Deals

See Why the Alaska Permanent Fund is Smiling

The Alaska Permanent Fund Corporation (APFC) took a calculated risk and bought in early in Seattle-based Juno Therapeutics. Financially backing pharmaceutical firms in the early-stage process is risky. The wealth fund rode its investment in Juno Therapeutics far beyond the pharmaceutical company’s initial public offering (IPO). On the morning of June 30th, Juno Therapeutics’ shares [...]


ADIA and Lend Lease Move Forward with $1.49 Billion Syndication

Development giant Lend Lease and the Abu Dhabi Investment Authority (ADIA), through its subsidiary HIP, are going forward to raise a S$2 billion (US$ 1.49 billion) loan into syndication. They have hired Sumitomo Mitsui Banking Corporation (SMBC), Oversea-Chinese Banking Corporation Limited (OCBC) and DBS to assist. [ Content protected for Sovereign Wealth Fund Institute Standard [...]


Manulife Financial Woos Asian Investors, Plans to IPO REIT in Singapore

Manulife Financial Corporation is moving forward on having an initial public offering of Manulife Asset Management’s real estate investment portfolio holdings. The mega Canadian insurer is taking orders from investors to raise up to US$ 450 million. The offering is being structured as a real estate investment trust (REIT). What is interesting is that the [...]


Do Sovereign Wealth Funds Need Bankers for Deal Flow?

Sovereign funds are earning their keep as buyers of assets, competing against private equity funds for lucrative stakes in companies like New China Life and a U.K. mobile company. The competition for attractive, long-term, sustainable companies is fierce. In 2007, sovereign wealth funds owned about US$ 3.5 trillion in assets, and there were far fewer [...]


Friday SWFI News Roundup, June 26, 2015

Caisse des Dépôts et Consignations Invests in Kingdom Holdings Saudi Arabia has been making moves to open up its listed equity market to foreign investors. French public institutional investor Caisse des Dépôts et Consignations, AXA and Orange SA invested US$ 150 million in Kingdom Holding Company (KHC). Furthermore, Caisse des Dépôts et Consignations and Kingdom [...]


Tank & Rast Still For Sale

Bonn-based Tank & Rast GmbH, the massive German autobahn service company, remains up for sale. The company is owned by both RREEF Infrastructure Funds and private equity firm Terra Firma. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Sovereign Wealth Fund Sports Wrap Up

Investing in sports teams can be a strategic development investment for sovereign wealth funds and pensions. For example, the government of Qatar made an ambitious effort to turn the Gulf region into a soccer powerhouse. Qatar Sports Investments (QSI) owns football club Paris Saint-Germain and inked deals with clubs such as FC Barcelona. The government [...]


The Current Relationship Status of Asset Owners and Bankers

Headline after headline, asset owners such as OMERS and Temasek Holdings are displacing private equity firms, taking majority positions in companies and real estate assets. Our Sovereign Wealth Fund Transaction Database shows a mounting upward trend from 2005 onward of public institutional investors going direct. 2015 has been a bumper year for direct investing. On [...]


Seoul

Saudi Arabia’s Public Investment Fund Invests in POSCO E&C

Steel manufacturer POSCO’s unit POSCO Engineering and Construction (E&C) issued shares. The total deal of shares sales and new shares of POSCO E&C is worth 1.24 trillion won (US$ 1.08 billion) – a 38% ownership stake for the investor. POSCO is South Korea’s biggest steel maker. [ Content protected for Sovereign Wealth Fund Institute Standard [...]


hong kong

Sovereign Wealth Funds Back Citic Securities

Citic Securities is looking to raise as much as HK$ 27.06 billion in a massive private placement of H shares – gaining the attention of sovereign wealth funds. The firm is mainland China’s largest brokerage by market value and is raising its second batch of capital in a week. [ Content protected for Sovereign Wealth [...]


london real estate

OMERS Buys Stake in Environmental Resources Management

The Ontario Municipal Employees’ Retirement System (OMERS), through its private equity arm, has agreed to acquire a big stake in risk consulting firm Environmental Resources Management from private equity firm London-based Charterhouse Capital Partners LLP. The transaction values Environmental Resources Management at US$ 1.7 billion including debt. Alberta Investment Management Co. (AIMCo) plans to invest [...]


SOFAZ to Invest in Yuan Denominated Bonds

The State Oil Fund of Azerbaijan (SOFAZ) plans to invest up to US$ 500 million in bonds that are denominated in Chinese Yuan this month. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


BEPS tax

XPO Logistics Raises $3.26 Billion in Debt and Equity

Greenwich-based XPO Logistics Inc is raising a total of US$ 3.26 billion in new debt and equity. Institutional investors are attracted to logistic companies. Singapore’s GIC Private Limited bought a huge stake in Indcor Properties from the Blackstone Group. Part of the massive capital raise will be used to fund XPO’s acquisitions, as the company’s [...]


Institutional Investors Back Colonial Bond Issue

Spanish property company Inmobiliaria Colonial issued 4-year and 8-year notes, respectively €750 million and €500 million issues. The bond raise will chop Colonial’s financing costs by approximately 50%. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Goldman Sachs Rejigs Overseas Investment Banking Heads

Goldman Sachs transferred Matthew Westerman to London from Asia, where he was previously the head of Asia excluding Japan investment banking division since 2013. Westerman is taking the role as chairman of investment banking for Europe, the Middle East and Africa (EMEA) for Goldman Sachs. Westerman will bring his Asian contacts and relationships to the [...]


BlackRock and GIC Invest in 3SBio

Shenyang-based 3SBio Inc. and a unit of Citic Private Equity Funds Management Co. are offering 606.1 million shares at HK$ 8.30 to HK$ 9.10 per share. Newly issued shares will account for 80% of the offering. Both parties are seeking as much as US$ 712 million from a Hong Kong initial public offering (IPO). Investors [...]


Malaysian Airlines Restructuring Moves Forward

Malaysia’s Khazanah Nasional appointed Mohammad Faiz Azmi, chairman of PricewaterhouseCoopers Malaysia, to administer the restructuring of delisted Malaysian Airline System Bhd into a new company, Malaysia Airlines Bhd. Mohammad Faiz will oversee the move of Malaysian Airline System’ assets and liabilities to the new company. The new entity will start operations in September. The new [...]


CIC to Manage New Unit to Assist Chinese Domestic Enterprises Abroad

China is keen on boosting exports, while augmenting industrial capacity globally. Chinese Premier Li Keqiang’s trip to Latin America highlights the Asian giant’s ambition to stimulate industrial demand at home. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Khazanah Moves Forward with First SRI Sukuk

Malaysia’s Khazanah Nasional earlier this week launched the nation’s inaugural sustainable and responsible (SRI) sukuk – a 1 billion ringgit (US$ 280 million) bond program. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


new york asset management

Wealth Fund-Backed LoanCore Realty Trust Readies IPO

Greenwich-based LoanCore Realty Trust is preparing for its initial public offering (IPO). The trust will be merging with its predecessor entity, DivCore Subordinate Debt Club I REIT Holding, LLC, to form a newly merged LoanCore Realty Trust. The trust will be managed by LoanCore Advisors, LLC, a wholly-owned subsidiary of LoanCore Capital, LLC. [ Content [...]