China Investment Corp, China's sovereign wealth fund, is offering to invest as much as €800m ($1.2bn) into Apax Partners' €11.2bn private equity fund in a groundbreaking deal.
The move, which would also see CIC acquire a small stake in the management company of one of Europe's biggest private equity funds, shows that China is still eager to invest abroad in spite of being burned in the past.
Two years ago CIC was heavily criticised at home for spending $3bn to acquire 10 per cent of Blackstone, only for shares in the US private equity group to plummet during the credit crisis.
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