China’s State Administration of Foreign Exchange (SAFE) has agreed to purchase investment stakes currently owned by General Motors’ (GM.NYSE) pension fund, in an arrangement that will bestow Beijing with significant influence in several of the US and Europe’s biggest equity funds, Financial Times reported. SAFE, which manages China’s vast foreign exchange reserves, will invest between US$1.5-2 billion in GM’s stakes. Performance Equity, the manager of pension investments for GM and GM affiliates, has informed several large private equity firms of the agreement with China’s SAFE, according to people familiar with the deal. China’s arrangement with GM, while not yet finalized, has raised concerns among businessmen. “There is clearly concern about selling US assets to China, especially in an election year,” said an investment advisor.