CRUISING: TRS Gets Exposure to Car Dealerships in America

The Teacher Retirement System of Texas is allocating US$ 200 million for a 30.5% interest in a fund to get exposure to car dealerships across America. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Korean Pension Giant Invests in Frankfurt Core Development

Korea’s National Pension Service (NPS) has acquired 95% of the rights of a building in Frankfurt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Singapore Sovereign Wealth Fund Allocates to Indonesian Real Estate

Singapore’s GIC Private Limited and Rajawali Group, one of the biggest investment companies in Indonesia, have penned a Memorandum of Understanding (MoU) to jointly invest up to US$ 500 million in equity toward property developments in Indonesia. The focus will be on developments in central business districts throughout Indonesia. Types of real estate will include [...]

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Concierge Treatment: Private Equity Courts Mega Sovereign Funds and Pensions

Over the past few years, sovereign wealth funds have gained a bit of leverage over private equity managers. Sovereign funds like Kuwait Investment Authority (KIA), China Investment Corporation (CIC) and Abu Dhabi Investment Authority (ADIA), have taken ownership stakes in headline private equity firms such as The Blackstone Group and The Carlyle Group. As sapient [...]

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FAIL: Outsourced CIO Solution Loses with San Diego County

The board of the San Diego County Employees’ Retirement Association (SDCERA) voted 8-1 to search for an internal chief investment officer. SDCERA manages US$ 10.45 billion in assets. The pension fund is terminating its outsourced CIO Salient Partners. Houston-based Salient Partners, as a money manager, runs US$ 2 billion in risk parity and US$ 300 [...]

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KIC Chief: Merrill Lynch Investment Was a Painful Mistake

During the global financial crisis, beleaguered U.S. banks begged for private bailouts, trying to avoid U.S. government money. In 2008, the Korea Investment Corporation (KIC) invested US$ 2 billion in Merrill Lynch. Merrill Lynch issued US$ 6.6 billion in preferred stock to the Korea Investment Corporation, Kuwait Investment Authority and Mizuho Financial Group Inc. Eventually, [...]

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SWFI® NEWS, ARTICLES AND CURRENT ENTRIES

PRESS RELEASE – NAIC Becomes Title Sponsor to SWFI Institutional Investor Forum Miami

FOR IMMEDIATE RELEASE SEATTLE, Wash. – 24 November 2014 – Sovereign Wealth Fund Institute (SWFI) has announced the National Association of Investment Companies (NAIC) as the title sponsor for the SWFI NAIC Institutional Investor Forum 2015 in Miami Beach. The forum is being held on February 9, 2015 at the Fontainebleau Hotel. Sovereign wealth funds, [...]


Governance and Santiago Principles Take Center Stage in Doha

Doha, Qatar’s capital city ripe with petrol wealth and ambitions of diversification whether it be tourism, housing, entertainment, insurance or retail, is home to a massive sovereign wealth fund called the Qatar Investment Authority (QIA). Under the previous and current Qatari emirs, gargantuan developments like The Pearl, Katara and infrastructure related to the upcoming 2022 [...]


GOING NUCLEAR: China’s Biggest Nuclear Power Operator Seeking to IPO in Hong Kong

State-owned CGN Power Co. (China General Nuclear Power Group), China’s largest nuclear power plant operator, is seeking to raise US$ 3.16 billion in its Hong Kong initial public offering (IPO). CGN is under China’s State-owned Assets Supervision and Administration Commission (SASAC).[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


oil

How Iran Will Cope with Falling Oil Prices

In mid-November, Iranian Oil Minister Bijan Namdar Zanganeh embarked on a fact-finding visit to its gulf neighbor, the United Arab Emirates. Iran and other oil-producing nations are meeting to address the global falling price of crude oil. Earlier in the month, Minister Zanganeh visited Kuwait and Qatar. [ Content protected for Sovereign Wealth Fund Institute [...]


SWFI – Movers and Shakers – November 21, 2014

London Pensions Fund Authority Hires Chief Investment Officer The £4.9 billion London Pensions Fund Authority has hired Chris Rule as chief investment officer. Rule is a replacement for Alex Gracian, who exited the fund in May. Previously, Rule was head of alternatives at SEB Investment Management. The London Pensions Fund Authority has an internal investment [...]


CPPIB Boosts Goodman Group Chinese Logistics JV

The Goodman Group has been working with a variety of institutional investors such as sovereign wealth funds like the China Investment Corporation (CIC) and large pensions. The Goodman Group and Canada Pension Plan Investment Board (CPPIB) announced a US$ 500 million boost to their equity allocation in Goodman China Logistics Holdings, a fourth equity capital [...]


Friday SWFI News Roundup, November 21, 2014

Bain Capital and Other Institutional Investors Keen on Virgin Cruises Private equity firm Bain Capital has agreed to be a key shareholder in Virgin Cruises, another transport venture by billionaire Sir Richard Branson. This new cruise-line venture will required hundreds of millions of dollars. The Virgin Group would invest more than US$ 100 million in [...]


Texas Teachers: $755 Million in Private Market Commitments

T he Texas Teacher Retirement System has committed US$ 755 million to 5 private market funds. These funds were reported to have received capital commitment agreements approved before September 30, 2014. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


The World’s Largest Pension Announced its First CIO

Japan’s Government Pension Investment Fund (GPIF) has announced its first chief investment officer to the public.  GPIF President Takahiro Mitani made the statement in Japan on Thursday.  Hiromichi Mizuno will be executive managing director and chief investment officer of GPIF starting January 5, 2015.  Mizuno is currently a partner at Coller Capital, a private equity [...]


Norway Sovereign Wealth Fund Embraces Block Size Trading

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, is using less algorithmic trading in favor of trading in large block sizes. By trading stocks in large block sizes, NBIM is trying to avoid pattern-reading from pollrumptious entities in the marketplace. Institutional investors like NBIM are market makers due to their majestic [...]


SNB Chair: No Gold Sovereign Fund if Referendum Passes

Swiss National Bank (SNB), the Swiss central bank, is facing the “Save our Swiss gold” proposal from the Swiss People’s Party (SVP) who are putting it to a plebiscite on November 30, 2014. The proposed law aims to have the SNB maintain at least 20% of its assets in gold. [ Content protected for Sovereign [...]


New-York sovereign wealth fund

BIG DEAL: Ivanhoe Cambridge Buys Bryant Park Tower from Blackstone

Highlighting gregarious demand for stable, U.S. real estate, public funds are plowing massive mounds of capital into property markets like Manhattan. The Manhattan real estate market offers institutional investors a deep pool of property inventory with asset characteristics suitable for their tastes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


State Street Sells Hedge Fund Unit SSARIS

With some influential, large U.S. pensions like California Public Employees’ Retirement System (CalPERS) dumping hedge funds, the growth of smart beta products and increased regulation like Dodd-Frank, U.S. banks are being compelled to shed their hedge fund businesses. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


First Trust Gets Approval to Sell 2 ETFs to Mexican Afores

Last week, Illinois-based First Trust Advisors L.P. announced that CONSAR, the Mexican retirement fund regulator, has approved two First Trust exchange-traded funds (ETF) that can be sold to afores. In Mexico, ETFs purchased by a Mexican pension must be approved by CONSAR. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


Temasek Bets on Israeli Ingenuity

When it comes to sovereign wealth funds, Singapore’s Temasek Holdings is big on venture capital investing. The sovereign fund is betting on Israeli ingenuity by agreeing to fund new technologies emerging from Tel Aviv University.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Traditional Active Managers Fear Smart Beta Adoption

  Factor-based strategies are gaining foothold among institutional investors of all stripes. One compelling reason is that investors are concerned about the risks of cap-weighted indices. These indices tend to favor large companies and can perpetuate a cycle of overvaluation – think of Enron and Lehman Brothers. These rules-based indices are exhibiting visigoth behavior on [...]


Wellington Place: CPPIB and Hermes Real Estate Form New JV

The Canada Pension Plan Investment Board (CPPIB) and Hermes Real Estate, part of Hermes Investment Management, created a new UK regional joint venture partnership. The CPPIB and Hermes already have an existing London office joint venture formed in July 2013. This new partnership will involve Hermes Real Estate selling 50% of the development phase of [...]


NBIM and TIAA-CREF Acquires Property Across from US Capitol

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has purchased a 49.9% stake in the land at 400-444 North Capitol Street in Washington D.C. for US$ 82.3 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


3 Major Gulf Deals That Have Impacted Local Markets

Aabar Investments, a unit of International Petroleum Investment Company (IPIC), has boosted its stake in Dubai-listed Arabtec Holding to about 35% by acquiring shares from the company’s former CEO Hasan Ismaik for US$ 963 million. Aabar had owned 18.94% of Arabtec before the deal. Arabtec is noted for its work as a contractor on Dubai’s [...]


Cheniere Energy Gets Capital for Corpus Christi Liquefaction Project

On November 11, 2014, Cheniere Energy, Inc. got locked in a subscription agreement with RRJ Capital II Ltd., in which funds managed by RRJ Capital will acquire US$ 1 billion in unsecured convertible PIK notes issued by Cheniere. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


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