Qatar’s sovereign wealth fund Qatar Investment Authority (QIA) has struck a deal with China’s CITIC Group to launch a $10bn fund that will invest in Asia region.

The joint-venture fund appears to be part of QIA’s efforts to diversify away from its traditionally Europe-focused portfolio. Both firms will invest $5bn each.

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"We see real long-term investment potential in companies here in China. Besides the push into Asia, the Qatar fund will open an office in New York," QIA chief executive Ahmed Al-Sayed said.

"We’ve just done a deal in Europe, and we’ll continue doing deals in Europe. But as a global fund, also we need to diversify asset allocations and geographical location but we will continue in Europe, of course," Al-Sayed added.

QIA, which has around $170bn in assets under management, is looking to invest around $20bn in Asia in the next five years.

QIA is also expanding its office network in Beijing and Delhi, according to a report by Bloomberg.