Alice Albright, recently tapped to lead a foreign aid agency in President Joe Biden’s White House, counts a six-figure investment in a private equity fund controlled by a Chinese Communist Party-run investment firm.
Albright was nominated to serve as Chief Executive Officer of the Millennium Challenge Corporation, a federal agency focused on economic development in foreign countries with an operating budget of roughly $800 million. An alum of the Obama administration and the Global Alliance for Vaccines and Immunizations (GAVI), she is the daughter of Bill Clinton’s former Secretary of State Madeleine Albright, who has a long track record of working with Chinese Communist Party influence groups and officials.
Albright’s 81-page financial disclosure reveals an investment worth $100,000 to $250,000 in the China-U.S. Industrial Cooperation Partnership. Formed in November 2017, the $5 billion private equity fund was jointly launched by the state-owned China Investment Corp (CIC) and Goldman Sachs.
CIC, a Chinese Communist Party sovereign wealth fund, describes itself as “a wholly state-owned company, with the mandate to invest and manage China’s foreign exchange reserves.” “We take advantage of Chinese Communist Party’s leadership,” notes the company in its description of its corporate culture.
CIC leadership ranks are also comprised of Chinese Communist Party apparatchiks.
Beyond backers of Albright’s investment being Chinese Communist Party officials, the fund seeks to use American capital to develop Chinese businesses.
Goldman Sachs outlined how the fund would “invest in American companies in the manufacturing, industrial, consumer and healthcare industries, among others, that have or can develop a material business connection to China” in an effort to “enhance commercial linkages and promote market access for US firms in China.”
The Cooperation fund “was set up expressly to help U.S. companies penetrate the Chinese market” and “the fund is touting CIC’s involvement as a strategic advantage in accomplishing this goal,” notes Reuters. In confidential marketing documents obtained by the outlet, Goldman Sachs boasted to its clients how the fund would “bring new pathways for growth via China.”