Goldman, CIC form $5b Sino-US industrial fund
Goldman Sachs and China Investment Corporation (CIC) have launched a private equity fund that is seeking to raise $5 billion to invest in US companies. The initiative is part of efforts to strengthen trade relations between the two countries.
The China-US Industrial Cooperation Partnership was announced during US President Donald Trump’s visit to China. The fund will target the manufacturing, industrial, consumer and healthcare sectors, with a view to supporting the US companies that want to expand into the China market, a statement said.
The fund has yet to make any commitments, while the exact amount contributed by each party was not disclosed. Goldman will act as the sponsor and the investment manager for the vehicle through its merchant banking division.
“The China-United States relationship is one of the most important in the world and strengthening economic and trade cooperation is vital to the economies of both countries,” said Lloyd Blankfein, chairman and CEO of Goldman. “The Cooperation Fund will increase Chinese investment in the United States, creating more opportunities for American workers and contributing to China’s economic transition and growth.”
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