Mixed fortunes

14 March 2018 By Alec Macfarlane

China’s sovereign wealth fund has sold its stake in the private equity firm. CIC only bagged a so-so return from its decade-long investment. For Blackstone’s founder and CEO, meanwhile, the partnership opened some lucrative doors to the world’s second-largest economy.

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China’s sovereign wealth fund has sold its stake in Blackstone Group, the private equity firm said in a filing on March 1.

China Investment Corp. bought $3 billion-worth of non-voting units in Blackstone ahead of its $4 billion initial public offering in 2007 that valued the company founded and run by Stephen Schwarzman at almost $34 billion. The investment gave CIC a 9.4 percent stake in the firm.

Blackstone said in the filing that Beijing Wonderful Investments, the entity CIC set up to invest in the buyout shop, no longer owned any units in the firm as of Feb. 22.

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