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China's Safe agrees to invest $2.5bn in TPG fund
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.
中国外汇管理局25亿美元投资美国TPG新基金
据知情人士表示，中国国家外汇管理局已同意向TPG最新基金投资逾25亿美元。这可能是迄今为止对私人股本公司做出的最大投资承诺。
中国国家外汇管理局的这项投资，突显一种日益增长的趋势，即主权财富基金通过私人股本公司进行投资，而不是直接进行投资，其目的是尽可能减小他们日趋活跃的运作可能遭遇的政治反弹。
在养老基金和非盈利性基金会减少杠杆收购投资之际，这也表明主权财富基金对私人股本公司的重要性在不断增长。
对私人股本公司的投资通常不会公开，不过，行业高管相信，此前对私人股本公司的最大投资来自美国俄勒冈州和华盛顿的养老基金。这两个基金均对Kohlberg Kravis Roberts(KKR)投资了大约10亿美元到15亿美元。
国家外汇管理局拒绝置评。
近年来，美国私人股本公司越来越多的资金来自海外。例如，2002年，百仕通(Blackstone) 筹集资金的25%来自于美国以外的地区。2005年，这一比例上升至40%。
另一个主权财富基金中投公司(China Investment Corporation)，已获得授权，投资中国1.6万亿美元外汇储备中的一小部分。
负责管理中国大部分外汇储备的国家外汇管理局，也一直在寻找投资机会，但尽量保持低调。TPG新基金尚未结束筹资，不过已经拥有大约170亿美元的资产。出现国家外汇管理局这样的大型投资者，可能会使TPG与其他投资者的关系复杂化。
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