The head of the private-equity department at China’s $653 billion sovereign wealth fund has stepped down, according to a person familiar with the matter.
He Linbo, also known by his English name Ludwig, was replaced at China Investment Corp. by Wang Ou, previously an official with the China Securities Regulatory Commission, said the person, who asked not to be identified because the information hasn’t been publicly released.
The private-equity department oversees real estate assets, direct investments and co-investments, according to CIC’s website. Together with the special-investments department, it manages CIC’s long-term assets, which accounted for more than 28 percent of its global portfolio as of the end of 2013, according to the latest CIC annual report.
The sovereign wealth fund’s media department didn’t immediately respond to an e-mail seeking comment about the change. He Linbo also didn’t respond to e-mailed questions.
— With assistance by Dingmin Zhang