Florida SBA Buys 1370 Broadway for $186 Million

The Florida State Board of Administration (SBA) acquired the 16-story building at 1370 Broadway for US$ 186 million in cash from Morristown-based Normandy Real Estate Partners. The building is located in the middle of Times Square South. It is in close proximity to Bryant Park. Normandy Real Estate renovated the property and hired CBRE to [...]

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Succession Planning at BlackRock, Fidelity and Other Giants

In many cases, U.S. asset managers have struggled to adapt once a founding CEO or key head departs. Typically asset manager CEOs carry a persona that attaches them to the brand and investment philosophy. In early April, Laurence Fink, chief executive and co-founder of BlackRock Inc., promoted a number of executives globally. BlackRock President Robert [...]

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Northern Australia Builds Ties to the Gulf via Sandalwood

The government of Australia’s Northern Territory announced early last month it had engaged in confidential discussions with a Middle Eastern sovereign wealth fund regarding “significant investment in major Northern Territory infrastructure projects.” [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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See Which Managers Won Mandates from the World’s Largest Pension Fund

Source: GPIF Japan’s US$ 1.26 trillion Government Pension Investment Fund (GPIF) is the largest public investor on the planet. The GPIF revised its investment strategy and has chosen 14 active-strategy funds and 10 passive-strategy funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Lung Disease-Focused Medical Device Developer Attracts Sovereign Wealth

Sovereign wealth funds and other large public asset owners are moving faster into the venture capital space. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian FinMin: Sovereign Wealth Fund is Not a Political Tool

The Norwegian Ministry of Finance issued a press release stating the Norwegian Government Pension Fund Global (GPFG) is “a financial investor, not a political policy tool.” Tensions have flared in the media and political scene, as the debate moves toward what Norway’s sovereign wealth fund should do when it comes to the environment and climate [...]

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REVEALED: 5 Mandates Recently Approved by New Mexico’s SIC

The New Mexico State Investment Council (NMSIC) recently approved a number of mandates dealing with private investments. The NMSIC has committed US$ 75 million to FS Equity Partners VII, L.P. This fund is managed by Freeman Spogli & Co., a private equity firm focusing on U.S. consumer-related and distribution companies. The firm was founded in [...]

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FRR Gives Out European and French Equity Mandates

Paris-based Fonds de réserve pour les retraites (FRR) has announced the winners of the active managed equities mandates for European and French stocks. The FRR introduced the request-for-proposal on May 17, 2013. These mandates are given for 4 years with the ability to extend an additional year. European Small Cap Stocks – €500 Million Mandates [...]

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Blackstone Gets Debt Optimization Job from Dubai World

New York-based Blackstone Group LP has been hired by Dubai World to analyze the organization’s debt. Blackstone will take an advisory role and seek to come up with strategies on optimizing debt scenarios for Dubai World, particularly the debt maturing in 2018. A large maturity amount of US$ 10 billion is due then. The 2009 [...]

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Sovereign Wealth Money Flows into Morocco Tourism

Al-Ajial Investment Fund, a subsidiary of Al-Ajial Holdings is investing €400 million in the Wessal Capital Gulf-Morocco venture. The Kuwait Investment Authority created the Al-Ajial Investment Fund in 2006 to target growth areas in Morocco. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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APG and Prudential Real Estate Investors Launch RE Platform

Netherlands-based Algemene Pensioen Groep (APG) and Prudential Real Estate Investors (PREI), the real estate arm of Prudential Financial, Inc., have created Pramerica Real Estate Capital V (Netherlands), raising US$ 366.7 million of discretionary capital. The majority of the capital was provided by the APG. Pramerica Real Estate Capital V (Netherlands) will target junior debt and [...]

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Omantel Partial Divestment to Fill SGRF’s Coffers

State-owned Oman Telecommunications (Omantel) is being partially sold off by the government of Oman. The proceeds of the sale will go to the Oman State General Reserve Fund, one of Oman’s sovereign wealth funds. The government hopes to raise 203.85 million OMR (US$ 528 million) for the 19% stake up for sale. The Omantel deal [...]

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Kenya’s Central Bank Chair Talks Sovereign Wealth

Mbui Wagacha, the chairman of Kenya’s central bank, commented the country was moving forward on creating a sovereign wealth fund. Kenya’s attorney general is working on drafting a framework for the sovereign wealth fund. The future sovereign fund would have a number of mandates which include, a stabilization component, savings fund and infrastructure allocation. The [...]

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Sovereign Wealth Funds Love Mick Davis

Mick Davis, the former Xstrata CEO, has raised US$ 3.75 billion in a venture targeting mid-level mining opportunities favoring copper, coal and zinc assets. Mick Davis transformed Xstrata, a regular-sized coal producer, into a mining empire. Under Davis’ command, in 8 years, Xstrata went from US$ 500 million in market capitalization to a US$ 50 [...]

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Temasek Invests in India-based StarAgri

Singapore’s Temasek Holdings is investing 2.4 Billion INR (US$ 40 million) in India-based Star Agriwarehousing and Collateral Management Limited (StarAgri) for a minority stake. StarAgri started in Rajasthan, the largest state in India by land. The company focuses on agricultural commodities providing warehousing, logistical services and collateral management. StarAgri was founded in 2004 by Suresh [...]

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North Dakota Investment Board Seeks MBS Manager

David Hunter, the relatively-new chief investment officer of the North Dakota State Investment Board, which manages many state funds including the North Dakota Legacy Fund is searching for a mortgage-backed securities manager. The amount to manage is around US$ 115 million. The board has put Western Asset Management on watch for performance and personnel changes. [...]

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SOFAZ Makes First Asian Real Estate Purchase

The State Oil Fund of Azerbaijan (SOFAZ) has purchased Pine Avenue Tower A in Seoul, South Korea for US$ 447 million. The prime office complex was sold utilizing a competitive auction process managed by Mirae Asset Management on behalf of the four owners which include, NongHyup Bank, NongHyup Life insurance, Woori Bank and KDB Life [...]

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GIC Opens Sao Paulo Office

GIC Private Limited, one of Singapore’s sovereign wealth funds, has opened an office in São Paulo, Brazil. This is the GIC’s tenth worldwide office and reflects the GIC’s interest in Latin America. Wolfgang Schwerdtle, a senior vice president of GIC, is heading the Brazil office. Schwerdtle works in GIC Special Investments and had previously been [...]

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Texas Teachers’ Hires Energy Investment Consultant

Austin-based Teacher Retirement System of Texas (TRS) is big on energy and natural resource investments. Being located in Texas, allows the pension giant insight in a burgeoning energy renaissance in industries like natural gas. Sovereign wealth fund capital from China, Singapore and New Zealand have found their way toward energy-generating assets and companies in Texas. [...]

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Libyan Wealth Fund Says Societe Generale Paid $58.5 Million in Alleged Bribes

Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), is accusing France’s second largest bank Societe Generale SA, of channeling bribe money to secure business. The LIA accuses Societe Generale of paying a middleman, a Panamanian-registered company called Leinada Inc., US$ 58.5 million in alleged bribes to secure nearly US$ 2 billion in business from [...]

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