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Back in 2007 -- at the height of the private equity bubble -- the Chinese sovereign wealth fund, China Investment Corp. (CIC), agreed to invest $3 billion in Blackstone (NYSE: BX). Of course, it was a disaster. In all, the investment lost roughly two-thirds of its value.
Despite all this, it looks like CIC hasn't given up on Blackstone. In fact, according to a piece in the Wall Street Journal, CIC is prepared to invest $500 million into a Blackstone hedge fund vehicle.
ChinaInvestmentCorp. posts
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