CPPIB Loans Money to Atlantic City Casino Business

Atlantic City casinos remain highly vulnerable to growing competition from neighboring regions. The Canada Pension Plan Investment Board (CPPIB), through CPPIB Credit Investments Inc., entered into a deal as the incremental term lender to provide a senior secured term loan in an amount of up to US$ 650 million to Marina District Finance Company, Inc. [...]

Samsung C&T Shareholders Approve Merger

Samsung C&T shareholders have approved an US$ 8 billion merger of the company and its de facto holding company Cheil Industries Inc. The merger passed with 69.5% of shareholders voting for it. For the merger to go through, the deal required two-thirds of votes cast to be approved. Korea’s National Pension Service (NPS) which held [...]

Friday SWFI News Roundup, July 17, 2015

China Widens Access in its Interbank Bond Market to Foreign Central Banks and Sovereign Funds The People’s Bank of China issued new rules that permit foreign central banks, sovereign wealth funds and global financial organizations the ability to no longer need pre-approval to trade bonds, interest-rate swaps and conduct repurchase agreements. These institutions would be [...]

Central Bank of Iceland Plans to Permit Pensions to Invest Overseas Again

The Central Bank of Iceland plans to lift capital controls for its domestic pensions to invest abroad again. The capital controls were put in place in November 2008 which followed Iceland’s disastrous banking crisis. Three of Iceland’s privately-owned commercial banks: Kaupthing, Landsbanki and Glitnir ended up failing during the crisis. Iceland has rebounded since the [...]

Sovereign Wealth Funds Sticking With Listed Equities

Despite Greece stimulating drama among its people and creditors, Iran and the U.S. striking a nuclear deal, and China’s volatile equity markets, public institutional investors have stuck with listed equities in developed markets. It is true that trends (including SWFI’s own internal research) are showing wealth funds and large U.S. pensions socking more money toward [...]

REVEALED: Libyan SWF Considered Investing in Bank of Ireland

John Corrigan, the former head of Ireland’s National Treasury Management Agency (NTMA), gave testimony at an Oireachtas banking inquiry on July 15, 2015. Corrigan confirmed the NTMA met with the Libyan Investment Authority (LIA) in December 2010. This was in regard to the LIA possibly investing €1.4 billion in Bank of Ireland. The LIA eventually [...]

Democrat Senators Introduce Bankruptcy Bill for Puerto Rico

Senators Charles Schumer (Democrat-New York) and Richard Blumenthal (Democrat-Connecticut) introduced a bill, Puerto Rico Chapter 9 Uniformity Act, in the U.S. Senate to allow Puerto Rico public entities to declare Chapter 9 bankruptcy. The bill is expected to be part of a related proposal that was introduced by Puerto Rico Resident Commissioner Pedro Pierluisi (Democrat-Puerto [...]

Dyal Capital Buys Ownership Stake in Vista Equity Partners

Texas-based buyout shop Vista Equity Partners’ management is selling less than a 20% minority stake to a fund managed by Dyal Capital Partners, a private equity subsidiary of Neuberger Berman. The transaction values Vista Equity Partners at around US$ 4.3 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]

Bill Gates’ Family Office Sells Stake Back to Hamilton Lane

Kirkland-based Cascade Investment, LLC, an investment holding company controlled by Microsoft founder Bill Gates, sold its nearly 20% interest in Hamilton Lane back to the firm. Cascade Investment manages the personal wealth of Bill Gates and some assets of Seattle-based Bill & Melinda Gates Foundation. The deal has resulted in Hamilton Lane employees controlling the [...]

Constitutional Change Passes, Temasek to Share More Income with Government

Earlier this year, the Singapore government announced publicly their plans to include Temasek Holdings as a contributor to its Net Investment Returns (NIR) framework. This would essentially transfer more of Temasek’s income into the state’s coffers. The Singapore government is augmenting spending on social and infrastructure development and programs. [ Content protected for Sovereign Wealth [...]

Foreign Asset Owners Invest in Brazilian Malls

Singapore’s GIC Private Limited is paying 132.4 million reals (US$ 41.89 million) for a 35% minority stake in Via Parque Shopping from Brazil-based Aliansce Shopping Centers S.A. The mall property is controlled by developer and operator Aliansce Shopping Centers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. [...]

Temasek Backing Southeast Asian Venture Community

Paktor, a social dating app, raised S$ 10 million (US$ 7.4 million) in its latest funding round from Jakarta-based Convergence Ventures, Singapore-based Majuven Pte Ltd and Vertex Venture Holdings, a unit of Temasek Holdings. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

factor investing growth

ESG Gaining Traction Among Pensions and Wealth Funds

Environmental, social and governance (ESG) factors are increasingly being included in investment mandates. Asset managers are even integrating ESG factors into smart beta strategies. On July 14th, the New Zealand Superannuation Fund (NZSF) announced the appointment of Northern Trust’s international asset management arm to run a Barclays Global Aggregate fixed income mandate, incorporating NZSF’s ESG [...]

CalPERS Generates 2.4% Return for FY 2015

California Public Employees’ Retirement System (CalPERS) returned 2.4% in fiscal year 2015 – ended June 30th, 2015. This was CalPERS’ worst performance since 2012 when it generated a 1% return. Listed equities were a major drag on performance, along with private equity. The pension giant had an internal goal of 2.5%, far below its targeted [...]

Gulf Sovereign Wealth Funds Navigate Low Oil Prices

The Kingdom of Saudi Arabia has issued its first sovereign bonds since 2007, facing a significant budget gap that exceeds 145 billion riyals (US$ 38.6 billion) according to Saudi officials. To date, over 244 billion riyals (US$ 65 billion) has been transferred out of foreign reserves in 2015 to cover deficit spending. The reason for [...]

KIC Invests $100 Million into PetSmart

The Korea Investment Corporation (KIC) has invested US$ 100 million into U.S.-based PetSmart Inc., a pet supplies and service retailer that was taken private officially in March 2015. Buyout leads, London-based BC Partners and GIC Private Limited, are allowing partners to take over shares of Phoenix-based PetSmart. [ Content protected for Sovereign Wealth Fund Institute [...]

CapitaLand and Qatar Investment Authority Form JV Residence Fund

Singapore-based CapitaLand through its serviced residence business unit, The Ascott Ltd., entered into a 50:50 joint venture called Ascott Serviced Residence (Global) Fund Pte. Ltd. with the Qatar Investment Authority (QIA) to form a US$ 600 million serviced residence fund. Ascott Limited is one of the largest serviced residence owner-operators outside of the United States. [...]

Laricina Energy Enters Into Settlement Term Sheet with CPPIB, Seeks Court Approval

Calgary-based Laricina Energy Ltd., once able to lure large institutional investors like the Korea Investment Corporation (KIC) and Canada Pension Plan Investment Board (CPPIB), became an insolvent junior oilsands company earlier in 2015. A victim of cheap oil and lofty ambitions, in March 2015, Laricina Energy was granted Companies’ Creditors Arrangement Act court protection by [...]

Japan’s GPIF Posts Highest Annual Return

Japan’s Government Pension Investment Fund (GPIF) posted its highest return since its formation in 2001. The Japanese US$ 1.15 trillion juggernaut posted an annual return of 12% in the year ended March 31 – generating a profit worth US$ 125.2 billion. The equity allocation has paid off, as Japanese stocks delivered a 30% return for [...]

Friday SWFI News Roundup, July 10, 2015

Fairfax Financial Completes Insurer Brit Purchase On July 8, 2015, Fairfax Financial Holdings Limited completed its cash tender offer to shareholders of Brit PLC, a global specialty insurer and reinsurer. Fairfax has sold 29.9% of the Brit shares to Ontario Municipal Employees’ Retirement System (OMERS). Fairfax currently owns 70.1% of Brit and has the ability [...]

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