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China unloads stake in Blackstone

Published 03/13/2018, 03:08 PM
© Reuters.  China unloads stake in Blackstone
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  • China Investment Corporation has closed out its holding in Blackstone (NYSE:BX), according to the FT. It ends an 11-year investment by the sovereign wealth fund, which acquired a 9.9% stake in Blackstone in 2007 for $3B.
  • The move will fit into the recent narrative of a growing trade war between the two countries. but a source says the stake has been offloaded very gradually, and mostly prior to Trump.
  • Figuring out how CIC did on its investment is tricky, given a number of buys and sells through the years. An executive there says the fund made money, but the return trailed market benchmarks.
  • Now read: BlackRock: Time To Take Some Profits


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