See April General Electric Financing Deals Involving Asset Owners

In April, the Abu Dhabi Commercial Bank PJSC, which is majority-owned by the Abu Dhabi Investment Council (ADIC), agreed to acquire a portfolio of asset financing loans worth 450 million dirhams (US$ 122.5 million) from Mubadala GE Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Institutional Investor Group Pays $7.05 Billion for Queensland Motorways

After an extensive bidding process, a group of investors that include, Melbourne-based Transurban Group, AustralianSuper Pty, and Tawreed Investments, won the bidding war and became the new owners of Queensland Motorways. The investor group agreed to pay A$ 7.05 billion (US$ 6.6 billion) for a 70 km network of toll roads and bridges from the [...]

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Pakistan Raises $2 Billion in Eurobonds

The government of Pakistan has raised US$ 2 billion in international debt markets by issuing Eurobonds in terms of 5 years and 10 years. The offering was oversubscribed (over 400 orders) receiving US$ 5.2 billion in offers – it was the biggest single amount the government of Pakistan has ever raised. However, according to Moody’s, [...]

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EXPLORED: ESG Implementation for Asset Owners

Implementing ESG (environmental, social and governance) standards into an asset owner’s allocation is a complex and costly endeavor, especially for smaller public funds. The massive asset owners like the Dutch pensions have been able to hire ESG personnel, fund ESG evangelist companies and promote the cause through various non-profit entities like the Investor Network on [...]

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Deep Dive with Charlie Welsh, Co-Founder of Mergermarket

This interview will appear in the 1Q Y2014 (April 2014) issue of the Sovereign Wealth Quarterly. This is a deep dive with Charlie Welsh, Co-Founder of Mergermarket 1. As co-founder of the Mergermarket Group, what is one lesson that should be learned about the current M&A environment in Asia? In recent years China’s foreign investment [...]

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SWFI NEWS, ARTICLES AND MOST RECENT ENTRIES

Lewis Fallout: Public Fund-Backed PE Firm Faces Stress Over HFT Investment

Silicon Valley-based Silver Lake Partners, which touts public pensions and sovereign wealth funds as limited partners through its various funds, invested in New York-based Virtu Financial. An example is the Kuwait Investment Authority. Virtu Financial has postponed its planned US$ 100 million initial public offering indefinitely, due to fallout from Michael Lewis’ Flash Boys: Cracking [...]

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Taiwan Seeks to Merge Four Public Pension Funds

The government of Taiwan is seeking to merge the island’s four main public pension funds into one entity. Combined, the four pensions control around US$ 109 billion in assets. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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AIMCo Sells Major Stake in Town Shoes to DSW

Ohio-based DSW Inc. is purchasing a 44% interest in Town Shoes Limited, the biggest Canadian footwear and accessories retailer. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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$11 Billion at Stake as External Managers Line Up for Libya

The US$ 66 billion Libyan Investment Authority (LIA) is looking to allocate US$ 11 billion to external fund managers, nearly 17% of total assets. Behind this, is the LIA pressing suits against Societe Generale and Goldman Sachs in London. Fund management companies are analyzing the potential risks of doing business in Libya. However, to be [...]

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Mubadala Seeks to Raise Eurobond Issue for 2014

Abu Dhabi-based Mubadala Development Co. hired six banks to handle a new potential Eurobond issue. These banks include, Bank of America Merrill Lynch, Credit Agricole CIB, Deutsche Bank, Goldman Sachs, HSBC and National Bank of Abu Dhabi. The potential offering allows Mubadala flexibility in its capital structure. In 2011, Mubadala tested capital markets, successfully raising [...]

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3 Amazing April Private Equity Deals Influencing Market Dynamics

Jumbo-sized buyout firms are feeling emboldened to spend limited partner capital on deals that may be overvalued. In addition, public funds with large internal team have had success raising third-party capital.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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sovereign wealth fund sector deals

If Size Matters, Financial Sector Most Attractive for Sovereign Wealth Funds Between 2007 to 2013

In the past decade, sovereign wealth funds produced major strides when it comes to direct investing. From the start of 2007, till the end of 2013, the top three sectors for direct sovereign wealth fund investment were financials, real estate and energy. The 2007 banking bailouts are still major contributors to the financial sector aggregate [...]

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CVC and ADIA in Race for Spire Healthcare

The Abu Dhabi Investment Authority (ADIA) is working with London-based CVC Capital Partners to acquire Spire Healthcare. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Singapore’s Temasek Takes Sub-Saharan Africa Energy Bet

Singapore’s Temasek Holdings is moving into the sub-Saharan African natural resource market. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Not-for-Profit Giant Buys Nuveen Investments

The not-for-profit TIAA–CREF has agreed to acquire Nuveen Investments for US$ 6.25 billion including debt from an investor group led by Chicago-based Madison Dearborn Partners. Madison Dearborn bought Nuveen for US$ 5.75 billion in 2007, taking it private. At the time, it was the largest leveraged buyout in the asset management industry. New York-based TIAA-CREF [...]

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Sovereign Wealth Themes: The Sun Never Sets on Sovereign Wealth II

This brief 3-page report is available for download for SWFI subscribers. This report gives a concise overview on the proliferation of sovereign wealth funds. DOWNLOAD April 2014 – The Sun Never Sets on Sovereign Wealth II The financial economy has become more complex and interconnected, especially with the proliferation of sovereign wealth funds, rivaling other [...]

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Former Mongolia Prime Minister to Speak at Institute Fund Summit 2014 Asia

The Honorable Amarjargal Rinchinnyam will deliver a keynote speech at the Institute Fund Summit 2014 Asia at The Peninsula Hotel in Hong Kong. Amarjargal is the former Prime Minister of Mongolia and currently serves as a member of the country’s parliament. Mongolia has tremendous mining wealth, derived mostly from coal, copper, molybdenum and gold, and [...]

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Friday SWFI News Roundup, April 11, 2014

Here are some quick bytes in the world of sovereign wealth funds and other long-term public funds: Peru Sovereign Wealth Fund Progress Peru is debating on creating a sovereign wealth fund. The government does not know how big the fund could be. The South American country grew 4.2% in January 2014, a slowdown in gross [...]

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Temasek SWE and RRJ Capital Invest $250 Million in Chinese Warehouse Business

A Singapore sovereign wealth fund is betting on a Chinese logistics facilities company following a platform investment from a major U.S. private equity investor. Overseas institutional money views modern logistics in China as a viable investment theme due to growth in mainland China e-commerce and middle class income. Temasek Holdings, through SeaTown Holdings International, and [...]

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A Big Deal: GIC Pays $1.3 Billion for Meguro Gajoen

Singapore sovereign wealth fund, GIC Private Limited, beat out other institutional investors to acquire Meguro Gajoen from Dallas-based Lone Star Funds for around 134 billion JPY (US$ 1.3 billion). Meguro Gajoen is based in central Tokyo and is comprised of an office tower, hotel and banquet hall. The key tenant is Amazon Japan, the Japanese [...]

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Not Too Late: Japan’s GPIF Seeks External Managers for Foreign Bonds

The US$ 1.26 trillion Japan’s Government Pension Investment Fund (GPIF) is seeking external managers for bonds ex-Japan. These include active mandates in high-yield, inflation-linked and emerging market debt. The GPIF holds around 11% of assets in foreign debt. The pension giant will most likely continue to increase foreign debt on behalf of domestic debt allocation. [...]

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Temasek Commences Private Equity Portfolio Astrea II

Singapore’s Temasek Holdings has pushed out Astrea II, a platform that has interests in 36 private equity funds. The Sovereign Wealth Fund Institute reported in late March, that Temasek was seeking an acquirer for US$ 1 billion of buyout fund interests. Temasek holds 38% of Astrea II, being the biggest single institutional investor. There are [...]

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Mid-April 2014 Sovereign Wealth Fund Deal Watch

Paris-based Bouygues S.A., France’s #3 cell phone provider, is trying to acquire Vivdeni’s SFR mobile unit. Luxembourg-based Altice, a telecom company, wants SFR as well. SFR is the number #2 cell phone provider in France. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Angola Sovereign Wealth Fund Confirms Audit Board

The Fundo Soberano de Angola (FSDEA) has confirmed the three-member Audit Board by the country’s Ministry of Finance. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Dubai CEO Doubles Down

On April 7th, in London’s financial center, was a confluence of wealth, forecasts and discussions as Dubai officials met with international bankers and institutional investors. These “roadshow” meetings came ahead of Dubai World’s annual creditor meeting. Government officials reiterated that pre-crisis, pro-growth measures were not a regret and the area is set for another boom. [...]

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