China’s $1 trillion sovereign wealth fund is scouting for long-term investment opportunities in the United States, an executive said, after a fund co-established with Goldman Sachs raised $2.5 billion, half of the targeted amount.
The fund was launched with the aim of reaping returns from helping the U.S. firms that it invests in to expand their market in China. It fell short of the initial $5 billion target, due to a change in strategy, according to a person with direct knowledge.
The joint fund first invested alongside Goldman to buy Boyd Corp, a Pleasanton, California-based manufacturer of rubber seals and gaskets, for $3 billion in September 2018, Reuters reported here in 2019.
Reporting by Cheng Leng, Ryan Woo in Beijing and Kane Wu in Hong Kong; Editing by Jacqueline Wong and Christopher Cushing
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