Alternatives
BlackRock NY

BlackRock Pushes Hedge Fund Strategies to Sovereign Wealth Funds

Asset heavy, seeking higher yields – sovereign wealth fund medley – is embracing hedge fund strategies left and right. Behemoth asset managers like BlackRock are offering hedge fund strategies to generate higher fees and compete with traditional hedge funds like Och-Ziff Management, Brevan Howard Asset Management, BlueCrest Capital Management and Dalio’s Bridgewater Associates. Sovereign funds [...]


Friday SWFI News Roundup, February 27, 2015

Coller Capital Leads Restructuring of Irving Place Capital Partners III London-based Coller Capital, a secondaries firm, is leading an investor group to restructure a US$ 2.7 billion fund, Irving Place Capital Partners III, managed by Irving Place Capital Management. The fund was raised before the financial crisis in 2006. Abu Dhabi Investment Authority (ADIA) is [...]


sovereign wealth

Morgan Stanley to Fork Over $2.6 Billion to Settle Mortgage Bond Sales Claims

Morgan Stanley will pay the U.S. Department of Justice (DOJ) US$ 2.6 billion to settle claims over its role in the sale of mortgage bonds pre-financial crisis 2008. In January 2015, the bank boosted its legal reserves by US$ 2.8 billion. Bank of America, Citigroup and JPMorgan Chase have all paid billions to settle pending [...]


seattle

Who Will Buy Russell Investments?

The London Stock Exchange Group PLC, along with its advisor, are prepping the auction process for selling part of Seattle-based Russell Investments. By selectively shopping for nearly 100 buyers, possible acquirers could be a rival money manager, private equity firm, Canadian bank or an asset owner like a sovereign wealth fund? At the time of [...]


SWFI – Movers and Shakers – February 23, 2015

Morgan Stanley Hires Former OTPP Executive Frederik Wijsenbeek joined the ranks of financial giant Morgan Stanley as an executive director in private equity. Based in London, Wijsenbeek will be working on a US$ 1.5 billion mid-market private equity fund. Previously, Wijsenbeek was an investment partner at London-based Global Family Partners, a multi-family office focused on [...]


seattle

$130 Million To $1 Billion, APFC’s Unrealized Gain on Juno

In greater frequency, sovereign wealth funds are participating as cornerstone investors, not just in Asia, but in U.S. pharmaceutical companies. Sovereign wealth centers on the importance of high-quality deal flow, eagerly waiting for special opportunities from their vast lineup of asset managers. These special opportunities can lead to outsized investment returns for public institutional investors. [...]


3 Game-Changing Private Equity Industry Trends

  Coming back from our Miami SWFI Institutional Investor Forum at the Fontainebleau, which had institutional investor capital from all around the globe, I thought about asset owners and the importance of specialist and emerging private equity firms. The significance of domain expertise and founder involvement, to me, is paramount. At our February forum, in [...]


Is Harvard’s Endowment Just a Stepping Stone?

Greenwich-based Tudor Investment Corporation is one of many asset managers capitalizing on Harvard’s endowment exodus of professional investment managers. Emil Dabora, who was managing director and head of developed equity markets at Harvard Management Company (HMC), was hired to fill the newly-created position of global event-driven equity strategy at Tudor Investment. Dabora will be located [...]


CDPQ Partners With Bronfman Family Office on Israeli Tech

Caisse de Depot et Placement du Quebec (CDPQ) has partnered with the investment office of the Stephen Bronfman family (Claridge Investment Ltd) to form a joint venture to allocate capital to Israel-based technology firms. Claridge manages the Bronfman family’s assets. The joint venture, Claridge CDPQ Israel, will operate out of Tel Aviv. [ Content protected [...]


Rubenstein Doesn’t See Sovereign Wealth Funds Pulling Back From Private Equity

Carlyle Group Co-CEO David Rubenstein highlights that not all limited partners are paying the same fees. Larger limited partners who commit more capital or commit early in the fundraising process typically receive fee discounts. This type of fee negotiating is not unique to the Carlyle Group, but to other private equity firms like CVC Capital. [...]


hedge funds

How Hedge Funds Can Access Sovereign Wealth Funds

As U.S. pensions such as California Public Employees’ Retirement System (CalPERS) – which pulled out of hedge funds in 2014, and New Mexico Public Employees’ Retirement Association which lowered its hedge fund allocation from 7% to 4%, sovereign wealth funds are becoming a larger target market for hedge funds. There is a segment of sovereign [...]


New York

Crestview Partners Raises Third Fund

New York City-based Crestview Partners, LLC has raised more than US$ 3.25 billion for its third fund, Crestview Partners III. The private equity firm and its employees kicked in US$ 250 million into the fund. Crestview’s last fund raised around US$ 2.4 billion in 2009. The fund is seeking to invest in companies with a [...]


Misys Could Have a New Owner

London-based financial software provider Misys Plc, a portfolio company of Vista Equity Partners LLC, was getting primed for sale in 2014. US-based private equity firm Vista Equity hired banks to seek out prospective buyers and options for Misys. Founded in 1979, Misys is one of the UK’s biggest software companies and touts the world’s largest [...]


new york asset management

DONE WITH IT: Guggenheim Partners Spins Off Hedge Fund Unit

Guggenheim Partners sold the company’s multi-asset strategy hedge fund which launched in 2011 to a management group which includes, Loren Katzovitz and Patrick Hughes, managing partners of Guggenheim Global Trading (GGT). GGT is the firm’s proprietary trading division which beefed up hires in 2011. The new company is also picking up GGT CFO Michael Carrieri, [...]


India deals

Temasek Holdings Invests in Manthan Software

Singapore’s Temasek Holdings invested in Bengaluru-based Manthan Software Services Pvt. Ltd, leading a Series D investment round of Rs 370 crore. Palo Alto-based Norwest Venture Partners, an existing investor in data analytics provider Manthan Software, participated in the investment round. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


CHOPPED: West Midlands Pension Fund Drops Hedge Funds

West Midlands Pension Fund is dumping its relatively small hedge fund program. The £10.1 pension fund is in the midst of selling its entire £200 million hedge fund allocation. The capital from the transaction will go to other under-allocated asset classes. The hedge fund allocation was endorsed by the fund’s former chief investment officer Judy [...]


Apple Crushes Earnings, Sovereign Funds Look to Xiaomi

Apple, the maker of many I-things, like the iPad, iPhone and iPod, delivered strong earnings. Apple’s revenue topped at US$ 74.6 billion and US$ 3.06 in earnings per share. 74.5 million iPhones were sold, up 46% compared to the previous year. Equity research analysts expected only 65 million iPhones to be sold. iPhone revenue was [...]


See Why Singapore’s Sovereign Fund Had a Busy Week

The Singapore sovereign wealth fund GIC Private Limited is involved in investing directly all across the world. Starting in Australia, the sovereign fund redeemed exchangeable securities in Australia-based The GPT Group, a diversified listed property group, for A$ 325 million, plus a non-underwritten A$ 50 million security acquisition plan. Selling Shares of Luye Pharma On [...]


Are You Allocated to a Private Equity Firm Ranked in this Study?

Since 2009, Professor Oliver Gottschalg of Paris-based HEC Business School, also known as école des Hautes Etudes Commerciales de Paris, has put out an annual ranking on top performing private equity firms. The 2014 HEC-DowJones Private Equity Performance Ranking illustrates private equity firms’ historic performance and expected “future competitiveness” based on a number of criteria. [...]


China’s State Council Looks to Form $6.5 Billion State Venture Capital Fund

The government of China is looking to create a government venture capital fund which may be capitalized at 40 billion yuan (US$ 6.5 billion). China is trying to maintain its relatively high economic growth rate and migrate toward medium to higher areas of manufacturing and services. The venture capital fund would be funded by existing [...]