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Akbar Novruz

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Three sovereign wealth funds - China Investment Corporation, Indonesia Investment Authority, and the State Oil Fund of the Republic of Azerbaijan- have jointly established the Galaxy Orientis China–ASEAN Investment Platform, a new sovereign-led private equity initiative aimed at capturing long-term investment opportunities across the China–Southeast Asia corridor, AzerNEWS reports.

The Program has reached a first close of approximately US$520 million, with a target size of US$1 billion.

The Program brings together the three sovereign wealth funds in a jointly governed investment platform, designed to facilitate long-term capital flows and industrial collaboration between China and the ASEAN region. Against a backdrop of deepening China–ASEAN trade integration and accelerating supply-chain realignment across Southeast Asia, CAIP aims to capture high-quality investment opportunities in industrial, healthcare, consumer, business services, technology, and other sectors that drive this structural shift.

CGS International Securities Pte. Ltd. (“CGS International”), the overseas arm of China Galaxy Securities (“CGS”), serves as General Partner, providing regional expertise, operational infrastructure, and on-the-ground networks across Southeast Asia.

The funds under the Program will be invested in fund structures managed by reputable private equity managers that exhibit a clear China–Pan ASEAN angle, as well as deals in select ASEAN countries. These include Chinese companies with clear strategic plans to expand into ASEAN, or ASEAN companies that can benefit from Chinese technologies, supply chain, know-how, and talent.

Zhang Qingsong, Chairman and CEO of CIC, said, "CIC, together with our partners INA and SOFAZ, is launching the Galaxy Orientis China-ASEAN Investment Program based on our firm optimism about ASEAN's economic growth prospects and deep recognition of the immense potential of China-ASEAN cooperation. We hope that, through investing in high-quality companies targeting the ASEAN market, the Fund will not only deliver a sound financial return but also promote regional economic prosperity, achieving win-win outcomes on social and economic fronts. It is also part of CIC’s continuous effort to leverage our unique advantage as the Chinese sovereign wealth fund and collaborate with partners to capture global opportunities.

Eddy Porwanto, Acting Chief Executive Officer of INA, said, “This Program represents a strategic step in establishing a dedicated investment platform across the China–Southeast Asia corridor. As INA’s first investment into a fund-of-funds under this thematic program, it reflects our role as a strategic partner in helping unlock high-quality investment opportunities. Through this platform, INA aims to facilitate the flow of long-term capital, alongside global expertise and networks, in partnership with leading global institutional investors, into sectors that foster sustainable growth and long-term economic value creation in Indonesia.”

Israfil Mammadov, Chief Executive Officer of SOFAZ, said, “SOFAZ is delighted to partner with CIC and INA on the China–ASEAN Investment Program. This platform represents a key milestone in our strategy to build deep, sovereign-to-sovereign partnerships that access the world’s most dynamic economic corridors. By pooling our collective expertise and long-term capital, we are better positioned to capitalize on the accelerating trade and supply-chain integration between China and Southeast Asia, while contributing to the further diversification of SOFAZ’s investment portfolio.”

Wu Peng, Chairman of CGS International, said, “CGS International will bring to the Program our extensive knowledge, deep presence and wide networks in Southeast Asia, capitalising its high growth sectors and renewed investor interest. We are grateful to CIC, INA and SOFAZ for trusting us to help them navigate the region’s complexities and growth opportunities.”

The Fund was launched at the signing ceremony held on 13 April in Beijing, China. CIC Executive Vice President and Deputy Chief Investment Officer, Zhang Shaoqing; INA Chief Investment Officer, Christopher Ganis, SOFAZ Chief Investment Officer, Farhad Zeynalov; and CGS International by Member of the Executive Committee and Business Director of CGS and Chairman of CGS International, Wu Peng, represented the respective parties for the signing.

Background

Founded in 2007 and headquartered in Beijing, China Investment Corporation is one of the world’s largest sovereign wealth funds, established to diversify China’s foreign exchange reserves. As of the end of 2024, its total assets stood at approximately $1.57 trillion. The fund invests globally across public equities, bonds, private equity, infrastructure, real estate, and other asset classes.

The Indonesia Investment Authority serves as Indonesia’s sovereign wealth fund, focusing on attracting investment to support sustainable economic development and long-term value creation. It partners with global and domestic investors across strategic sectors of the Indonesian economy.

Established in 1999, the State Oil Fund of the Republic of Azerbaijan manages Azerbaijan’s oil and gas revenues with a mandate to preserve and grow national wealth for future generations. With assets exceeding $70 billion, SOFAZ maintains a diversified global investment portfolio spanning fixed income, equities, gold, real estate, and infrastructure.

China Galaxy Securities, through its international arm CGS International, is a major financial institution serving millions of clients globally, with a strong presence across Asia and extensive experience in capital markets and investment management.