New York is the $1.35 trillion fund's only office outside mainland China besides Hong Kong. CIC asked Bai Xiaoqing, who was in charge of some of its private equity investments from Beijing, to move to New York for the North America head role, the sources said, requesting anonymity because the move has not been publicly announced. U.S. authorities have been especially suspicious of investments originating from entities close to China's communist government, like CIC. CIC is also a significant investor in U.S. private equity funds, as so-called alternative assets comprise almost half of its portfolio. One of its most prominent investments has been a $2.5 billion Goldman Sachs Group Inc (GS.N) private equity fund aimed at investing in companies that can benefit from closer U.S.-China ties.

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Persons: Bai Xiaoqing, Zhang Hong, Bai, Zhang, Peng Chun, Larry Fink, Milken, Echo Wang, Roxanne Liu, Kane Wu, Greg Roumeliotis, Edwina Gibbs Organizations: China Investment Corp, North America, CIC, Foreign Investment, American Enterprise Institute, Public, Goldman Sachs Group Inc, China -, China - U.S . Industrial Cooperation Fund, Britain, BlackRock Inc, BlackRock, China's Ministry of Finance, Industrial, Commercial Bank of China, U.S . Treasury, Thomson Locations: North, New York, China, Hong Kong, Washington, Beijing, United States, U.S, China - U.S, BlackRock