US private equity group TPG and state-backed Chinese investment bank CICC will set up a joint platform for investing overseas and in China, adding to a growing number of tie-ups between global financial groups and powerful, government-controlled investors.
Chinese state companies have faced increasing scrutiny over foreign investments during the past year, particularly in the US, which recently passed new laws aimed at screening foreign acquisitions for national security risks.
CIC, China’s sovereign wealth fund, which holds a stake in CICC and shares a chairman with the bank, has set up two joint funds with Goldman Sachs and HSBC to assist with foreign investments.