GM pension fund to sell private equity assets to China - report

The Telegraph reports:

China, which holds close to $1.2 trillion (£770bn) in US treasuries, has been looking to capitalise on the liquidity concerns of assets managers such as pension funds amid financial market volatility by snapping up their assets.

GM's pension plan owns stakes in some of the most high-profile private equity funds in the United States and Europe, including Carlyle Group, Blackstone Gand CVC Capital Partners, the FT reported.

The sale, which is uncompleted, would involve the transfer by GM adviser Performance Equity Management of stakes to the State Administration of Foreign Exchange (Safe), which manages China's more than $3 trillion in foreign exchange reserves.

GM declined to comment, Lexington Partners did not respond to a request for comment and Safe could not immediately be reached for comment.

Great moments in socialism. No word yet from Barack Obama on the "outsourcing" nature of this story.