The last time governments were this involved in sinking money into private assets, the process tended to be called nationalisation. Now the funds are invested both abroad and domestically. A new term will have to be coined: internationalisation, perhaps.

上次政府涉及在私有资产上花费金钱，其过程常常被称之为国有化. 现在这些基金同时投资在国内和国外。 由此可能杜撰出新的名词： 国际拥有化。

Northern light

来自北方的曙光

Of the biggest sovereign funds, only Norway's provides anything close to transparency. Each year it discloses its investment portfolios and returns. Without such a window on their investments, it is hard to fathom the interests of other funds—how they vote on shareholder motions, for example. There are likely to be questions about strategic objectives, too. What will they care about most? Economic returns, political objectives, securing strategic resources? It will be hard to tell.

在所有最大的主权基金中，唯有挪威的基金更趋透明度。 每年它都会披露其投资组合和盈利。 如果其它基金没有提供这样一个披露其投资的窗口，很难弄清楚他们的偏好-比如，他们怎样对股东提议进行表决。 也可能存在关于战略目标的问题。 他们关心最多的是什么？ 经济收益，政治目标，还是战略资源的安全保障？ 都很难说。

Andrew Rozanov, of State Street Bank, argues that the lack of well-defined obligations and the ability to retain funds indefinitely while not having to reveal results is an investment advantage. The funds can harvest the benefits of volatility and illiquidity unavailable to the risk averse. It would not be surprising if some did particularly well. On the other hand, the same factors that could lead to higher returns could also lead to corruption and untoward political intervention.

State Street Bank银行的Andrew Rozanov认为，缺少规范的职责，能无限期的保持基金，同时不必透露其投资成效是这些基金投资的优势。 这些基金能从市场的波动中以及因风险规避而必然的高流通性中获益， 如果有些基金特别地成功，这并不稀奇。 另一方面，导致更高回报的这些因素同样也能产生腐败以及有害的政治干预。

But the kind of assets the funds invest in—big ones—can generate frictions even when run properly. Temasek has been embroiled in controversy in Thailand after it bought Shin Corp, one of the country's telecoms companies, from Thaksin Shinawatra, the country's deposed prime minister. China is no stranger to such tensions. In an event that still rankles, CNOOC, the state-controlled oil company, was blocked in America, supposedly on national-security grounds from acquiring Unocal, an oil company. It is quite possible that by purchasing a non-voting interest in Blackstone, China will be able to bypass the restrictions that might prevent it doing Unocal-style deals in Europe and America.

主权基金投资的这种资产-特别是大型的-可能产生冲突，甚至运行良好时也会发生。 淡马锡公司由于从泰国前总理Thaksin Shinawatra手中购买了该国电信企业Shin Corp而卷入和泰国的争吵中。 中国对于此类紧张事件并不陌生。 国家控股的石油公司中海油CNOOC因美国以国家安全为由的阻击而未能成功收购美国石油公司优尼科，这起事件的恶劣影响至今尤在。 很有可能，中国这次通过购买黑石公司无投票权股权而绕过在欧美类似优尼科事件中阻止其交易的限制。

By choosing a private-equity firm, China will also be able to invest directly in a partner that, notwithstanding its forthcoming share offering, can keep many of its operations out of the public eye. But this is where the ironies of the deal are most apparent. “Crony capitalism? It is a marriage made in heaven—a partnership that does not want investors to ask questions with a country whose firms do not want investors to ask questions. I worry about the serious conflicts of interest this generates. More generally, government entities shouldn't be in the business of investing in private firms,” opines Raghuram Rajan, of the University of Chicago's Graduate School of Business.

新闻随身，手中掌握

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