China Investment Corporation (CIC) has halted a secondary sale of LP positions in global infrastructure funds, according to three sources familiar.

The portfolio comprises fund interests with a net asset value (NAV) of approximately USD 1bn, two of the sources said. Campbell Lutyens is advising on the sale, they added.

The third source noted that the Chinese sovereign wealth fund has not shelved the plan entirely, and that it still hopes to sell for an acceptable price.

Prior to halting the process, CIC had received non-binding offers priced at close to the 1Q25 marks, according to one of the sources. Global secondaries investors and fund-of-funds were among the interested buyers, the source added.

According to Infralogic, CIC has exposure to Milan-based Fondo Italiani per le Infrastrutture’s (F2i) EUR 1.2bn second fund and IFC’s USD 1.2bn Global Infrastructure Fund. Both are set to mature this year. It is also invested in The Silk Road Fund (2014 vintage; USD 5.6bn) and the Russia-China Investment Fund (RCIF).

Beijing-headquartered CIC was running the infrastructure transaction in parallel with the sale of a portfolio of private equity fund stakes worth around USD 1bn. That process, for which Evercore was advisor, has also been pulled, said the second source and an additional source.

The move comes as global trade tensions have triggered market uncertainty. Chinese state-backed funds, including CIC, are cutting off new investment in US-focused private equity funds as they seek to trim exposure to the geography, per an FT report.

Meanwhile, LPs of all kinds have been tapping the secondary market for liquidity amid subdued fund distributions. Global LP-led secondary transaction volume reached a record USD 87bn in 2024, up from USD 60bn a year earlier, according to Jefferies’ latest Global Secondary Market Review.

CIC had USD 1.24tn in net assets as of December 2023, its latest annual report shows. Around 48.3% of the sovereign wealth fund’s global investment portfolio was deployed in alternatives, including private equity and infrastructure. Its annualised cumulative 10-year net return was 6.57% as of the same date.

Established in 2007, CIC is mandated to make overseas investments across public equity, hedge funds, private equity, private credit, real estate, infrastructure, and resources and commodities. It also holds equity positions in state-owned financial institutions in China.

CIC, Campbell Lutyens, and Evercore did not respond to requests for comment.