China Investment Corp., a sovereign wealth fund, is increasing its stake in Blackstone Group to 12.5% from 9.9%, according to a source close to the transaction.
Blackstone and CIC’s investment fund, Beijing Wonderful Investment Ltd., entered into an agreement allowing Beijing Wonderful to increase its ownership stake in the publicly traded private equity firm, according to SEC filings today. However, unlike its other Blackstone common units, Beijing Wonderful is not required to hold the new shares for four years before it can sell them.
