SWFI First Read, December 18, 2016
New Zealand Superannuation Fund to Commit up to NZ$ 260 Million to SMEs in NZ Companies
The New Zealand Superannuation Fund (NZ Super Fund) plans to invest up to NZ$260 million in small and medium-sized New Zealand companies over the next 5 to 10 years. The NZ Super Fund is investing up to NZ$90 million in Direct Capital’s V Fund, up to NZ$120 million into Pioneer Capital’s III Fund, and up to NZ$50 million into Movac’s IV Fund. The three mandates target different parts of the private equity market in New Zealand, with Direct Capital operating at the larger end of the growth spectrum, Pioneer targeting mid-market companies seeking international growth, and Movac focused on earlier stage, high growth technology companies. Each fund is expected to invest in between 8 and 15 individual companies.
Ukraine’s PrivatBank Becomes Nationalized
On December 18, 2016, the largest bank in the Ukraine is being nationalized. The Ukrainian government stated they are now the 100% owner of PrivatBank. PrivatBank has its headquarters in Dnipropetrovsk, in central Ukraine. Founded in 1992, the bank was a pioneer in the country being the first to introduce plastic cards and ATMs. Ihor Kolomoyskyi, a Ukrainian billionaire, had a combined 49.9816% ownership stake in the bank. He owned the shares through entities such as British Virgin Islands-based Fransiano Investments Limited and Limassol, Cyprus-based Triantal Investments Limited. Gennadiy Bogolyubov, a Ukrainian billionaire, also had a 41.5769% stake in the bank.
Oman MoF Moves Omantel Equity to OIF
Oman’s Ministry of Finance transferred its 51% equity ownership interest in Oman Telecommunications Company (Omantel) to the Oman Investment Fund (OIF). This equity transfer follows a series of government ownership moves to state-owned entities like the OIF.
STC Ventures Invests in Ride Sharing App Careem
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