China Investment Corp (CIC) may put US$500 million into a hedge-fund unit of private equity firm Blackstone Group, the Wall Street Journal reported. The move comes as Lou Jiwei, chairman of the sovereign wealth fund, is trying to take advantage of opportunities in a relatively low market. The investment is said to be one of a number of hedge-fund investments being considered by CIC. It would not be CIC’s first encounter with Blackstone; in 2007 CIC invested US$3 billion in the firm for a 10% stake shortly before it went public, only to see Blackstone shares fall. Earlier this week, CIC agreed to help finance Australian industrial-property trust Goodman Group.