Opportunity Cost Model

Your Student Loan Could Be Backed by Sovereign Funds

The search for yield in an environment of low interest rates are pushing institutional investors such as U.S. pensions and wealth funds indirectly into the U.S. student loan market. These public investors have allocated swaths of capital to alternative investment firms like Apollo Global Management LLC through credit-related investment mandates. For credit managers seeking yield, [...]

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Malaysian Airlines Restructuring Moves Forward

Malaysia’s Khazanah Nasional appointed Mohammad Faiz Azmi, chairman of PricewaterhouseCoopers Malaysia, to administer the restructuring of delisted Malaysian Airline System Bhd into a new company, Malaysia Airlines Bhd. Mohammad Faiz will oversee the move of Malaysian Airline System’ assets and liabilities to the new company. The new entity will start operations in September. The new [...]

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SWFI – Movers and Shakers – May 25, 2015

Khazanah Hires Former McKinsey Partner to Lead Indian Operations Malaysia’s Khazanah Nasional hired Chinta Bhagat as an executive director for investments in India. Bhagat will start July 15, 2015 and will be based in Mumbai. Bhagat will lead the wealth fund’s Indian operations and be part of Khazanah’s global healthcare sector leadership team. Previously, Bhagat [...]

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NC Retirement Systems Awards US$ 4.5 Billion in Listed Equities

North Carolina Retirement Systems has awarded a US$ 3 billion mandate to Durham-based Piedmont Investment Advisors, LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OMERS and Crown Estate Extend Partnership by £145 Million

Ontario Municipal Employees’ Retirement Scheme (OMERS), through Oxford Properties, has entered into a second deal with the Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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ADIA Buys Hotels in North Carolina Research Triangle

Abu Dhabi Investment Authority (ADIA) has acquired two hotels in North Carolina. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI® NEWS, ARTICLES AND CURRENT ENTRIES

COUNTERPOINT: Why Long-Term Investing Can Be Dangerous

Got your attention? Personally, I agree that, in general, large sovereign funds and pensions should invest for the long-term. There are scores of reasons why and thousands of papers produced by asset managers, think tanks and professors who believe so. Nearly every institutional investor with over US$ 100 billion in assets subscribes to the “long-term [...]


Friday SWFI News Roundup, May 22, 2015

Wealth Fund Commits to Mezzanine Fund The Alaska Permanent Corporation (APFC) allocated US$ 50 million to Audax Mezzanine Fund IV, an alternative credit fund. The sovereign fund has a 2.5% allocation to private credit. AIIB to Allow Non-Asian Countries to Bank’s Board The Asian Infrastructure Investment Bank (AIIB) will have a director from Germany on [...]


New Mexico SIC’s Appetite for Agriculture Grows

On a global basis, direct farmland investing has lured institutional investors on possible diversification and inflation protection benefits. Meanwhile, the world’s population continues to expand and consumption of protein foods has rapidly grown in the past fifty years. According to United Nation figures, the world’s population is currently adding 25 million people per annum – [...]


CIC to Manage New Unit to Assist Chinese Domestic Enterprises Abroad

China is keen on boosting exports, while augmenting industrial capacity globally. Chinese Premier Li Keqiang’s trip to Latin America highlights the Asian giant’s ambition to stimulate industrial demand at home. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Brisbane

CalPERS Embarks on Asia-Pacific Infrastructure Partnership with QIC

The California Public Employees’ Retirement System (CalPERS) entered into a partnership with QIC (Queensland Investment Corporation) for a A$1 billion customized Asia-Pacific infrastructure portfolio. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Negative Rates in Europe, Shifted Sovereign Fund Behavior

Asian and Middle Eastern sovereign wealth funds and large pension investors have been awarding a slurry of mandates to opportunistic credit managers. For example, in May, the £4.8 billion London Pensions Fund Authority hired Apollo Global Management for a £150 million allocation to target distressed debt, real estate debt, leveraged senior loans and private lending [...]


JP morgan

JP Morgan Chase CEO Dimon Gets Dough, More Investors Pushback

Increasingly, shareholders are exercising their rights and taking a greater stand against bank executive compensation practices. At J.P. Morgan Chase & Co.’s annual meeting on Tuesday, 61% of shareholder votes cast supported the 2014 compensation of JP Morgan Chase CEO Jamie Dimon and other senior banking executives. [ Content protected for Sovereign Wealth Fund Institute [...]


australia infrastructure

Australia’s Future Fund Acquires €705 Portfolio from Hayfin Capital

Australia’s Future Fund is acquiring a portfolio of assets from Hayfin Capital Management LLP, a specialty commercial lender focused on Europe. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Khazanah Moves Forward with First SRI Sukuk

Malaysia’s Khazanah Nasional earlier this week launched the nation’s inaugural sustainable and responsible (SRI) sukuk – a 1 billion ringgit (US$ 280 million) bond program. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Is Unlisted Infrastructure Too Expensive?

Today there are more infrastructure investor conferences than ever before, coupled with the plethora of journals covering the sector. This is a reflection of the insatiable demand for unlisted infrastructure in developed markets. Ontario Teachers’ Pension Plan (OTPP) CEO Ron Mock back in January 2015 at the World Economic Forum in Davos said in an [...]


new york asset management

Wealth Fund-Backed LoanCore Realty Trust Readies IPO

Greenwich-based LoanCore Realty Trust is preparing for its initial public offering (IPO). The trust will be merging with its predecessor entity, DivCore Subordinate Debt Club I REIT Holding, LLC, to form a newly merged LoanCore Realty Trust. The trust will be managed by LoanCore Advisors, LLC, a wholly-owned subsidiary of LoanCore Capital, LLC. [ Content [...]


Singapore Sovereign Fund and CPPIB Buy Landmark Mall in Seoul

Affluent retail markets in Asia such as Seoul and Tokyo are luring sovereign wealth and pension dollars. Sovereign wealth funds like the Abu Dhabi Investment Authority (ADIA) and the State Oil Fund of Azaerbaijan (SOFAZ) have invested in Seoul real estate. GIC Private Limited, one of Singapore’s sovereign wealth funds, and Canada Pension Plan Investment [...]


Wealth Funds Back Irish Mezzanine Fund

The China Investment Corporation (CIC), a massive sovereign wealth fund, is seeking yield on the Emerald Isle – partnering with on-the-ground private equity real estate experts and government institutional funds. The CIC is investing in a commercial property debt fund being co-managed by private equity firm WL Ross & Co. and Dublin-based Cardinal Capital Group. [...]


Union Investment Buys Part of Watermark Place

Germany-based Union Investment Real Estate GmbH has partnered with Oxford Properties, the real estate unit of OMERS, for a London office joint venture. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CPPIB Provides Financing for Emerging Gold Producer

Globally, the mining sector in general is suffering a crisis of confidence as commodity investment inflows shrink below a 2012 peak. Many mining companies are in dire need of capital. Rubicon Minerals Corporation, an emerging gold producer, entered into a financing agreement with CPPIB Credit Investments Inc., a unit of Canada Pension Plan Investment Board [...]


Friday SWFI News Roundup, May 15, 2015

Stanford Endowment’s Head of Private Equity Joins Adams Street Partners Saguna Malhotra, the former managing director for private equity for Stanford University’s endowment, has joined Adams Street Partners as a partner. She will be based in Menlo Park. Before working at Stanford Management Company (SMC), Malhotra was vice president at Ripplewood Holdings. At SMC, she [...]


TIMBER: CalPERS Outgrows Forestland Investments

The California Public Employees’ Retirement System (CalPERS) is putting 300,000 acres of forestland in Louisiana up for sale. The planned sale represents one-fifth of CalPERS’ holdings in U.S. forests. The deal could raise several hundred million dollars. Portland-based Campbell Group LLC, one of CalPERS’ external managers focused on timberland, has hired UBS AG to run [...]


private equity

REPEAT: Alaska Permanent Fund Takes Stake in Denali Therapeutics

Institutional investors are plunging billions into emerging, pre-IPO biotechnology companies. San Francisco-based Denali Therapeutics, a new biotechnology company that is focused on developing effective therapies for neurodegenerative diseases, such as Alzheimer’s, ALS, and Parkinson’s, raised a Series A round of US$ 217 million from investors. Some of the founders of Denali Therapeutics are former Genentech [...]


UniCredit and Libyan Investment Authority Reestablish Ties

Italian banking giant UniCredit SpA is reestablishing ties with the Libyan Investment Authority (LIA) and other governmental entities in Libya. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


private equity

See Which Asset Class Returned 315.77% for this Sovereign Fund

The asset class is not equities or private equity. Keep guessing. It is definitely not a global macro hedge fund. The sovereign fund mentioned posting a 315.77% return for one of its asset classes is not the Abu Dhabi Investment Authority (ADIA) or the Qatar Investment Authority (QIA). It is not the GIC or Temasek [...]


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