China Investment Corp (CIC) is continuing to move its investments away from cash and putting billions into private equity (PE) and hedge funds, Bloomberg reported, citing an interview with CIC’s Chairman Lou Jiwei. CIC has invested "many times" more than the US$500 million that the fund was said to have placed in PE and hedge funds in June of this year, he said. The fund is also looking into fund-of-fund investments. Felix Chee, special advisor to CIC’s chief investment officer, said in June that the company would invest US$6 billion in hedge funds by the end of 2009. The fund also plans to invest in Songbird Estates, a company that controls the owner of more than half the buildings in London’s Canary Wharf financial district but is saddled with US$1.4 billion in bank loans. Songbird chairman David Pritchard said CIC would purchase a significant stake in the company.