Energy

Massive Scottish Offshore Windfarm Project Gets Greenlight

PensionDanmark finalized its first investment in a £2.6 billion Scottish offshore windfarm dubbed Beatrice Offshore Windfarm Ltd. PensionDanmark made the investment through the Copenhagen Infrastructure Partners’ I and II funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, May 23, 2016

Bayer Bids for Monsanto Leverkusen-based Bayer AG put out an unsolicited US$ 62 billion all-cash offer to acquire St. Louis-based Monsanto Co. Altico Capital Closes on 2 Indian Residential Deals Altico Capital, a non-banking finance company backed by Clearwater Capital Partners, Abu Dhabi Investment Council and Varde Partners, closed two real estate deals in India. […]


RDIF and Vietnam’s SCIC Form Co-Investment Platform

The Russian Direct Investment Fund (RDIF) inked a Memorandum of Understanding with Vietnam’s State Capital Investment Corporation (SCIC) to form a Russian-Vietnamese investment platform, similar to ones with China and South Korea. RDIF and SCIC will search for attractive investment projects in bilateral trade. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. […]


SWFI First Read, May 17, 2016

Investec Asset management Wins Sub-Saharan Africa Infrastructure Mandate Investec Asset management won a mandate to manage a US$ 670 million fund called the Emerging Africa Infrastructure Fund (EAIF). The fund, which was founded in 2002, is a public-private partnership financially backed by a number of governments including Switzerland, United Kingdom, the Netherlands and Sweden. The […]


SWFI First Read, May 16, 2016

Russell Investments Forms New Global Client Strategy and Research Unit Seattle-based Russell Investments created a new team called the Global Client Strategy & Research team within its investment division. This new team will be led by Kevin Turner, a 21-year veteran of the company. He will report to Brian Meath, global chief investment officer, multi-asset […]


REPORT: The State of Russian Sovereign Wealth Fund Assets

Much has changed since a decade ago. Russia’s fast growing spurt in oil is now in a different phase, as the price of crude oil is impacting the country. Russia’s Ministry of Economic Development in a 2017-2019 study forecasts the amount of assets in both the Russian Reserve Fund and National Welfare Fund will fall […]


Sovereign Funds Augmented Direct Energy Investments in 2015

Despite falling oil prices and bubbles forming in solar energy stocks, sovereign wealth funds had increased exposure to allocating directly into energy sector investments before and after the equity market turmoil in December 2015, according to data from SWFI’s Sovereign Wealth Fund Transaction Database (SWFTD). Sovereign funds alone invested directly US$ 17.99 billion into the […]


Saudi General Grains Organization Seeks to Sell Stake

Saudi General Grains Organization (SAGO), previously called the General Silos and Flour Mills Organization, has put out the feelers to sell a stake to a strategic buyer, hiring HSBC to assist. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Ali al-Naimi is Out

The Kingdom of Saudi Arabia has announced a new oil minister by royal decree. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


First West Bank Power Plant to be Constructed

Palestine’s Prime Minister Office has approved a request by the Palestine Investment Fund (PIF) to construct a power plant in the Jenin Industrial Zone, near the Gilboa-Jalame checkpoint, in the West Bank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Norway’s SWF Backs Climate Disclosure at Chevron, Exxon

The massive Norwegian sovereign wealth fund backed three shareholder proposals to modify corporate governance and climate change policies at U.S. oil giant Exxon Mobil. The fund is also backing a shareholder proposal that would force another U.S. oil giant Chevron to publish an annual assessment of climate change impact. Other large investors joining Norway’s SWF […]


Qatar SWF Reduces Stake in Glencore

A change occurred in Glencore’s shareholder base, a company run by billionaire Chief Executive Officer Ivan Glasenberg. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CHOICES: Abu Dhabi Seeks to Raise Debt

As oil lingers at a low range for Gulf countries, governments are seeking options to shore up liquidity to plug fiscal deficits. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Cenviro Explores Bio Plant Concept, Inks MoU with DONG Energy

Cenviro Sdn Berhad, a sovereign wealth enterprise of Malaysia’s Khazanah Nasional, inked a memorandum of understanding (MoU) with Denmark-based DONG Energy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, April 18, 2016

Gerald Keefe to Head APAC Corporate Banking for Citigroup Citigroup Inc. selected Gerald Keefe as its Hong Kong-based head of corporate banking for the Asia-Pacific region. This is a new role. Keefe pivots from his current job as head of corporate banking for Japan. Keefe will report to both Mark Slaughter, head of Asia-Pacific corporate […]


52 Coals Companies Excluded from Norway’s Sovereign Wealth Fund Universe

The world’s largest sovereign wealth fund is banned from investing in a new group of companies. After an assessment and application of the new product-based coal criterion in the guidelines, Norges Bank has decided to exclude 52 companies from Norway’s Government Pension Fund Global (GPFG). More exclusions will follow in 2016. Here is the list[ […]


Opportunistic Institutional Investors Place More Bids on Energy Assets

Institutional investors are allocating capital opportunistically in the energy sector. For example, the New Mexico State Investment Council (NMSIC) invested in Carlyle Power Partners II, a private equity fund managed by The Carlyle Group that targets power generation assets. Carlyle Power Partners II raised US$ 1.5 billion from investors. Pensions and sovereign funds are eyeing […]


SWFI First Read, April 7, 2016

Ghana Extractive Industries Transparency Initiative Says More than $84 Million Missing In 2014, Ghana earned more than US$ 900 million from the oil & gas sector. According to a report which was prepared by the Ghana Extractive Industries Transparency Initiative, an amount of US$ 84,382,088 could not be accounted for as government could not verify […]


Will Norway Eventually Be Overtaken as World’s Largest SWF?

Could Norway’s cash-rich sovereign wealth fund be supplanted by Saudi Arabia in 2018? Prolonged low oil prices have accelerated the push for Saudi Arabia to try a new strategy. Despite historic attempts to diversify the Kingdom’s economy, the country remains highly dependent on oil revenues – they are at an inflection point. Bloomberg’s John Micklethwait […]


SWFI First Read, March 31, 2016

GIC and Brigade Group JV Acquire Kansai Nerolac Land Bengaluru-based property developer Brigade Group and Singapore’s GIC Private Limited, through their joint venture vehicle Perungudi Real Estates, are purchasing a 16-acre asset in Chennai’s Perungudi area from Kansai Nerolac Paints for Rs 537.86 crore. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. […]