Big bucks from China

Oaktree Capital, the huge L.A. investment firm that's led by billionaire Howard Marks, just picked up a cool $1 billion from China Investment Corp., which according to the WSJ, is spreading its vast wealth around the globe. This didn't just happen - money managers have been aggressively courting CIC because it has so much available cash (its portfolio totals $300 billion).

Oaktree is expected to invest CIC's money over the course of several years in distressed debt and other fixed-income assets, and adds to other inflows to the firm this year, people familiar with the matter say. Oaktree oversees more than $60 billion, making investments ranging from debt of battered casino operators to buying up whole companies. An Oaktree spokeswoman declined to discuss the matter. A CIC representative did not respond to a request for comment.

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CIC has mulled allocating money to Steve Cohen's SAC Capital Advisors, who has hosted CIC decision-makers at his mansion in Greenwich, Conn. SAC has a strong track record, but CIC has expressed hesitation to pay Mr. Cohen's usual fees, which are some of the industry's highest, these people say. A spokesman for SAC declined to comment.

Droves of investment titans flying in from around the world occasionally have posed logistical snags, with CIC and others sometimes asked to intervene on behalf of fund bosses requesting Beijing landing slots, people familiar with the matter say. The slots are limited and controlled by the Chinese air force. For example, last year as Beijing was hosting the Olympics, Blackstone needed help in getting a landing slot for its chief, Stephen Schwarzman, arriving in his private jet.

Looks like we're back in boom times, barely missing a beat. So why don't I feel like celebrating?