中国拟买下通用汽车所持投资资产

The Chinese government has agreed to buy investment stakes held by General Motors’ pension plan, in a deal that will make Beijing a big investor in many of the US and Europe’s largest private equity funds.

中国政府已同意买下通用汽车(GM)养老金计划所持的投资资产，这笔交易将使北京方面成为美欧许多大型私人股本基金的大投资者。

The State Administration of Foreign Exchange, which manages China’s more than $3tn in foreign exchange reserves, will pay $1.5bn-$2bn for GM’s positions in blue-chip private equity funds managed by firms including Carlyle Group, Blackstoneand CVC Capital Partners.

负责管理中国逾3万亿美元外汇储备的国家外汇管理局(SAFE)，将斥资15亿至20亿美元，买下GM在一些蓝筹股私人股本基金的头寸，这些基金的管理公司包括凯雷集团(Carlyle Group)、黑石(Blackstone)和CVC Capital Partners。

Performance Equity, an advisory firm that manages pension investments for GM and its affiliates, is one of many traditional private equity investors that are reducing investments with private equity groups in order to lower their portfolios’ risk.

为GM及其附属公司管理养老金投资的咨询公司Performance Equity，是正在减持私人股本投资（目的是降低整个投资组合的风险）的多家传统私人股本投资者之一。

Investors in private equity typically agree to lock up money for as long as 10 years, but can cash out earlier by finding a buyer for their stake.

一般而言，私人股本的投资者同意锁定资金长达10年，但只要找到买家买下其资产，它们就能提早变现投资。

According to people familiar with the transaction, Performance Equity has notified several big private equity firms that it will be selling some of its fund stakes in the coming months.

知情人士称，Performance Equity已通知数家大型私人股本公司，它将在未来几个月内出售一部分所持基金头寸。

The deal with Safe, which has not yet been finalised, is secretive even by the discreet standards of private equity. “It was very below the radar, said one investment adviser. “There is clearly concern about selling US assets to China, especially in an election year.

即便是按照私人股本业的谨慎标准，与中国外管局之间这笔尚未敲定的交易也是神神秘秘的。“这笔交易搞得十分低调，一名投资顾问表示，“显然有人对向中国出售美国资产感到担忧，尤其是在大选年。

The private equity industry has emerged as a big issue in this year’s US presidential election. Mitt Romney, the Republican candidate and founder of Bain Capital, has had to fend off criticism that the companies it acquired outsourced US jobs.

在今年的美国总统大选中，私人股本业已经成为一大话题。共和党总统候选人、贝恩资本(Bain Capital)创始人米特·罗姆尼(Mitt Romney)不得不回击这样的批评：贝恩资本收购的企业外包了美国人的工作岗位。

Lexington Partners, a specialist investor in second-hand private equity stakes, is advising Safe and will administer the complex portfolio, one person briefed on the situation said. It might also buy some GM positions that Safe does not want.

一名被告知情况的人士称，专业投资于二手私人股本资产的列克星敦投资公司(Lexington Partners)，正向中国外管局提供咨询，并将负责管理这个复杂的投资组合。该公司还可能购买外管局不想要的一些GM所持头寸。

The New York-based investor was one of three firms mandated in 2010 to pick up $1.5bn of private equity investments for China Investment Corp, the country’s sovereign wealth fund.

这家总部位于纽约的投资机构，是2010年受中国主权财富基金中投公司(CIC)之托、投资15亿美元于私人股本资产的三家公司之一。

Safe, GM, Performance Equity and Lexington Partners declined to comment.

中国外管局、GM、Performance Equity和列克星敦投资公司均拒绝置评。

In 2010, Safe invested $2.5bn with TPG , some of it in investment vehicles that went on to lose $1bn in an ill-timed investment in Washington Mutual, the distressed lender.

2010年，中国外管局曾出资25亿美元与德州太平洋集团(TPG)共同投资，其中一些资金所投的投资工具后来亏损10亿美元，原因是其在错误的时机向陷于困境的华盛顿互惠银行(Washington Mutual)作出投资。