Chinese fund to invest $7.4bn in private equity

A Chinese sovereign fund could invest as much as $7.4 billion in the private equity industry.

The National Council for Social Security Fund, a pension fund, said Beijing had approved its decision to invest up to 10% of its assets in private equity and industry investment funds.

Bloomberg, an information agency, put the fund's wealth at $74 billion. Xinhua, China's state-owned news agency, said the fund was worth almost Rmb500 billion ($71.9 billion) at the end of 2007.

Dai Xianglong, the gove