Saudi Arabia Deputy Crown Prince to Target Majority of Aramco IPO Proceeds for Domestic Use

In early May 2017, Saudi Arabia Deputy Crown Prince Mohammad Bin Salman Al Saud, in a state televised address, commented that the Public Investment Fund (PIF) will use proceeds from the initial public offering (IPO) in Saudi Aramco will be spent between 50% to 70% domestically. PIF would support and further strengthen the country’s mining, […]

SWFI First Read, April 8, 2017

KWSP Invests in Melbourne Square Project Malaysia’s Employees Provident Fund, also known as KWSP, is investing 154 million AUD, alongside Malaysian industrial group OSK Holdings, in a mixed-use development in the centre of Melbourne in Australia called Melbourne Square. KWSP is taking a 49% stake in Yarra Park City, a unit of OSK Holdings that […]

Saudi Aramco Names More Advisors for Future Listing

The Saudi Arabian Oil Company (Saudi Aramco) has taken a number of forward steps regarding its planned initial public offering (IPO). For example, in March, the Saudi Arabian government lowered the tax rate paid by Saudi Aramco from 85% to 50%.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view […]

SWFI First Read, March 23, 2017

Amazon to Acquire Souq E-commerce giant Amazon has agreed to acquire Dubai-based Souq.com from its shareholders. Rumors say the sales price was roughly US$ 650 million. This transaction enables Amazon to expand retail e-commerce control in the Middle East. Institutional backers of Souq include Standard Chartered Private Equity, Singapore’s GIC Private Limited, Naspers, Baillie Gifford, […]

Wealth Funds Help Anchor DMart

DMart is a chain of supermarkets and hypermarkets across India that was founded by Radhakishan Damani. This chain lies under the Avenue Supermarts Ltd family, which also owns D Mart Minimax, D Mart Premia, D Homes, Dutch Harbour and others. This company has attracted sovereign funds, asset managers, private equity and family offices as anchor […]

Follow the Money – Episode 32

This episode was recorded on February 15, 2017. Rachel and I break into chatting about the SoftBank/Fortress Investment Group transaction. Rachel reports on VietJet, while I discuss direct wealth fund deals into mainland China. We dive into emerging market deals in countries such as Brazil and India. I talk about direct deals and the headaches […]

GIC Takes VietJet for a Ride

VietJet Aviation Joint Stock Company (VietJet), a Vietnamese budget air carrier, breathed life into plans to go public. VietJet was granted initial approval to operate in November 2007 by Vietnam’s Minister of Finance and was founded by Nguyen Thi Phuong Thao, a Vietnamese businesswoman. In the 1980s, Nguyen Thi Phuong Thao was a student in […]

Moelis Wins Advisory Role in Legendary Saudi Aramco IPO

Moelis & Co., a boutique investment bank, outmaneuvered its rivals to land the sole independent adviser role for the planned initial public offering (IPO) of Saudi Aramco, the state-owned oil colossus of Saudi Arabia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

SWFI First Read, February 2, 2017

QIA Sells Some Shares in Agricultural Bank of China According to Hong Kong filings, Qatar Investment Authority (QIA) sold 3.84 million H shares of Agricultural Bank of China Ltd. The shares were sold at an average price of HK$ 3.26 per share on January 27, 2017. Post-transaction, the QIA owns a 11.99% stake in the […]

SWFI First Read, January 27, 2017

OFFICIAL: OMERS Kicks in Juice for Fairfax Allies World Deal Toronto-based Fairfax Financial Holdings Limited and the Ontario Municipal Employees’ Retirement System (OMERS) announced that they have entered into an agreement pursuant to which OMERS will invest US$ 1 billion in order to indirectly acquire approximately 21% of the issued and outstanding shares of Allied […]


Mexico-based Jose Cuervo, the world’s largest tequila maker, seeks to raise US$ 706.5 million in its initial public offering (IPO). The tequila manufacturer was hesitant in having its IPO over the fluctuations in the Mexican peso. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

sovereign wealth india

Billionaire Prem Watsa Feeds OMERS’ Thirst for Indian Exposure

The Ontario Municipal Employees’ Retirement System (OMERS) finalized its participation in a private placement on January 13, 2017 to purchase 17,021,500 subordinate voting shares of Fairfax India Holdings Corporation, which is controlled by Toronto-based Fairfax Financial Holdings Limited, at a price of US$ 11.75 per share for total consideration of US$ 200,002,625. Before the placement […]

Why CPPIB and Ares Withdrawing Neiman Marcus from its IPO is a Big Deal

Are large-chain physical retail stores decaying in North America? Are financial investors failing department store retail? Direct institutional investors such as the Canada Pension Plan Investment Board (CPPIB) and other private equity firms plugged in mounds of capital into department store companies in North America. Will these significant financial bets pay off? The bad news […]

Kuwait Government to Sell Shares in Az-Zour Project

As the population of Kuwait grows, demand for electricity and water has been increasing. The Az-Zour North Independent Water & Power Project is a significant development occurring about 100 kilometers south of Kuwait City. On November 26, 2016, the power project portion was completed, giving the region a 1,500 MW natural gas-fired combined cycle power […]

SWFI First Read, December 28, 2016

Actis Disposes Remaining Stake in Umeme London-based Actis, through its holding entity Umeme Holdings Limited (UHL), disposed its entire 14.3% minority stake, some 232,214,521 shares, in Uganda-based Umeme Ltd, an electricity distribution and supply company. Actis sold an over-subscribed block of 12% in Umeme to institutional investors including the Uganda National Social Security Fund (NSSF) […]

Volvo Cars Primes for IPO

Zhejiang Geely Holding Group Co., Ltd, also known as Geely, is a Chinese automobile manufacturer headquartered in Hangzhou, Zhejiang. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

5 Signs Showing Sovereign Funds Gearing for Spending in 2017

1. Sovereign Investors are Falling Short on Infrastructure Targets There is a compelling reason why many sovereign fund executives attend conferences, chat with bankers constantly and spend internal resources on networking. Finding quality infrastructure investments is a tough endeavor. Long-term wealth funds have revamped their allocations over the past few years to target more real […]

Friday SWFI News Roundup, December 2, 2016

In case you missed – Follow the Money – Episode #25 Jo Taylor Promoted to Senior Managing Director, International Bjarne Graven Larsen, Chief Investment Officer, Ontario Teachers’ Pension Plan (OTPP), announced that Jo Taylor has been promoted into the new role of Senior Managing Director, International, effective January 1, 2017. Taylor joined OTPP in 2012 […]

Follow the Money – Episode 24

Rachel and I return to the “Follow the Money Show” after a short pause. We briefly touch upon the U.S. election results and discuss how the outcome has impacted markets so far. We also chat about infrastructure deals. Rachel shifts to chatting about Latin America and the economic bifurcation of Brazil and Argentina. We also […]

SWFI First Read, November 3, 2016

GIC May Sell Shares in Shakey’s Singapore’s GIC Private Limited may be selling some of its listed shares in Shakey’s Pizza Asia Ventures Inc. GIC may sell the shares depending on the final initial public offering price (IPO). Elliott Management to Acquire Controlling Stake in Aeolus Capital Management Elliott Management Corporation, founded by hedge fund […]