SWFI First Read, December 16, 2015
UC Investment Office Backs Vivek Ranadivé’s Venture Fund
Vivek Ranadivé, founder of TIBCO Software and owner of the Sacramento Kings, is heading a fund that will target innovation opportunities emerging from the University of California. The University of California Board of Regents will be an anchor investor in the fund, kicking in US$ 250 million. Originally, in September 2014, the UC Board of Regents approved of an in-house innovation fund to be called UC Ventures. The regents found it was more effective to back a private venture fund instead. Since 1980, more than 800 startup companies with UC patents have been founded.
DRA Advisors to Acquire Inland REIT
New York-based DRA Advisors LLC is purchasing all the shares of Oak Brook-based Inland Real Estate Corporation, a publicly-traded real estate investment trust (REIT), in a transaction valued at US$ 2.3 billion. DRA Advisors will assume Inland Real Estate’s debt. REIT shareholders are expected to get US$ 10.60 per share. Upon completion of the deal, Inland will become a private REIT. Inland Real Estate owns and operates shopping centers in the United States. Since 2010, Inland Real Estate has entered into a number of property deals with PGGM. The legal advisor for Inland was Proskauer. BMO Capital Markets Corp. and Silver Portal Capital acted as financial advisors for Inland. Blank Rome LLP acted as legal counsel to DRA Advisors.
Fullerton India to Inject Money into New Lending Subsidiary
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