Lou Jiwei,the head of China's now almost year-old sovereign
wealth fund(SWF),the China Investment Corp(中国投资有限责任公司),has not had an easy time at his new job.One of the first headline purchases the fund made were discounted shares in the private equity group Blackstone.Bought pre-initial public offering for USD 19 per share,a discount on the USD 31 offering price,Blackstone's share value has subsequently halved.