An Alberta industrial development body has ended a partnership with a Chinese private equity fund that targeted $10 billion to invest in the natural resources sector, a spokesperson for the Alberta entity told Reuters.
The Alberta Industrial Heartland, a not-for-profit organization consisting of five Alberta municipalities, and the Hong Kong-based private equity firm Can-China Global Resource Fund had announced their partnership in 2016 to encourage investments across North America.
The previously unreported development comes as tension between China and Canada has escalated in recent years, though sources Reuters spoke to could not confirm whether the dissolution of the fund is a direct result of that. She added that provincial governments might feel compelled to toe the official stance of Ottawa or not to veer too much from public opinion, as it could incur risks.The only known investment by this fund was a C$722 million buyout of Calgary-based CQ Energy in 2017, a private natural gas production services company. The status of this investment is unknown.
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