Leo de Bever

Norway’s Sovereign Fund Contemplates Infrastructure Allocation, Boosting Real Estate

The Norwegian Ministry of Finance is moving forward on assessing whether the sovereign wealth fund should boost allocation over its 5% cap in real estate and begin to invest in unlisted infrastructure. Norway’s Government Pension Fund Global (GPFG) made headways investing in properties in cities such as London, New York and Boston. The sovereign fund, [...]


Kurdistan Passes Oil & Gas Revenue Fund Law

In the city of Erbil, miles away from the ongoing ISIS conflict, Kurdistan’s Ministry of Natural Resources (MNR) was pleased with the passage of the Oil & Gas Revenue Fund Law by the Kurdistan parliament known locally as Perlemanî Kurdistan. To safeguard oil revenues, the MNR is keen on implementing the law as soon as [...]


Friday SWFI News Roundup, April 10, 2015

Does this cute cat have your attention? Here are the roundups for April 10th. Investment Corporation of Dubai Invests in 3 Luxury Hotels Gulf sovereign wealth funds are betting big on luxury hotel properties. The Investment Corporation of Dubai (ICD) invested in three luxury hotels – two in the United States and one in South [...]


superannuation

3 Large Sovereign Fund Cross-Border Bids Shaping the Industry

Bidders are quietly lining up as Australia’s New South Wales (NSW) government pushes forward on a plan selling leases on select infrastructure. NSW Premier Michael “Mike” Baird won a late March election, giving him a mandate to move forward with the lease sales. Essentially, the state government seeks to lease A$ 20 billion worth of [...]


SWFI – Movers and Shakers – April 8, 2015

SEC Exam Chief Bowden Leaves for Private Sector Securities and Exchange Commission (SEC) Exam Chief Andrew Bowden is leaving the agency at the end of April to return to the private sector. Bowden was head of the SEC’s Office of Compliance Inspections and Examinations, becoming director in June 2013. He joined the SEC in November [...]


factor investing growth

Sovereign Fund-Backed Manager Launches Islamic ETF

In October 2014, Ernst & Young LLP forecasted that global Islamic banking assets will mushroom to US$ 3.4 trillion by 2018. The growth of the Islamic bond market (sukuk) has outpaced Shariah-compliant equity investments over the past few years. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. [...]


Royal Dutch Shell to Acquire BG for £47 Billion

Oil giant Royal Dutch Shell Plc has agreed to acquire Reading-based BG Group Plc for approximately £47 billion (US$ 70 billion) in cash and shares. BG buys, ships, markets and sells liquefied natural gas (LNG). According to the press release, BG shareholders will receive 383 pence a share in cash, plus 0.4454 B shares in [...]


Outsized Performance is Met With Outsized Demand

This article is sponsored by National Association of Investment Companies. Written by Alan Hughes of the National Association of Investment Companies (NAIC) Achieving oversubscribed status is often a positive accomplishment for private equity firms. It generally shows that investors have confidence in the firm’s management team and that its investment strategy will lead to healthy [...]


hedge funds

SSgA Seeks Reboot, Fixed Income ETFs Set to Rise

Boston-based State Street Global Advisors (SSgA) crowned Ronald (Ron) O’Hanley as its new CEO. The former Fidelity executive now oversees a US$ 2.45 trillion asset management division at SSgA. O’Hanley plans to possibly expand the firm’s exchange-traded products in the realm of fixed income. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. [...]


CPPIB Participates in Largest U.S. LBO for YTD 2015

Redwood City-based Informatica Corporation is being taken private for US$ 5.3 billion by Permira Advisers LLC and Canada Pension Plan Investment Board (CPPIB). This is the largest leveraged buyout (LBO) so far in 2015 in the United States. Submitting bids for Informatica were Permira and CPPIB versus Thoma Bravo LLC and Ontario Teachers’ Pension Plan [...]


BEPS tax

AMERICA PULLS BACK: China Moves to Fill Economic Void

Since the aftermath of the global financial crisis, America’s overseas economic power has increasingly waned. Lower gross domestic product (GDP), expensive decade-plus wars, higher unfunded liabilities and anemic employment figures have negatively affected America’s economic reach. Larry Summers, who served two U.S. Presidents (Clinton and Obama), opined on the country stating that its “losing its [...]


infrastructure

APG and CalSTRS Form Infrastructure Alliance, Brings Argo Infrastructure

Dutch-based manager APG Asset Management NV, owned by Stichting Pensioenfonds ABP, and California State Teachers’ Retirement System (CalSTRS) formed an infrastructure investment alliance – a popular trend among giants. These alliances are becoming more commonplace as asset owners and other institutional investors are teaming up identify suitable investments, compete for bigger deals and share risk [...]


Past 12 Months in Direct RE, Sovereign Funds Spent Over $35 Billion

Increasingly, sovereign wealth funds and pensions are making more direct investments, especially in real estate and infrastructure. Instead of simply handing money to managers, wealth funds are forming strategic partnerships with commercial developers, banks, life insurers and other pools of capital. According to SWFI’s Sovereign Wealth Fund Transaction Database, sovereign funds directly invested over US$ [...]


Friday SWFI News Roundup, April 3, 2015

ADIA Brings on Former QIC Investment Compliance Head The Abu Dhabi Investment Authority (ADIA) has hired Sam O’Sullivan as a manager in the investment services department. Previously, O’Sullivan was head of investment compliance and risk management at the Queensland Investment Corporation (QIC). Matt Winters was appointed interim head of investment compliance and risk management at [...]


RELEASED: 2015 Best Business Schools for Public Institutional Investors

Brief Summary Since our last issue, SWFI has engaged in an ambitious research project developing a rankings table specifically geared toward the top business schools for public investors. The inspiration for the project came from our fund profiles. What we noticed was, along with the top accustomed schools, several prominent executives came from smaller universities, [...]


NSSF

Second Province: Shandong Moves Retirement Fund to NSSF

China’s National Council for Social Security Fund (NSSF) just got slightly larger in terms of assets under management. China’s Shandong province, a province of just under 100 million people, has given a Rmb 100 billion (US$ 16.3 billion) mandate to NSSF to help augment investment returns. [ Content protected for Sovereign Wealth Fund Institute Standard [...]


Two Board Members Step Down from Australia’s Future Fund

Two members of Australia’s Future Fund Board of Guardians have stepped down. Former Suncorp CEO John Mulcahy has finished his term without a replacement being announced, as well as fund veteran Susan Doyle. Australian Finance Minister Mathias Cormann plans to make new board appointments soon.


Lend Lease and Big SWF Win Bid for Singapore Redevelopment

Property and development giant Lend Lease is expanding its presence in Singapore in which the company’s CEO Steve McCann views as a key growth market for large-scale urban regeneration projects. Lend Lease and its sovereign wealth fund partner are acquiring a land parcel Paya Lebar Central development site in Singapore for S$ 1.6 billion. However, [...]


DEAL FLOW: Texas Teachers Agrees to Commit More to KKR and Apollo Global

Private equity giants KKR & Co. and Apollo Global Management LLC received an additional US$ 4 billion in commitments from the Teacher Retirement System of Texas (TRS). The capital is allocated to the pension system’s Private Market Strategic Partnership Network program which permits the usage of separate accounts. [ Content protected for Sovereign Wealth Fund [...]


Japan’s GPIF Hires Three Transition Managers

Japan’s Government Pension Investment Fund (GPIF) has awarded transition manager mandates to three large asset managers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


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