Beijing  - The US private equity firm Cerberus Capital Management LP said Wednesday that it is interested in cooperating with China Investment Corp (CIC), China's sovereign wealth fund.

"We have discussions - its always a matter of what the terms are," said John Snow, Cerberus chairman and former US treasury secretary. "Sure, we'd be interested to exploring opportunities to work together with CIC."

While Cerberus has no specific proposals lying before it, "we are obviously interested in having a good relationship with sources of capital in China and elsewhere," Snow said in an interview with Deutsche Presse-Agentur dpa and the Financial Times in Beijing.

"We are patient; China is noted for its patience," Snow said. "We take a long view; they take a long view. I think we are culturally compatible. We are not looking for a quick hit."

Snow defended sovereign wealth funds, whose critics point to their lack of transparency and worry that governments might use them to seize key assets in other countries.

"These sovereign wealth funds are playing a big role today," he said. "They are a really important part in how the world works. I see them as very responsible investors."

"Organizations like CIC should be welcomed everywhere," Snow said. "They help the performance of the indigenous economy."

The former US finance and monetary chief added that he believes the world has more time to spend in the economic purgatory caused by the US subprime mortgage crisis and resulting credit crunch.

"We are closer to the end than the beginning, but I think we have a way to go," Snow said.

Cerberus is among the world's largest investment firms with holdings of 27 billion dollars. It made headlines last summer with its takeover of the US automaker Chrysler LLC. (dpa)