Obama and his supporters continue to slash at Gov. Mitt Romney for keeping some of his private-sector wealth overseas, even though the president’s Illinois pension is also invested in Chinese companies and a fund in the Cayman Islands. […]
The president’s overseas wealth is part of the pension he earned from his six years in Democratic-run Illinois legislature. The pension, which is worth between $50,000 and $100,000, is managed by the Illinois State Board of Investment. […]
One of the board’s funds, Advent International Group VI-A, is based in the Cayman Islands.
The fund is run by Advent CR, Inc., which is a subsidiary of Advent CR Holdings, Inc., a Delaware corporation and the legal “parent” of “Advent International GPE VI-A Limited Partnership, a Cayman Islands limited partnership,” according to a August 2009 filing with the Securities and Exchange Commission.
The board’s 2011 report says that Cayman fund is worth $17.5 million, or 0.00015 percent of the $11.5 billion fund, which is split among hundreds of investment vehicles.
The pension fund has also invested in a series of Chinese companies, including government-run companies.
In 2011, 19 percent of board’s funds, worth $2 billion, was invested in foreign companies. Obama’s share of that foreign investment is less than $20,000. […]
The board’s 2011 report said it owned a $1 million bank loan held by Sensata Technologies. Obama’s share of that loan is under a dollar. […]
When Romney was criticized by Obama during last week’s presidential debate for his overseas investments, the former business executive and GOP presidential nominee pushed back.
“Any investments I have over the last eight years have been managed by a blind trust,” Romney countered.
“They do include investments outside the United States, including in — in Chinese companies … [and] you also have investments in Chinese companies … [and] investments through a Cayman’s trust,” Romney said.