CIC shuffles leadership of private equity, real estate

Investment professionals Xiaoqing Bai and Olivia Ouyang will take on additional responsibilities for global real estate and Europe-focused private equity, respectively, after two senior executives decided to leave the $460bn sovereign wealth fund.

China Investment Corporation has had some recent shifts of its investment leadership in private equity and real estate.

Xiaoqing Bai, who is in charge of North American private equity investments, has taken the reins over global real estate investments after the departure of Patrick Wu. Wu took charge of real estate last year after former head Collin Lau took over the European private equity investment portfolio. However, Wu only lasted a few months before deciding to leave the institution.

Lau’s move into European private equity engendered much fanfare, but he also only lasted a few months in the role. Olivia Ouyang, who leads emerging markets investments, has taken over responsibility for European private equity. CIC’s strategy in Europe is understood to be targeting direct investments and co-investments alongside conventional commitments to private equity funds.

Ouyang joined CIC in 2010 from the International Finance Corporation, where she was an investment officer with the private equity and investment funds group.

CIC was created by the Chinese government in 2007 and was tasked with diversifying China’s foreign exchange holdings and obtaining higher risk-adjusted returns. It has $460 billion in assets under management with 7 percent or $32 billion allocated to private equity, according to data service provider Private Equity Connected.

The sovereign wealth fund has quickly become a major player in the private equity industry, forming relationships with the biggest GPs. CIC boosted its exposure to alternative investments to 21 percent for the year 2010 from 6 percent the prior year, according to its 2010 annual report, its most recent.