The China Investment Corp. (CIC), a sovereign wealth fund, is looking to jump into the Public-Private Investment Program (PPIP), according to a Reuters report.
The CIC may invest up to $2 billion in mortgage-backed securities, and it is already negotiating with nine designated PPIP managers, Reuters says. The fund is expected to work with several, but not all nine, of the PPIP managers. Among the firms mentioned are Alliance Bernstein LLP, BlackRock Inc., Invesco Ltd. and Marathon Asset Management LP.
The CIC cannot make a direct investment in the PPIP.