China Investment Corp buys stake in EIG Global Energy Partners


China Investment Corporation (CIC), the investment arm of China’s vast sovereign wealth fund, has bought a minority stake in Washington-based asset manager EIG Global Energy Partners (EIG).

EIG, which invests in energy, resources and related infrastructure and has around $9.5bn of assets under management, did not disclose the size of the transaction.

The deal reflects CIC’s recent efforts to gain better access to natural resources outside of China. In December last year the firm bought a 25 per cent stake in unlisted South African investment holding company Shanduka for ZAR2bn ($240m).

This followed the acquisition of French energy giant GDF Suez’ upstream arm, which it bought in August the same year for €3bn ($4.2bn).

Copyright © 2012 AltAssets