在
在世界那些正争取从中国主权财富基金获得一笔投资的最知名投资管理公司中，洛杉矶的一家投资公司成为了大赢家。中国的主权财富基金中国投资有限责任公司(简称：中投公司)正在投下数十亿美元以期从全球经济复苏中获利，据知情人士说，该公司已承诺向橡树资本管理有限公司(Oaktree Capital Management LP)投资约10亿美元。这笔投资是在中投公司正准备向世界各地对冲基金发起一轮直接投资的背景下进行的。
一年多以来，由于焦虑不安的投资者在金融危机之际纷纷撤资，大型投资管理公司一直在向中投公司大献殷勤，它们希望能从中国政府那里获得资金，从而获得其有影响力的一张信任票。
Aksia LLC的咨询服务部门负责人沃索尔(Jake Walthour)说，中投公司代表着世界上最大的投资机会之一。在帮助投资者决定把钱投到哪里的过程中，沃索尔与成百上千家对冲基金有过接触。
据知情人士说，橡树资本管理有限公司预计会用几年时间将从中投获得的资金投在受压债券以及其他固定收益资产上，中投的这笔资金会成为橡树资本今年的资金来源之一。橡树资本管理着600多亿美元资金，从投资经营不善赌场运营商的债券，到收购整个公司，该公司的投资涉及多个领域。
橡树资本的发言人拒绝谈论接受中投资金之事。中投公司的代表则没有回复要其发表评论的请求。
橡树资本管理有限公司由一批债券投资者于1995年在洛杉矶和纽约成立，其中包括目前依然担任该公司董事长的马克斯(Howard Marks)。今年7月，橡树资本被美国财政部选中，成为参与其公私协同投资计划(PPIP)的九大资产管理公司之一，这一政府计划旨在帮助银行业摆脱有毒资产。
最近几个月，中投公司已经成为世界舞台上表现最活跃的政府基金，该公司将其3,000亿美元资金的一部分投向了自然资源和房地产等多个领域，以期抓住全球经济反弹的机会获利，中投公司的负责人们预计世界经济将会复苏。 摩根大通(J.P. Morgan Chase & Co.)的中国分析师们估计，中投公司今年新投向海外的资金最多将达500亿美元。
预计中投在未来几个月中将向对冲基金再直接投资20亿美元。为了能在中投公司的投资名单上占据一席之地，世界一些最知名的对冲基金管理公司最近纷纷如朝涌般前往中投公司的北京总部所在地新保利大厦，向中投兜售自己的服务。来访者中包括Eton Park Capital Management的老板明迪奇(Eric Mindich)和Paulson & Co.的鲍尔森(John Paulson)，后者的公司因押宝住房市场将陷入低迷而在2007年赚了大钱。
中投公司今年夏天已经通过非直接方式向对冲基金投资了10亿美元。它是通过百仕通集团(Blackstone Group LP)和摩根士丹利(Morgan Stanley)旗下两家所谓对冲基金的基金投入这笔资金的，这些基金负责将客户的资金投向一系列基金。中投持有百事通和摩根士丹利的股份，它在试水对冲基金领域之际与这两家公司合作可谓轻车熟路。去年，中投向J.C. Flowers & Co.进行了一大笔私募股权投资，后者将把中投拿出的32亿美元投向金融机构。
在中投挑选其对冲基金投资对象时，那些不太知名的资本管理公司也在考虑之列。总部位于伦敦的投资管理公司Capula Investment Management LLP成立于2005年，它管理的36亿美元资金投在了固定收益资产上。据知情人士说，该公司今年8月从中投获得了2亿美元资金。
Capula负责人霍焱的父亲和祖父都是中国的物理学家，他在普林斯顿大学(Princeton University)获得了电子工程博士学位，并曾在摩根大通从事自营交易。据一位知情人士说，中投在决定向Capula投资前，曾对该公司的业务和业绩进行了一年多的考察。Capula在2008年获得了9.5%的投资回报，而大多数对冲基金那一年都赔了钱。
基金经理们到全球各地寻找资金并不是什么新鲜事，但如此多有影响力的资本管理公司排长队去一家机构寻求资金却不多见。
在市场去年出现动荡后，其他资金来源越来越少。中东地区和新加坡的主权财富基金在去年遭遇巨额投资亏损后，其风险偏好一直不高。它们的后撤增加了中国在对冲基金业的影响力。
据知情人士说，最近几周被视为最有望获得中投资金的其他对冲基金还有总部位于伦敦的Winton Capital Management和Lansdowne Capital Ltd.，总部位于纽约的Och-Ziff Capital Management Group LLC和总部位于洛杉矶的Canyon Partners。这些公司的代表都拒绝发表评论。
Jenny Strasburg / Rick Carew
（更新完成）
A Los Angeles investment firm has come out a big winner in the battle among some of world's best-known money managers vying for a slice of cash from China's sovereign-wealth fund.
China Investment Corp., which is doling out billions of dollars as it tries to profit from a global economic recovery, has committed to invest about $1 billion with Oaktree Capital Management LP, people familiar with the matter said. The big allocation comes as the Chinese fund stands poised to make a wave of investments directly into hedge funds around the world.
For more than a year, big-name money managers have aggressively courted CIC, as China's fund is known, looking to Beijing for cash and its influential stamp of approval as anxious investors pulled money out of their funds amid the financial crisis.
'CIC represents one of the biggest investment opportunities in the world,' says Jake Walthour, who as head of advisory services at Aksia LLC comes into contact with hundreds of hedge funds as he helps investors decide where to put their money.
Oaktree is expected to invest CIC's money over the course of several years in distressed debt and other fixed-income assets, and it adds to other inflows to the firm this year, people familiar with the matter say. Oaktree oversees more than $60 billion, making investments in a variety of realms, from debt of battered casino operators to buying whole companies.
An Oaktree spokeswoman declined to discuss the matter. A CIC representative didn't respond to a request for comment.
Oaktree was founded in 1995 in Los Angeles and New York by a team of debt investors including Howard Marks, who is still its chairman. In July, Oaktree was among nine big asset-management firms chosen by the U.S. Treasury as fund managers for the Public-Private Investment Partnership, or PPIP, the government program designed to rid banks of toxic assets.
In recent months, CIC has emerged as the most active government investment fund on the world stage, deploying portions its $300 billion portfolio in deals as diverse as natural resources and real estate, aiming to catch the upside of what its leaders expect to be a global rebound. J.P. Morgan Chase & Co. China analysts estimate that altogether CIC will spend as much as $50 billion on new overseas investments this year.
CIC is expected to funnel an additional $2 billion directly into hedge funds in the coming months. To score a spot on the list, some of the world's most famous hedge-fund managers have made a pilgrimage to the 300-foot-tall glass-walled atrium of New Beijing Poly Plaza, CIC's headquarters in the Chinese capital, to pitch their services. They include Eton Park Capital Management boss Eric Mindich and Paulson & Co.'s John Paulson, whose firm made a mint in 2007 betting on a housing-market downturn.
Already this summer, CIC has funneled a billion dollars into hedge funds, though indirectly. It has channeled that money through two so-called funds of hedge funds - that is, managers that farm out pools of money to dozens of funds - that are run by Blackstone Group LP and Morgan Stanley. CIC owns stakes in both firms, making them familiar partners as it dips its toes into the hedge-fund world. Last year, CIC made a big private-equity investment with J.C. Flowers & Co., allocating $3.2 billion for opportunities among financial institutions.
As CIC picks up its hedge-fund investments, lesser-known names also are getting a shot. Capula Investment Management LLP, a London-based firm started in 2005 overseeing $3.6 billion in fixed-income assets, received $200 million from the China fund in August, according to people familiar with the situation.
Capula is led by Yan Huo, the son and grandson of Chinese physicists who earned a doctorate in electrical engineering from Princeton University and went on to trade proprietary capital at J.P. Morgan Chase & Co. CIC scrutinized Capula's operations and performance for more than a year before finalizing its decision, a person familiar with the matter says. The allocation came after Capula gained 9.5% in 2008, a year when most hedge funds lost money.
Fund managers are known to travel the globe hunting for new money, but rarely have so many influential managers gone to such lengths to secure funds from one source.
Other sources of capital grew scarce in the wake of last year's market turmoil. Risk appetites have been low at other sovereign funds in the Middle East and Singapore that took a big hit on investments last year. Their pullback has helped increase China's clout in the hedge-fund industry.
Other hedge-fund names mentioned in recent weeks as potential front-runners for CIC money, according to people familiar with the matter, include Winton Capital Management and Lansdowne Capital Ltd., both of London; Och-Ziff Capital Management Group LLC in New York; and Los Angeles-based Canyon Partners. Representatives for the firms declined to comment.
Jenny Strasburg / Rick Carew
China Investment Corp., which is doling out billions of dollars as it tries to profit from a global economic recovery, has committed to invest about $1 billion with Oaktree Capital Management LP, people familiar with the matter said. The big allocation comes as the Chinese fund stands poised to make a wave of investments directly into hedge funds around the world.
For more than a year, big-name money managers have aggressively courted CIC, as China's fund is known, looking to Beijing for cash and its influential stamp of approval as anxious investors pulled money out of their funds amid the financial crisis.
'CIC represents one of the biggest investment opportunities in the world,' says Jake Walthour, who as head of advisory services at Aksia LLC comes into contact with hundreds of hedge funds as he helps investors decide where to put their money.
Oaktree is expected to invest CIC's money over the course of several years in distressed debt and other fixed-income assets, and it adds to other inflows to the firm this year, people familiar with the matter say. Oaktree oversees more than $60 billion, making investments in a variety of realms, from debt of battered casino operators to buying whole companies.
An Oaktree spokeswoman declined to discuss the matter. A CIC representative didn't respond to a request for comment.
Oaktree was founded in 1995 in Los Angeles and New York by a team of debt investors including Howard Marks, who is still its chairman. In July, Oaktree was among nine big asset-management firms chosen by the U.S. Treasury as fund managers for the Public-Private Investment Partnership, or PPIP, the government program designed to rid banks of toxic assets.
In recent months, CIC has emerged as the most active government investment fund on the world stage, deploying portions its $300 billion portfolio in deals as diverse as natural resources and real estate, aiming to catch the upside of what its leaders expect to be a global rebound. J.P. Morgan Chase & Co. China analysts estimate that altogether CIC will spend as much as $50 billion on new overseas investments this year.
CIC is expected to funnel an additional $2 billion directly into hedge funds in the coming months. To score a spot on the list, some of the world's most famous hedge-fund managers have made a pilgrimage to the 300-foot-tall glass-walled atrium of New Beijing Poly Plaza, CIC's headquarters in the Chinese capital, to pitch their services. They include Eton Park Capital Management boss Eric Mindich and Paulson & Co.'s John Paulson, whose firm made a mint in 2007 betting on a housing-market downturn.
Already this summer, CIC has funneled a billion dollars into hedge funds, though indirectly. It has channeled that money through two so-called funds of hedge funds - that is, managers that farm out pools of money to dozens of funds - that are run by Blackstone Group LP and Morgan Stanley. CIC owns stakes in both firms, making them familiar partners as it dips its toes into the hedge-fund world. Last year, CIC made a big private-equity investment with J.C. Flowers & Co., allocating $3.2 billion for opportunities among financial institutions.
As CIC picks up its hedge-fund investments, lesser-known names also are getting a shot. Capula Investment Management LLP, a London-based firm started in 2005 overseeing $3.6 billion in fixed-income assets, received $200 million from the China fund in August, according to people familiar with the situation.
Capula is led by Yan Huo, the son and grandson of Chinese physicists who earned a doctorate in electrical engineering from Princeton University and went on to trade proprietary capital at J.P. Morgan Chase & Co. CIC scrutinized Capula's operations and performance for more than a year before finalizing its decision, a person familiar with the matter says. The allocation came after Capula gained 9.5% in 2008, a year when most hedge funds lost money.
Fund managers are known to travel the globe hunting for new money, but rarely have so many influential managers gone to such lengths to secure funds from one source.
Other sources of capital grew scarce in the wake of last year's market turmoil. Risk appetites have been low at other sovereign funds in the Middle East and Singapore that took a big hit on investments last year. Their pullback has helped increase China's clout in the hedge-fund industry.
Other hedge-fund names mentioned in recent weeks as potential front-runners for CIC money, according to people familiar with the matter, include Winton Capital Management and Lansdowne Capital Ltd., both of London; Och-Ziff Capital Management Group LLC in New York; and Los Angeles-based Canyon Partners. Representatives for the firms declined to comment.
Jenny Strasburg / Rick Carew
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