Goldman Sachs Announces $1.5.Billion First Close of the Cooperation Fund
BEIJING/NEW YORK, AUGUST 17, 2018 – The Goldman Sachs Group, Inc. (NYSE: GS) today announced the first close of $1.5 billion of the China-US Industrial Cooperation Partnership, L.P. (“the Cooperation Fund”). The Cooperation Fund has a broad mandate to invest in American companies in the manufacturing, industrial, consumer and healthcare industries, among others, that have or can develop a material business connection to China. China Investment Corporation (CIC) is an anchor investor in the Cooperation Fund.
Goldman Sachs, through its Merchant Banking Division, is the sponsor and investment manager for the Cooperation Fund. CIC, as an anchor investor in the Cooperation Fund, is expected to provide support to Goldman Sachs to identify potential value-added opportunities in China for portfolio companies of the Cooperation Fund. CIC will not provide investment advice to the Cooperation Fund.
In April 2018, Goldman Sachs and CIC hosted the US – China Business Summit, convening senior business leaders and government officials from China and the United States to discuss opportunities to build and strengthen commercial and investment ties between the two countries. Discussions centered on how increased and reciprocal trade and investment relations between the two countries can help businesses grow, find new markets and create jobs.
About The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About China Investment Corporation
Headquartered in Beijing, China Investment Corporation (CIC) was founded in September 2007 as a vehicle to diversify China's foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance. As a long-term financial investor, CIC invests on a commercial basis.
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