Goldman Sachs was found to have set up a fund using Chinese government money to acquire US and British based companies.
It includes companies involved in cyber security services for the UK government, according to a Financial Times report.
It is understood that the company has signed seven transactions through a $2.5 billion private equity 'partnership fund' created with the China Investment Corporation (CIC) in 2017.
**CIC is a sovereign wealth fund controlled by the Chinese government.
The deal spans a range of sectors including global supply chain tracking, cloud computing, drug testing, manufacturing systems for AI, drones and electric vehicle batteries.
Although Goldman said it had made investments in the companies, it did not explicitly disclose that the funds contributed to the transaction were also partly from Beijing.
Despite rising tensions between China and the US, Goldman Sachs and CIC's cooperation has existed since the era of former President Trump's administration in 2017.
At the time, it said CIC would be a 'lead investor' in the fund, as well as play an active role in helping the acquired companies grow in China.
