KIC Chief: Merrill Lynch Investment Was a Painful Mistake

During the global financial crisis, beleaguered U.S. banks begged for private bailouts, trying to avoid U.S. government money. In 2008, the Korea Investment Corporation (KIC) invested US$ 2 billion in Merrill Lynch. Merrill Lynch issued US$ 6.6 billion in preferred stock to the Korea Investment Corporation, Kuwait Investment Authority and Mizuho Financial Group Inc. Eventually, [...]

ADIA Invests in AvivaSA’s IPO

On September 4, 2014, Aviva plc and Hacı Ömer Sabancı Holding A.S., co-owners of AvivaSA Emeklilik ve Hayat A.Ş., a Turkish pension and life insurance joint venture, planned for an initial public offering (IPO) of their JV. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Why Sovereign Wealth Funds Were Smarter Than Yahoo Shareholders

Sunnyvale-based Yahoo was founded by hungry entrepreneurs, Jerry Yang and David Filo. Post dot-com-boom, Yahoo had acquired, sold and shuttered many high-profile acquisitions such as Geocities, Overture Services,, Right Media and (which made Mark Cuban very rich.) In 2013, Yahoo paid US$ 1.1 billion for a blog service called Tumblr, founded by young [...]

Sir Rocco Forte’s Hotel Group Gets Investment from FSI

Fondo Strategico Italiano, the Italian Strategic Fund (FSI), is investing capital into Sir Rocco Forte’s empire, Rocco Forte Hotels. FSI Investimenti, a joint venture between the FSI and the Kuwait Investment Authority (KIA), and FSI are investing £60 million into the hotel group for a 23% stake in the company. FSI Investimenti is about 77% [...]

Mumtalakat Looks to Raise $1 Billion in Debt Capital

Mumtalakat Holdings has formed separate bond and sukuk issuance programs via Irish stock exchange in a move to raise up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Aabar Looks to Refinance Stake in UniCredit

Aabar Investments PJSC, owned by International Petroleum Investment Company (IPIC), is hoping to refinance their stake in UniCredit SpA. The position is valued at US$ 2.2 billion. Aabar is the largest shareholder in Italian banking giant UniCredit, clearing over 5%. In 2010, Aabar acquired a 4.99% stake in UniCredit, ownership moved to 6.5% post-2012 rights [...]

FOOTBALL MATES: IPIC and Real Madrid Ink Ties

Abu Dhabi-based International Petroleum Investment Company (IPIC) is the next “big sovereign wealth player” in European football, choosing Real Madrid CDF. Real Madrid boasts 10 European Champions League trophies. On October 28th, both organizations announced a long-term strategic partnership, essentially to “globalize” Real Madrid’s assets. See the institutional investor profile of IPIC [ Content protected [...]

Mubadala GE Capital Seeks Investors for 144A Bond

Mubadala GE Capital PJSC, a 50:50 joint venture between General Electric and Mubadala Development Co, is setting up some roadshows to market its dollar benchmark 144A bond. Barclays and Citigroup are the global co-ordinators and joint lead managers. Other joint leader managers for the offering are HSBC, First Gulf Bank and Natixis. The JV does [...]

Qatar Sovereign Wealth Fund May Be the Next Owner of HSBC Tower

The Qatar Investment Authority (QIA) is still pursuing real estate assets across Europe. The sovereign wealth fund holds interests in many notable UK companies and assets such as Sainsbury’s, Harrods, London Stock Exchange and the Shard. The QIA has made a £1.1 billion offer for the HSBC tower in London’s Canary Wharf at 8 Canada [...]

Kuwait Investment Authority to Shed $5.4 Billion in Domestic Companies

In a move to realign their portfolio, the Kuwait Investment Authority (KIA), is selling its interests in three local businesses that are valued at 1.56 billion KWD (US$ 5.4 billion). These assets are being planned for sale in the first half of 2015. The proceeds from the sales will be reinvested by the KIA. With [...]

India deals

IFC Looks to Invest in Fullerton India Credit Company

The International Finance Corporation (IFC), the private sector investment arm of the World Bank, is looking to allocate US$ 74 million in Fullerton India Credit Company Ltd, a unit of Fullerton Financial Holdings Pte. Ltd. Fullerton Financial is a sovereign wealth enterprise (SWE) of Singapore’s Temasek Holdings. Fullerton Financial has ten operating entities providing banking [...]

Investor Group Runs Toward Reebok

Penning a letter, a group of investors from Hong Kong and Abu Dhabi are making strides to purchase Reebok from Adidas AG. The unsolicited bid is worth about €1.7 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Watch Out Banks: BAML Steps Up Game on Sovereign Wealth Funds

Bank of America Merrill Lynch (BAML) is seeking to expand ties into the Middle East and Asia, while some European banks struggle to get their houses in order. The bank was recently the global coordinator for Jimmy Choo’s initial public offering in which an Asian sovereign wealth fund became the second largest shareholder in the [...]

sovereign wealth fund center asia

Qatar Sovereign Wealth Fund Buys Stake in Lifestyle International

The Qatar Investment Authority (QIA) has agreed to pay HK$ 4.78 billion (US$ 616 million) for a 20% stake in Lifestyle International Holdings Ltd. Lifestyle International Holdings is a Hong Kong department store operator. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Who is the 2nd Largest Shareholder of Jimmy Choo?

Last week, luxury shoemaker Jimmy Choo Ltd. listed on the London Stock Exchange. London-based Jimmy Choo’s initial public offering was priced near the bottom of its 140p to 180p range. The company mentioned that the capital raise from the offering will help the business “pursue growth without compromising the brand.” Would Jimmy Choo make shoes [...]

Sovereign Wealth-Backed Fajr Capital Leads Investor Group for GEMS

Dubai-based Fajr Capital carefully led an institutional investor group to acquire the emerging markets division of GEMS Education, specifically the business segments of the Middle East, North Africa and East Asia. This high growth division attracted other investors, Mumtalakat Holding Company and Blackstone Group’s Tactical Opportunities fund, a special situations investment vehicle. This group investment [...]

FORGING ALLIANCES: Chinese and Italian State-Backed Entities Sign Major Deals

China continues to forge economic bonds with European nations, whether investing in companies, buying sovereign bonds or investing in infrastructure. Recently, 8 business deals between Italian and Chinese entities were signed, valued at around €8 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

OTPP Signs Agreement to Buy Bridon from Melrose Industries

The Ontario Teachers’ Pension Plan (OTPP), through its unit Teachers’ Private Capital, acquired UK–based wire rope manufacturer Bridon Ltd for £365 million. OTPP bought the Doncaster-based company from Melrose Industries PLC. Melrose owned Bridon since 2008. Formed in 1924 by a collection of wire rope makers, Bridon designs, manufactures and sells rope to customers in [...]

Eastern Ties: Russian Funds Partner with Chinese Government on High-Tech Parks

The Russian Direct Investment Fund (RDIF), the Russia-China Investment Fund (RCIF), the Skolkovo Fund and the People’s Government of Shaanxi Province (China) have reached an agreement to co-develop high-technology parks in both Russia and China. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Why Many Investment Bankers are Heading to the Gulf

Increasingly, sovereign wealth funds and other large public institutional investors have boosted their activity in direct investments, participating in acquisitions globally. A portion of those deals and capital raises are occurring in the GCC region, attracting a swath of investment bankers. Despite geopolitical headwinds like the Iraq government and Kurds battling ISIS over Mesopotamia, and [...]