Deals

Singapore Sovereign Wealth Centers on Asian Music Streamer

Singapore’s GIC Private Limited has invested US$ 104 million in an Asian provider of music streaming services. Founded in 2004 by Taiwanese software programmers, KKBOX has access to consumer markets in Taiwan, Japan, Hong Kong, Singapore, Malaysia and Thailand. Other key shareholders in KKBOX include: Japanese telecommunication firm KDDI Corporation, Taiwan-based smartphone maker HTC Corporation [...]


BIG DEAL: Singapore Sovereign Wealth Fund Poised for Square Investment

Twitter co-founder Jack Dorsey’s current venture Square is looking to raise capital at a US$ 6 billion valuation. San Francisco-based Square, a mobile payments company, is trying to revolutionize the world of credit card payments by turning smart phones into a credit card terminal. Founded in 2009, Square was valued at US$ 5 billion earlier [...]


SMIC Raises Capital from Datang and CIC

Shanghai-based Semiconductor Manufacturing International Corporation (SMIC) is raising capital from investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Ireland

China Ireland Technology Growth Capital Fund Invests in FieldAware

Dublin-based FieldAware, a startup technology firm the creates and sells mobile applications, has received investment from a sovereign wealth fund through a joint venture fund. In addition, two more similar capital raises are slated for announcement in the coming weeks. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


Khazanah Sells Islamic Bonds to Take Malaysian Airlines Private

Malaysia’s Khazanah Nasional sold 1.5 billion ringgit (US $476 million) of Islamic bonds to help cover the sovereign wealth fund’s full acquisition of Malaysian Airlines. Khazanah priced the 5-year bond to yield 4.14%. Debt is being issued by one of its sovereign wealth enterprise, Rantau Abang Capital Berhad. Khazanah is hoping to delist the national [...]


Cementing Deal: CVC Partners with Sovereign Wealth

CVC Capital Partners is teaming up with Singapore’s GIC Private Limited on a bid to acquire a group of assets being sold by cement giants Swiss-based Holcim and Paris-based Lafarge. The Singapore sovereign wealth fund is also a private equity investor in CVC funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. [...]


Getting Serious: China Re Looks to Tap IPO Market

Hong Kong is hot with initial public offerings. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Sovereign Wealth Fund Direct Transactions Highest YTD Since 2008

Direct Sovereign Wealth Fund Transactions – Billions USD Source: Sovereign Wealth Fund Transaction Database – Extracted August 5, 2014 Direct deals and transactions by global sovereign wealth funds touched US$ 50.02 billion in the first half of 2014. This is a 23.1% increase in transactions comparing it to the first half of 2013 (US$ 40.64 [...]


See Which Sovereign Wealth Fund Partnered with Pactual to Acquire Ariel RE

Banco BTG Pactual S.A., a Brazilian investment bank that has sovereign wealth funds as shareholders, is partnering with a sovereign wealth fund to each take a 50% stake in Ariel RE. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Temasek Cashes in on New China Life Stock Sale

Singapore’s Temasek Holdings last Thursday sold its position in New China Life, China’s third largest insurer. The Singapore sovereign wealth fund put forth a 78 million block trade after the market close. Singapore sovereign wealth centers in and out of China’s equity markets. New China Life’s fiscal year 2013 results displayed a 6.1% growth in [...]


2 Reasons Why Goldman and ADIA Are Pondering Fluery Deal

Brazil-based Fluery SA, a medical services company, has a market value of nearly US$ 1.2 billion. The Abu Dhabi Investment Authority (ADIA) and Goldman Sachs Group may join Gavea Investimentos Ltda. in a lofty bid to acquire Fluery. The likely investor group would graciously attempt to combine Fluery with Instituto Hermes Pardini Ltda., a closely [...]


Losing Patience: Qatar Sovereign Wealth May Consider Another Bid on Sainsbury

The Qatar Investment Authority (QIA), a major sovereign wealth investor that has significant assets in the United Kingdom, may make another bid for J Sainsbury plc. Some notable investments in the UK from the QIA include famed-retailer Harrods. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, July 25, 2014

CWCapital Asset Management’s Massive Sale of Distressed CMBS According to Trepp, LLC, a provider on CMBS data and analytics, the first 5 months of 2014, 431 commercial mortgage-backed security loans adding to US$ 7.7 billion were liquidated with losses. Nearly 70% of the liquidated losses were between February and March. CWCapital Asset Management’s massive sale [...]


What if ADIA Took BlackRock Private?

The Abu Dhabi Investment Authority (ADIA) is the largest sovereign wealth fund in the Middle East. The sovereign fund has a mandate to invest overseas, utilizing some of the most respected asset managers in the industry. In rare circumstances, sovereign wealth funds and pensions take equity interests in asset management firms. This is a case [...]


Qatar Holding Moves to Sell 5 Percent of LSE Holdings

Qatar Holding, a sovereign wealth enterprise of the Qatar Investment Authority, is planning to sell down its 15% stake in the LSE Group, owner of the London Stock Exchange. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Why Sovereign Funds Use the Cayman Islands for Cross-Border SPVs

Sovereign wealth funds like the Abu Dhabi Investment Authority (ADIA) utilize Cayman Island entities to facilitate cross-border transactions, primarily to North America. The British Overseas Territory in the western Caribbean Sea is a popular offshore jurisdiction, deriving its court system from the English system. The Cayman Islands is not just for hedge funds, insurance companies [...]


BNY Mellon Wins Custodial Mandate from Finland State Pension

Valtion Eläkerahasto (VER), the state pension fund of Finland, has appointed BNY Mellon to be the global custodian of the fund. Among other deciding factors, BNY Mellon had the capacity to provide a straight-through processing interface to the fund’s current technology platforms. BNY Mellon has replaced JP Morgan as the custodian.[ Content protected for Sovereign [...]


CIC Hires AgBank Banking Executive

The China Investment Corporation (CIC) has hired Liu Guiping as an executive vice president according to the sovereign wealth fund’s website. Liu is a former banker at Agricultural Bank of China, who is credited with organizing the “Pretty Mom Credit Card” which is targeted to China’s young moms. The card offers discounts on baby products [...]


UPDATE: London Stock Exchange to Review Russell Investments

The London Stock Exchange Group (LSEG) is expecting the US$ 2.7 billion deal to acquire Seattle-based Russell Investments to finalize by early next year.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Ireland

Strategic Irish and Chinese Public Money Create Tech Society

In greater frequency, the government of China has been constructing inroads by developing strategic relationships with the British Isles through roadshows, forums and joint venture agreements. A US$ 100 million fund vehicle backed by public money from Ireland and China, Summit Bridge Capital, has launched a society to bring together Irish and Chinese tech companies. [...]