A Los Angeles investment firm is a big winner in the high-stakes battle among some of world’s best-known money managers vying for a slice of cash from China’s sovereign wealth fund, which is doling out billions of dollars as it tries to profit from a global economic recovery.

China Investment Corp. has committed to invest about $1 billion with Oaktree Capital Management, people familiar with the matter said. The big allocation comes as the Chinese fund is poised to make a wave of investments directly into hedge funds around the world.

For more than a year, big-name money managers have aggressively courted CIC, as China’s fund is known, looking to Beijing for cash and its influential stamp of approval as anxious investors pulled money out of their funds.

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