and non-profit endowments are cutting back their exposure to leveraged buy-out investments.
Investments in private equity firms are usually not made public, but industry executives believe the largest previous investment in a private equity firm came from pension funds in the US states of Oregon and Washington. The two funds both invested about $1bn to $1.5bn in Kohlberg Kravis Roberts.
Safe declined comment.
In recent years, a growing percentage of the money for US private equity firms has come from overseas. In 2002, for example, 25 per cent of the money that Blackstone raised came from outside the US. In 2005, it increased to 40 per cent.
China Investment Corporation, another sovereign wealth fund, has been given authority to invest a small portion of China's $1,600bn in reserves.
Safe, which oversees the bulk of the reserves, has also been looking for investments but tries to keep a lower profile. The new TPG fund has not closed but has about $17bn in assets. The presence of a large investor like Safe could complicate TPG's relations with other investors.
中國外匯管理局25億美元投資美國TPG新基金
據(jù)知情人士表示，中國國家外匯管理局已同意向TPG最新基金投資逾25億美元。這可能是迄今為止對私人股本公司做出的投資承諾。
中國國家外匯管理局的這項投資，突顯一種日益增長的趨勢，即主權(quán)財富基金通過私人股本公司進(jìn)行投資，而不是直接進(jìn)行投資，其目的是盡可能減小他們?nèi)遮吇钴S的運(yùn)作可能遭遇的政治反彈。
在養(yǎng)老基金和非盈利性基金會減少杠桿收購?fù)顿Y之際，這也表明主權(quán)財富基金對私人股本公司的重要性在不斷增長。
對私人股本公司的投資通常不會公開，不過，行業(yè)高管相信，此前對私人股本公司的投資來自美國俄勒岡州和華盛頓的養(yǎng)老基金。這兩個基金均對Kohlberg Kravis Roberts(KKR)投資了大約10億美元到15億美元。
國家外匯管理局拒絕置評。
近年來，美國私人股本公司越來越多的資金來自海外。例如，2002年，百仕通(Blackstone) 籌集資金的25%來自于美國以外的地區(qū)。2005年，這一比例上升至40%。
另一個主權(quán)財富基金中投公司(China Investment Corporation)，已獲得授權(quán)，投資中國1.6萬億美元外匯儲備中的一小部分。
負(fù)責(zé)管理中國大部分外匯儲備的國家外匯管理局，也一直在尋找投資機(jī)會，但盡量保持低調(diào)。TPG新基金尚未結(jié)束籌資，不過已經(jīng)擁有大約170億美元的資產(chǎn)。出現(xiàn)國家外匯管理局這樣的大型投資者，可能會使TPG與其他投資者的關(guān)系復(fù)雜化。
The investment by the Chinese entity, known as Safe, underscores the growing inclination of sovereign wealth funds to invest through private equity firms – rather than directly – to minimise the potential political backlash to their growing activity.
It also illustrates the growing importance of sovereign wealth funds to private equity firms at a time when pension funds and non-profit endowments are cutting back their exposure to leveraged buy-out investments.
Investments in private equity firms are usually not made public, but industry executives believe the largest previous investment in a private equity firm came from pension funds in the US states of Oregon and Washington. The two funds both invested about $1bn to $1.5bn in Kohlberg Kravis Roberts.
Safe declined comment.
In recent years, a growing percentage of the money for US private equity firms has come from overseas. In 2002, for example, 25 per cent of the money that Blackstone raised came from outside the US. In 2005, it increased to 40 per cent.
China Investment Corporation, another sovereign wealth fund, has been given authority to invest a small portion of China's $1,600bn in reserves.
Safe, which oversees the bulk of the reserves, has also been looking for investments but tries to keep a lower profile. The new TPG fund has not closed but has about $17bn in assets. The presence of a large investor like Safe could complicate TPG's relations with other investors.
中國外匯管理局25億美元投資美國TPG新基金
據(jù)知情人士表示，中國國家外匯管理局已同意向TPG最新基金投資逾25億美元。這可能是迄今為止對私人股本公司做出的投資承諾。
中國國家外匯管理局的這項投資，突顯一種日益增長的趨勢，即主權(quán)財富基金通過私人股本公司進(jìn)行投資，而不是直接進(jìn)行投資，其目的是盡可能減小他們?nèi)遮吇钴S的運(yùn)作可能遭遇的政治反彈。
在養(yǎng)老基金和非盈利性基金會減少杠桿收購?fù)顿Y之際，這也表明主權(quán)財富基金對私人股本公司的重要性在不斷增長。
對私人股本公司的投資通常不會公開，不過，行業(yè)高管相信，此前對私人股本公司的投資來自美國俄勒岡州和華盛頓的養(yǎng)老基金。這兩個基金均對Kohlberg Kravis Roberts(KKR)投資了大約10億美元到15億美元。
國家外匯管理局拒絕置評。
近年來，美國私人股本公司越來越多的資金來自海外。例如，2002年，百仕通(Blackstone) 籌集資金的25%來自于美國以外的地區(qū)。2005年，這一比例上升至40%。
另一個主權(quán)財富基金中投公司(China Investment Corporation)，已獲得授權(quán)，投資中國1.6萬億美元外匯儲備中的一小部分。
負(fù)責(zé)管理中國大部分外匯儲備的國家外匯管理局，也一直在尋找投資機(jī)會，但盡量保持低調(diào)。TPG新基金尚未結(jié)束籌資，不過已經(jīng)擁有大約170億美元的資產(chǎn)。出現(xiàn)國家外匯管理局這樣的大型投資者，可能會使TPG與其他投資者的關(guān)系復(fù)雜化。