China and Russia’s sovereign wealth funds are making their first joint investment – in a Siberian timber company – as part of a push to increase commercial ties between the Russian far east and fast-growing countries in Asia.
China Investment Corporation and its Russian counterpart, the Russian Direct Investment Fund, established a joint private-equity fund in June.
The fund will make its first investment, of around $200m, for a minority stake in Russia Forest Products, the country’s second-biggest forestry company, which has operations in Siberia.
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