Goldman used cash from a sovereign wealth fund to buy seven companies, including a cyber security firm that services the British government.
Goldman Sachs tapped into a $2.5 billion private equity “partnership fund” with the Chinese government to buy several American and British companies, according to a report.
The bank touted the fund as an “anchor investor” that would help companies expand their presence in China. The spokesperson added that Nettitude had no business in China and that there were no plans to set up there. The Cooperation fund was set up expressly to help US companies penetrate the Chinese market. And the fund has touted CIC’s involvement as a strategic advantage in accomplishing this goal.
President Biden earlier this month issued an executive order restricting US investment in Chinese ventures involving artificial intelligence, quantum computing, and semiconductors.
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