NEW YORK (MarketWatch) -- China's sovereign-wealth fund, China Investment Corp., has committed to invest about $1 billion with Los Angeles-based Oaktree Capital Management LP, according to a media report Saturday.
Oaktree is expected to invest CIC's money in distressed debt and other fixed-income assets, The Wall Street Journal reported in its online edition, citing unnamed sources.
The firm, which oversees more than $60 billion in assets, makes investments ranging from the debt of battered casino operators to entire companies.
Oaktree was among the nine big asset-management firms chosen by the Treasury Department as fund managers for the Public-Private Investment Partnership, or PPIP, the government program designed to rid banks of toxic assets.
The CIC, established in September 2007, has deployed portions of its $300 billion portfolio in deals as diverse as natural resources and real estate. It said on Tuesday that it has paid $850 million for a 15% stake in Noble Group Ltd., the Singapore-listed commodity-logistics company. See full story.
http://www.marketwatch.com/story//china-fund-to-invest-1-billion-in-la-firm-report-2009-09-26
China is taking over the US of A. Slowly but surely. Funny enough take over currency is USD - "IN GOD WE TRUST"...
Oaktree is expected to invest CIC's money in distressed debt and other fixed-income assets, The Wall Street Journal reported in its online edition, citing unnamed sources.
The firm, which oversees more than $60 billion in assets, makes investments ranging from the debt of battered casino operators to entire companies.
Oaktree was among the nine big asset-management firms chosen by the Treasury Department as fund managers for the Public-Private Investment Partnership, or PPIP, the government program designed to rid banks of toxic assets.
The CIC, established in September 2007, has deployed portions of its $300 billion portfolio in deals as diverse as natural resources and real estate. It said on Tuesday that it has paid $850 million for a 15% stake in Noble Group Ltd., the Singapore-listed commodity-logistics company. See full story.
http://www.marketwatch.com/story//china-fund-to-invest-1-billion-in-la-firm-report-2009-09-26
China is taking over the US of A. Slowly but surely. Funny enough take over currency is USD - "IN GOD WE TRUST"...
