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THE WALL STREET JOURNAL ASIA
BEIJING -- China Investment Corp., the country's $200 billion sovereign-wealth fund, has begun a new round of global hiring, a move that comes after it recently stepped up the pace of its overseas investments.

CIC said its 13 departments are seeking talent in 33 categories, including risk management, asset-allocation research and commodities investment, as well as private-equity investment in such areas as infrastructure and property.

CIC slowed the pace of its investments in overseas stocks and placed most of its funds in cash last year after it suffered heavy losses on its high-profile investments in Blackstone Group LP and Morgan Stanley, which led to public criticism at home.

But CIC management said earlier this year that opportunities had arisen overseas as the global financial situation and regulatory environment had changed. To capitalize on the shift, CIC adjusted its structure in April, including setting up a new department to handle big investments aimed at long-term returns, and another department for private-equity fund investments.

In its latest major investment, CIC said Tuesday it will commit 200 million Australian dollars (US$159 million) to a financing facility for Goodman Group, Australia's largest industrial property trust, a deal that Goodman called a "big positive" for its expansion in China.

Earlier this month, CIC also agreed to buy US$1.2 billion of additional shares in Morgan Stanley as part of the U.S. bank's US$2.2 billion share offering, giving it a total stake in the bank of 9.86%.

-- Victoria Ruan