Energy

X2 Resources Struggles to Move Along

X2 Resources, a fund vehicle that was promoted to scoop up troubled or fire-sale assets in the mining sector, is running into issues with itself as it lost two key investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, July 15, 2016

GETTING BIGGER: BlackRock’s AUM Reaches Record High BlackRock, the world’s largest publicly traded money manager, reported assets under management of US$ 4.89 trillion from June 2016. This is up from 3.6% a year earlier and 3.2% from March 2016. BlackRock CEO Lawrence Fink in a quarterly press release stated, “We are seeing increasing evidence that […]


CPPIB-Backed Wolf Infrastructure Agrees to Western Canadian Pipeline Deal

Calgary-based Wolf Infrastructure Inc., a midstream oil and gas company, has agreed to a deal to acquire Oklahoma City-based Devon Energy Corporation’s 50% stake in the Access Pipeline in Western Canada for C$ 1.4 billion (US$ 1.1 billion). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Chile FinMin Suggests Possibility of Tapping Wealth Funds in 2017

Facing a sharp fall in the price of copper greatly caused by reduced Chinese demand, Chile’s Ministry of Finance may tap into its sovereign funds in 2017. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Mubadala and Solvay Form JV in UAE to Expand 777X Supply

Abu Dhabi-based Mubadala Development Co., through its unit Strata Manufacturing, had formed a joint venture with Brussels-based Solvay SA, a Belgian chemical and advanced materials company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, July 8, 2016

Japan LDP Lawmakers Contemplate Japanese Sovereign Fund Some Japanese Liberal Democratic Party lawmakers are debating whether to form a sovereign wealth fund for the country. The wealth fund could possibly manage part of Japan’s elephantine foreign exchange reserves. By Japan having a sovereign fund, it could help make Tokyo into a greater financial center, while […]


london real estate

SWFI First Read, July 5, 2016

Standard Life Investments Suspends Trading in UK Property Fund U.K. property funds are facing redemption risks, potentially creating a spiral downward on property portfolios. Effective immediately, Standard Life Investments (SLI) suspended trading on July 5th on its £2.9 billion U.K. Real Estate fund. The fund targets U.K. real estate in areas such as warehouses, offices […]


New Age Secures Borrowing Facility from AFC, EIG and Wealth Fund

Lagos-based Africa Finance Corporation, an international investment grade multilateral finance institution formed in 2007, is the lead arranger for an up to US$ 425 million senior mezzanine facility for New Age (African Global Energy) Limited, a privately-held oil and gas exploration, development, and production company with assets primarily across Africa. [ Content protected for Sovereign […]


Louisiana’s Revenue Stabilization Trust Proposed to Voters in November

The State of Louisiana might get a new sovereign fund. H.B. 696, a bill that has received bipartisan support, aims to create the Revenue Stabilization Trust Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, June 22, 2016

Harvard Management Company Reduces Staff, Drops Direct Equity Investments Harvard Management Company (HMC) reduced staff and is discontinuing direct equity investments. The in-house equity group will merge with the fixed income, credit, and commodities group to form a single public-markets platform. 8 positions at HMC were eliminated in May, while 4 were eliminated this week. […]


Ahmed Saeed Al Calily Appointed Head of Mubadala Energy Group

Abu Dhabi-based Mubadala Development Company appointed Ahmed Saeed Al Calily as CEO of the group’s extensive energy platform which includes assets such as Mubadala Petroleum and Masdar. Calily will serve on Mubadala’s investment committee. Since 2009, Calily was Director General of the Abu Dhabi Technology Development Committee, a government entity focused on the development of […]


Kenmare Gets Backing from Oman SWF

Dublin-based Kenmare Resources plc, a global producer of titanium minerals and zircon, has been lining up investors for its restructuring. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


India deals

ADIA is Anchor Investor in Mahanagar Gas

Mahanagar Gas Limited, the sole supplier of natural gas in Mumbai and surrounding areas, raised Rs. 309.36 crore (US$ 46.02 million) by allocating shares to anchor investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CHERRY PICKING: Brookfield and Co-Investors Eye Brazil Gas Pipelines

In the current year, sovereign funds have been highly selective when it comes to investing in Brazil. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


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Asset Owners Form Resurgent Power

Three large asset owners formed Resurgent Power Ventures Pte. Ltd. as a platform to acquire distressed power assets that are plagued with high debt and fuel supply disruption problems. SWFI reported in February 2016 about the creation of an energy platform with Mumbai-based Tata Power and ICICI Venture. [ Content protected for Sovereign Wealth Fund […]


SWFI First Read, June 14, 2016

Ariel Re Up for Sale An investment bank was hired to put Ariel Re (Holdings) Limited up for sale. Ariel is 50% owned by BTG Pactual and 50% owned by the Abu Dhabi Investment Council. In July 2014, BTG Pactual bought its stake in Ariel. OMERS Ventures Invest in Series A in LEAGUE LEAGUE, a […]


AIMCo Strategically Finances Calfrac Well Services

The Alberta Investment Management Corporation (AIMCo) entered into a debt-with-warrants financing with Calfrac Well Services, an Alberta-based pressure pumping services provider, on behalf of certain of its clients. AIMCo sees significant value creation in Calfrac, as many energy companies in Alberta have been hit hard by the falling price of oil. Deal Specifics [ Content […]


CPPIB Backs LongPoint Minerals

The Canada Pension Plan Investment Board (CPPIB), through an affiliate of CPPIB Credit Investments Inc., is investing US$ 450 million in Denver-based LongPoint Minerals, LLC. LongPoint Minerals raised a total of US$ 525 million, in which US$ 75 million came from other investors. In addition, there will be a second closing within 60 days for […]


Greenko Energy Holdings Raises Equity from GIC and ADIA

India-based Greenko Energy Holdings, a renewable energy company, raised US$ 230 million in equity from Cambourne Investment Pte Limited, a sovereign wealth enterprise (SWE) of Singapore’s GIC Private Limited, and a SWE of the Abu Dhabi Investment Authority (ADIA). ADIA invested US$ 150 million in Greenko Energy Holdings, while GIC invested US$ 80 million. After […]


OMERS Backs Great Plains Takeover of Westar Energy

Kansas City-based Great Plains Energy Inc. is the parent of regulated power utility Kansas City Power & Light. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]