CIC invests $950m in Apax buyout fund

Sovereign-wealth fund China Investment Corp (CIC) has invested in US$950 million in a US$15.5 billion European buyout fund managed by private-equity investment group Apax Partners, the Financial Times reported. The deal gives CIC a 2.3% stake in Apax partners; it joins Singapore’s GIC and Australia’s Future Fund, which bought 7.7% of Apax in 2009. CIC is also in talks to purchase stakes in Italian power operator Enel SpA and its subsidiary, Enel Green Power. The investments indicate CIC’s continued interest in investing in foreign markets despite the poor performance of a purchase of a 10% stake in US private-equity firm Blackstone two years ago.