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China Investment Corp, the country's $200 billion sovereign wealth fund, is set to pour up to $2 billion soon into the U.S. mortgage system by hiring mandates under the U.S. Treasury-backed Public-Private Investment Plan (PPIP), sources told Reuters.
Under the PPIP program launched earlier this year the U.S. government plans to seed a number of public-private investment funds that would combine taxpayer money with private capital to buy as much as $40 billion in toxic securities from banks.
The firms in talks with CIC are designated PPIP managers and include Alliance Bernstein, with sub-advisers Greenfield Partners and Rialto Capital Management; Angelo Gordon and Co with GE Capital Real Estate [GE
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]; BlackRock [BLK
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]; Invesco; Marathon Asset Management; Oaktree Capital Management; RLJ Western Asset Management; Trust Company of the West; and Wellington Management, said the sources.
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David J. Phillip A foreclosed home for sale. |
GE is the parent company of CNBC.
CIC has yet to select any firms as mandates but is expected to make a decision before the end of August, said the sources with direct knowledge of the matter.
The sources declined to be identified as the negotiations are private and confidential. CIC declined to comment.
CIC, established by the Communist government in late 2007, is keen to participate in the PPIP as it expects the U.S. property market to start to recover gradually late this year, said the sources.
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