| Chinese Investment Corporation (CIC), the sovereign wealth fund of the People’s Republic of China, is part of a new commercial property debt fund, which is backing the purchase of projects out of Nama. CIC is a significant investor in the WLR Cardinal Mezzanine Fund, a €350m real estate debt fund, managed by a partnership between Wilbur Ross of WL Ross & Co, and Cardinal, a Dublin investment company headed by Nick Corcoran and Nigel McDermott.
The fund is also backed by ISIF, the Irish state’s strategic investment fund and the successor to the National Pensions Reserve Fund. ISIF has invested €75m in the WLR Cardinal fund. The extent of CIC’s contribution to the fund is not clear, yet it is believed to be more than €50m. It is the first direct investment by CIC in the Irish economy...............................................Full Article: Source
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