According to media reports, China Investment Corp. (CIC), the nation’s US$200 billion sovereign wealth fund has invested US$500 million in the fund-of-funds unit of BlackStone Group LP which invests in hedge funds.

Meanwhile, CIC has also added to the amount of money it has with MorganStanley’s asset management unit.

Felix Chee, who runs CIC’s hedge fund and proprietary trading effort, is currently visiting the US.

CIC aims to allocate more money to hedge funds, Felix Chee said at the GAIM International hedge fund conference at Monaco’s Grimaldi Forum. "We have a preference for managed accounts," he said, "The platform will include a core of single-manager funds and fund-of-funds."

For more information, please consult the Chinese coverage here:

http://paper.cs.com.cn/html/2009-08/03/content_22154.htm

(China.org.cn by Li Xiaohua August 3, 2009)