But CIC Chairman Lou Jiwei said Monday that the fund wouldn't invest in European government bonds.
Take the China Investment Corporation (CIC), China's sovereign-wealth fund, which was founded in 2007.
Last year, China's sovereign wealth fund, CIC, took a 25 percent stake in Shanduka.
At the core of CIC's investment strategy is a framework that currently consists of seven asset classes.
As a potential investor the head of CIC will of course be seeking the best deal he can get.
For fund managers and companies in search of money, CIC's chief investment officer, Gao Xiqing , has become highly sought-after.
Then there are Muslim organizations - such as the Canadian Islamic Congress (CIC) - in free societies such as Canada.
Mr. Wang said the move could also help remove hurdles posed by the Chinese bank stakes in CIC's dealings with overseas regulators.
CIC's 2011 annual report is expected to come out in the summer.
Following the cabinet's agreement, a Community Interest Company (CIC) will be created.
That unit is separate from its domestically focused unit, Central Huijin, which holds its stakes in Chinese banks, though CIC still controls both.
Mr. Wang pointed to a CIC restructuring late last year that included the formation of its CIC International unit, which focuses on overseas investments.
The revenue from this licensing agreement has yet to hit CIC's bottom line, but it probably will be enough to make the tiny NASDAQ-traded company profitable.
Mr. Gao said that CIC is still heavily invested in the U.S. "I'm not diminishing it, but I'm not hanging everything in one tree, " he said.
Investors in the share offering included CIC International, Boyu Capital and CITIC Capital, as well as CDB Capital, the equity investment arm of China Development Bank.
There is plenty of excitement over the offer proposed by Kenny Huang to buy Liverpool FC, reportedly with the backing of Chinese sovereign wealth fund CIC.
Global investors have been scrutinizing CIC's investment strategy lately because of frequent market talk about the potential for China to aid the debt-laden euro bloc by purchasing European debt.
Questions have been raised within China about whether to separate CIC's stakes in big Chinese banks out of the fund so that it can focus on international investments only.
First, there are financial investments by the state, through bodies such as CIC and the State Administration of Foreign Exchange (SAFE), which looks after the country's vast foreign reserves.
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But while China Investment Corporation (CIC), China Development Bank and state-owned energy companies will continue to be big players, other enterprises will be making outward moves using diversified financing.
It's not clear whether Diageo wooed CIC to land this investment, but the company has gone out of its way to ramp up Chinese activities over the past few years.
The fund's target is to have 51% of its portfolio in alternative assets such as private equity, real estate and infrastructure and the rest in public securities, according to CIC officials.
In the past several years, CIC has significantly reduced its holdings of public securities and accelerated a push into longer-term investments as the fund seeks to shield itself from short-term market swings.
The council will lease the building for a peppercorn rent to the CIC for up to two years with the intention that the CIC will raise the funds to purchase it outright.
CIC's unions and provincial politicians feared that if the bank were bought by one of the big Parisian banks which already had branches nationwide, job cuts and branch closures were sure to follow.
Balsillie founded The Centre for International Governance Innovation (CIGI), to focus on restructuring international governance, in 2001, created the new Canadian International Council (CIC) in 2007, and started the Balsillie School of International Affairs a year later.
"This implies that the main purpose of establishing CIC...still has a long way to go, " said Friedrich Wu, an adjunct associate professor at the Nanyang Technological University in Singapore who has written several research papers on the fund.
In CIC clinical trials, the most common side effect were diarrhea (16% vs 5% placebo), abdominal pain (7% vs 6%), flatulence (6% vs 5%), upper respiratory tract infection (5% vs 4%), sinusitis (3% vs 2%) and abdominal distension (3% vs 2%).
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CIC's chief executive, Lou Jiwei , told a conference in Hong Kong on January 20th that two things would improve his organisation: more freedom from foreign authorities to make investments, which would doubtless be fostered by his second wish, more freedom to manage itself.
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