Deals

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 [...]


Mubadala Buys out Hewlett-Packard’s Stake in IT Joint Venture

Mubadala Development Company announced today it had bought out the remaining 40% stake in Injazat Data Systems from Palo Alto-based Hewlett-Packard, bringing the United Arab Emirates-based information technology service provider under its full ownership. The size of the deal was not disclosed. According to Mubadala’s press release, the deal demonstrates the UAE sovereign wealth fund’s [...]


CIC, AVIC Acquisition of Avolon Falls Through

Two Chinese state-owned investors, China investment Corporation (CIC) and AVIC Capital Co Ltd, have ceased talks to acquire Avolon Holdings Ltd, according to Reuters. Over the course of the discussions, Avolon, the Dublin-based aircraft leasing company, was simultaneously weighing an initial public offering. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please [...]


CIC Rebalance: Sells 300 Million Shares in Noble Group

In a strategic move to rebalance its large direct holdings, sovereign wealth fund China Investment Corporation (CIC) sold about 1/3 of its holdings in Singapore-listed Noble Group Limited, a global commodity trader company. In 2009, the CIC acquired a 14.3% stake in Noble Group, betting on the natural resource theme. Noble Group is a major [...]


Dubai

Emaar Malls Records $1.6 Billion IPO

Dubai-based Emaar Malls Group raised US$ 1.6 billion in its initial public offering (IPO). This is the biggest IPO in the United Arab Emirates since 2007 – DP World had a US$ 4.96 billion offering. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Singapore SWF Makes Bid for UK Roadside Assistance Firm

UPDATE: September 25, 2014 GIC Private Limited has agreed to become a co-shareholder in RAC Ltd. In addition, RAC will not be pursuing an initial public offering at this moment. Singapore’s GIC Private Limited is in discussions with the Carlyle Group in a possible £2 billion (US$ 3.3 billion) plus takeover of RAC Ltd, the [...]


sovereign wealth fund transactions

2014 Looks to Beat 2013 in Sovereign Wealth Fund Transactions

Increasingly, sovereign wealth funds are investing directly. The larger sovereign funds are getting involved in more deals, whether in institutional real estate, partaking as a group member in a company acquisition or buying more shares on the open market. As a whole, the world of sovereign wealth funds is rapidly expanding due to numerous factors. [...]


RDIF Builds Ties With Freight Village Ru

Business as usual at the Russian Direct Investment Fund (RDIF) as it reached consensus for a probable investment in Freight Village Ru, a logistics holding company founded in 2012. Freight Village Ru develops industrial parks under the Freight Village format. The proposal capital investment would allow Freight Village Ru to expand its Vorsino project. The [...]


Friday SWFI News Roundup, September 12, 2014

Emaar Malls Group Seeks to IPO Emaar Properties is trying to have an initial public offering for its mall unit Emaar Malls Group. The IPO is targeted to raise approximately US$ 1.44 billion for Emaar Properties. The Emirates Investment Authority (EIA) reserves the right to purchase 5% of the transaction. The UAE federal sovereign wealth [...]


Dangote Transaction: Dubai Money Flows Into West Africa

Nigeria-based Dangote Cement is a publicly-traded company on the Nigeria Stock Exchange, with a market capitalization of approximately US$ 24.5 billion (largest company in Nigeria by market capitalization). Founded by businessman Aliko Dangote, Dangote Cement received a US$ 300 million investment from the Investment Corporation of Dubai (ICD). In return, ICD received a minority stake [...]


KIA Participated in Sharda Cropchem Investment

The Kuwait Investment Authority (KIA) has participated as a key investor in an Indian agrochemical business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Former GOP House Majority Leader Cantor Joins Moelis as Vice Chairman

Eric Cantor, the former congressman from Virginia, who served as U.S. House Majority Leader, will join Moelis & Co. as vice chairman and managing director. Cantor will also serve on Moelis’ board of directors. Cantor will be based out of the New York office; however, there are plans for a Moelis Washington, D.C. office. The [...]


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 [...]