Cerberus seeks Eastern link

According to sources Cerberus Capital Management, is in the midst of talks with Chinese sovereign wealth fund CIC about a possible cooperation agreement. The talks come on the heels of CIC's investment in Blackstone last year, under the terms of which CIC is barred from making a similar investment for a year.

Other private equity firms are also said to have been in talks with CIC, as well as the State Administration of Foreign Exchange and the Chinese social security fund, regarding possible investments and cooperation agreements. JC Flowers has been most successful in this courtship of Chinese funds, having received a mandate to invest more than $4bn of CIC's capital in distressed financial firms in the wake of turmoil in the credit markets.

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