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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GIC to Seed Former CIO’s Macro Fund

Ng Kok Song, also known as Jolly, is the former chief investment officer of Singapore’s mega sovereign wealth fund GIC, where he remains as an advisor. Ng is planning on launching a global macro fund this year. Singapore’s GIC is seeding the startup fund. The GIC has a history of seeding its former executives’ hedge [...]

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Blackstone Raises €5.1 Billion for Euro Real Estate Fund IV

New York-based Blackstone Group LP has closed its Goliath-like European Real Estate Fund at its cap of €5.1 billion. This is Blackstone’s fourth European real estate fund – also being the largest dedicated European real estate fund the world has seen. Some institutional investors in the real estate fund include, New York State Teachers’ Retirement [...]

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More Public Asset Owners Open Offices in London

On March 28, 2014, Singapore’s Temasek Holdings celebrated the official opening of its European office in London at the fancy Millennium Copthorne Mayfair Hotel. Guests included Prime Minister of Singapore Lee Hsien Loong and Temasek Chairman Lim Boon Heng. Prime Minister Lee said to an audience during his London trip, “Singapore and London are two [...]

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RDIF and Eastern Institutional Investors Target Ag Firm Sodrugestvo

The Russian Direct Investment Fund (RDIF) with its group of institutional investors from the Middle East and China are investing in Sodrugestvo Group SA for a US$ 200 million stake. Incorporated in Luxembourg, Sodrugestvo is an agricultural processor and trader, generating US$ 2 billion in revenue in 2013. Founded in 1994, Sodrugestvo is the biggest [...]

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New Chairman for Trinidad and Tobago’s Sovereign Wealth Fund

According to Trinidad & Tobago’s Ministry of Finance and the Economy, Dr Ralph Henry has been appointed new chairman for the Heritage and Stabilization Fund (HSF). Henry is replacing Avyann Ferguson who was appointed from 2010-2013. Henry was a lecturer at the University of the West Indies. Henry was the first chairman of the Telecommunications [...]

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Sovereign Wealth Funds Make Up More Than 25% of U.S. Retirement Assets

The Investment Company Institute published retirement data stating that December 31, 2013 retirement U.S. assets amounted to US$ 23 trillion. These assets increased 5% from 3 months ago. Employer-based defined contribution assets in the U.S. totaled US$ 5.9 trillion, in which US$ 4.2 trillion were in 401(k) plans. As of March 2014, sovereign wealth funds [...]

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China’s Sovereign Fund to Acquire $40 Million Stake in iKang

The China Investment Corporation (CIC) is acquiring a 40% stake in iKang Healthcare Group Inc for US$ 40 million through Best Investment Corporation. Beijing-based iKang is a private healthcare provider that focuses on preventative care. The CIC is purchasing the shares at the initial public offering price. iKang is looking to raise around US$ 150 [...]

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UAE, France to Launch US$ 414 Million Fund

Abu Dhabi-based sovereign wealth fund Mubadala Development Company and French state investor CDC International inked an agreement in Paris on Tuesday to start a €300 million (US$ 414 million) joint investment fund. Each institutional investor pledged an initial commitment of €150 million (US$ 207 million). The management team for the new and currently unnamed co-investment [...]

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