China SWF Alternatives Head Said to Exit

He Linbo has reportedly left the $653 billion fund, where he oversaw more than a quarter of the portfolio.

The head of China Investment Corporation’s (CIC) private equity division has left his role, according to Reuters.

He Linbo oversaw the long-term investments section of CIC’s $653 billion portfolio, which accounts for 28% of assets according to the fund’s website. As well as private equity, the department looks after real estate and some direct investments.

He joined CIC in 2009, and during that time has been in charge of CIC’s fixed income and absolute return, public market investment, and asset allocation and strategic research departments. He Linbo has reportedly been replaced by Wang Ou, who previously worked at the China Securities Regulatory Commission.

CIC’s direct investments are set to become part of a new venture, CIC Capital, which is being set up to promote domestic Chinese companies seeking to grow internationally.

Elsewhere in Asia, the Islamic Development Bank (IDB) has signed an agreement with an Indonesian pension fund to create a joint investment vehicle. The bank, which represents Muslim countries and invests according to Shariah law, has $33.6 billion in capital according to its website. The Pertamina Pension Fund, which provides pensions to employees of the state-owned oil and gas company Pertamina, will run the investment vehicle, according to a local press report.

The IDB’s website stated that the memorandum of understanding would involve “investment cooperation in various fields” in Indonesia and other countries.

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