Goldman Sachs (NYSE:GS) has leveraged a fund created in collaboration with the China Investment Corporation (CIC) to buy a series of companies based in the U.S. and U.K. at a time of escalating tensions between Beijing and the West, Financial Times reported.
Goldman Sachs completed seven deals using cash from a $2.5 billion private equity "partnership fund" it established in 2017 with the Chinese sovereign wealth fund. The acquired companies include a global supply chain tracking start-up, a cloud computing consultancy, a drug testing company and a manufacturer of systems utilized in AI, drones and electric vehicle batteries.
The bank revealed its investments in these companies but did not disclose that the deals were partly financed by the China fund.
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