China’s wealth fund pulls plug on US$1 bil private equity sale

China’s sovereign wealth fund has pulled its planned sale of US$1 billion ($1.28 billion) in US fund stakes tied to some of the biggest names in private equity.

Earlier this year, China Investment Corp. looked to offload fund positions with firms including Carlyle Group Inc., KKR & Co., and TPG Inc. to reduce its US exposure. Months later, it has signalled to would-be buyers and managers that it’s no longer selling the stakes, according to people familiar with the deal who asked not to be identified discussing private matters.