Energy

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. […]


Former CalPERS CIO to Head Up Alaska Permanent

Russell Read is moving up to Juneau, Alaska. The former chief investment officer of the California Public Employees’ Retirement System (CalPERS) is taking the CIO job at the Alaska Permanent Fund Corporation (APFC). He was CIO at CalPERS from 2006 to 2008. After CalPERS, Read was CIO and deputy chief executive at Kuwait-based Gulf Investment […]


Samruk Kazyna Acquired Shares of KMG Kashagan B.V.

On March 9th, Samruk Kazyna got involved in a US$ 5.5 billion deal to acquire shares in KMG Kashagan B.V. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CalPERS Acquires Stake in California Solar Power Asset

The California Public Employees’ Retirement System (CalPERS) is acquiring up to a 25% ownership interest in Desert Sunlight Investment Holdings, LLC, which owns two solar photovoltaic power generation facilities located 60 miles east of Palm Springs, in eastern Riverside County, California. It was once one of the largest solar power plants in the world. CalPERS […]


Friday SWFI News Roundup, March 11, 2016

IEA Believes Global Oil Price May Have Bottomed Out This is positive news for Gulf-based sovereign wealth funds. Paris-based International Energy Agency (IEA) revealed that they believe oil prices may already gone through their lowest point. They see a decrease in oil supply in ex-OPEC countries, while witnessing disruptions within OPEC affecting the global surplus. […]


AIMCo Partners with D.E. Shaw on Renewables

The Alberta Investment Management Corporation (AIMCo) is keen on expanding its portfolio into renewable investments and opportunities. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


OIL: Are They Winning?

Gulf nations may get a pause as oil prices appear to be in the short-term moving up. Goldman Sachs made a bold forecast in February saying that oil could fall below US$ 20 a barrel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, March 4, 2016

Robbins Geller Rudman & Dowd LLP Secures Class Certification in Securities Class Action Against Covisint Corporation Robbins Geller Rudman & Dowd LLP, a securities law firm, is representing a group of investors in a lawsuit against Detroit-based Covisint Corporation. The suit alleges Covisint, certain of its officers and directors and the underwriters of the initial […]


Ireland

Strathclyde Pension Fund and ISIF Back Wind Energy Vehicle

The Ireland Strategic Investment Fund (ISIF) and Strathclyde Pension Fund are kicking in capital to NTR Wind 1 vehicle, a wind-energy strategy managed by Legal & General Capital, the investment arm of Legal and General Group, and NTR Wind Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view […]


PSP Investments Buys Energy Assets from ENGIE

In a maneuver to limit commodity price exposure, French utility giant ENGIE SA, formerly known as GDF Suez, signed two definitive agreements for the sale of its interests in 10 GW of merchant power generation capacity located in the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to […]


IT’S TIME FOR WITHDRAWALS

Øystein Olsen, the governor of Norges Bank (Norway’s central bank), addressed the public revealing the status of Norway’s economy. Like many Nordic countries, Norway is seeing its peers embrace negative interest rates. Norges Bank chopped its borrowing cost in half to a record low of 0.75% in the last fourteen months. [ Content protected for […]