Regulators have reportedly rejected the joint venture, and instead allowed CITIC to launch a private equity arm expected to raise RMB 6bn for its first fund.
The $182bn pension, struggling with the denominator effect, will vote next week whether to raise the upper limit of its target allocation to private equity and real estate. The fund also has committed $150m to Carlyle’s dedicated financial services fund.
The mid-market energy investor is targeting $650m for the fund, which will also have a 15% allocation to coal investments in China. Quintana recently opened an office in Beijing to facilitate these investments.
The former private equity chief at Starr, Collin Lau, has reportedly joined China’s sovereign wealth fund to head its real estate investment funds. He is expected to join the fund by the end of the year or early 2009.
The Chinese sovereign fund has reportedly hired Zhou Yuan, former China head of global investment bank UBS to lead its real estate and private equity funds.
The second-largest pension fund in the UK is increasing its headcount as it seeks to grow its alternative asset allocation to private equity and infrastructure.
Singapore’s sovereign wealth fund cited current market conditions as the reason for delaying the sale of the power generating company PowerSeraya.
While stressing it continues to honour capital calls, CalPERS has said it is not atypical for it to ask GPs to delay requests for funds. The pension has confirmed it sold more than $2bn in private equity holdings on the secondary market last year, including interests in Carlyle and Landmark funds.
The San Francisco-based firm, launched by CalPERS last year, has hired former Goldman Sachs healthcare specialist Christopher McFadden to head its first East Coast presence. Health Evolution has already invested and exited one portfolio company with a markup 'north of 25%'.
The Canadian pension suffered a negative 8.5% return in the second quarter owing largely to a decline in its public equities portfolio, which has in turn increased its exposure to private equity, real estate and infrastructure.