One bitten, twice shy? Not China Investment Corporation, which suffered abuse for its disastrous $3bn punt on Blackstone. Investing ahead of the private equity house's $31 a share initial public offering, CIC watched the stock drop below $4, before recovering to today's $13.5. Older, wiser, it is venturing back into the same waters, with an innovative two-step transaction with Apax Partners.

The first sees this true believer in private equity's command and control style of management pick up a 2.3 per cent stake in Apax for an undisclosed sum. The second and more interesting step has it investing upto €800m in the €11.2bn fund that Apax raised in 2007.

This latter transaction is structured to address several needs. Cash-strapped existing investors benefit because CIC is offering them chance to reduce their ongoing commitment to the fund on favourable terms. They can transfer their outstanding uncalled commitments to CIC while keeping the entirety of their interest in the 50 per cent or so of the fund that Apax has already invested.