The Chinese government has agreed to buy investment stakes held by General Motors’ pension plan, in a deal that will make Beijing a big investor in many of the US and Europe’s largest private equity funds.
The State Administration of Foreign Exchange, which manages China’s more than $3tn in foreign exchange reserves, will pay $1.5bn-$2bn for GM’s positions in blue-chip private equity funds managed by firms including Carlyle Group, Blackstoneand CVC Capital Partners.
Performance Equity, an advisory firm that manages pension investments for GM and its affiliates, is one of many traditional private equity investors that are reducing investments with private equity groups in order to lower their portfolios’ risk.
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