中國擬買下通用汽車所持投資資產

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.

中國政府已同意買下通用汽車(GM)養老金計劃所持的投資資產，這筆交易將使北京方面成爲美歐許多大型私人股本基金的大投資者。

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.

負責管理中國逾3萬億美元外匯儲備的國家外匯管理局(SAFE)，將斥資15億至20億美元，買下GM在一些藍籌股私人股本基金的頭寸，這些基金的管理公司包括凱雷集團(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.

爲GM及其附屬公司管理養老金投資的諮詢公司Performance Equity，是正在減持私人股本投資（目的是降低整個投資組合的風險）的多家傳統私人股本投資者之一。

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，私人股本的投資者同意鎖定資金長達10年，但只要找到買家買下其資產，它們就能提早變現投資。

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.

知情人士稱，Performance Equity已通知數家大型私人股本公司，它將在未來幾個月內出售一部分所持基金頭寸。

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業的謹慎標準，與中國外管局之間這筆尚未敲定的交易也是神神祕祕的。"這筆交易搞得十分低調，"一名投資顧問表示，"顯然有人對向中國出售美國資產感到擔憂，尤其是在大選年。"

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.

在今年的美國總統大選中，私人股本業已經成爲一大話題。共和黨總統候選人、貝恩資本(Bain Capital)創始人米特?羅姆尼(Mitt Romney)不得不回擊這樣的批評：貝恩資本收購的企業外包了美國人的工作崗位。

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.

一名被告知情況的人士稱，專業投資於二手私人股本資產的列剋星敦投資公司(Lexington Partners)，正向中國外管局提供諮詢，並將負責管理這個複雜的投資組合。該公司還可能購買外管局不想要的一些GM所持頭寸。

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.

這家總部位於紐約的投資機構，是2010年受中國主權財富基金中投公司(CIC)之託、投資15億美元於私人股本資產的三家公司之一。

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

中國外管局、GM、Performance Equity和列剋星敦投資公司均拒絕置評。

In 2008, 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.

2008年，中國外管局曾出資25億美元與德州太平洋集團(TPG)共同投資，其中一些資金所投的投資工具後來虧損10億美元，原因是其在錯誤的時機向陷於困境的華盛頓互惠銀行(Washington Mutual)作出投資。