South Korea's sovereign wealth fund Korea Investment Corp. (KIC) is seeking to strike deals with oil-rich Gulf funds looking to invest in Asia, CPI Financial reports, citing Reuters. Gulf funds, which have heavily invested in Europe in the past, have already expressed their interest to invest in Asia and may join hands with KIC for it.
In 2010, KIC had teamed up with China Investment Corp., Singapore’s Temasek Holdings and an Abu Dhabi fund to invest in gas producer Chesapeake Energy Co. The sovereign wealth fund’s long-term goal is to get the non-traditional assets up to 20 percent to 30 percent of the total.
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