One bitten, twice shy? Not China Investment Corporation, which suffered abuse for its disastrous $3bn punt on Blackstone. Investing ahead of the private equity house's $31 a share initial public offering, CIC watched the stock drop below $4, before recovering to today's $13.5. Older, wiser, it is venturing back into the same waters, with an innovative two-step transaction with Apax Partners.

The first sees this true believer in private equity's command and control style of management pick up a 2.3 per cent stake in Apax for an undisclosed sum. The second and more interesting step has it investing upto 800m in the 11.2bn fund that Apax raised in 2007.
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2.3 percent state是股份权益？第二步中的800m的募集/投资与第一有何异同？第二次是作为债权人募集？

This latter transaction is structured to address several needs. Cash-strapped existing investors benefit because CIC is offering them chance to reduce their ongoing commitment to the fund on favourable terms. They can transfer their outstanding uncalled commitments to CIC while keeping the entirety of their interest in the 50 per cent or so of the fund that Apax has already invested.
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为什么说transfer commitments to CIC? 这一段的意思不懂。

This is a groundbreaking development for the dysfunctional secondary market. At present, illiquid investors trying to wriggle out of uncalled commitments have to sell their interest in investments already made at a punitive haircut to net asset value. If CIC succeeds in attracting the 350m minimum it has set as a condition of the transaction, expect this structure to be copied by others.
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可以这么理解么：CIC投资了一家私募，然后在私募需要募集资金的时候再以债权人的身份去提供更多的资金，帮助私募度过危机，同时成为私募的股东与债权人，这样在未来的市场中，如果私募度过危机后大幅盈利，CIC自然赚；如果私募亏损呢 ？CIC会面临怎样的问题？


For its part, CIC, with assets of $298bn at the end of last year, gains access to a private equity vehicle when few are fund-raising. Moreover, it does so without saddling itself with exposure to a mixed portfolio of 15 deals done at the peak of the market. If all goes to plan, CIC wins exposure, via a sidecar, to potentially attractive 2010-2012 vintages without the hangover from the boomtime bubbly.
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CIC为什么避开了exposure to a mixed portfolio of 15 deals done at the peak of the market?