Energy

CIC and ENGIE Sign MoU, Focus on Low Carbon

Chinese Premier Li Keqiang made a strategic visit to France to meet with French Prime Minister Manuel Valls and French President Francois Hollande. During the political trip, Gérard Mestrallet, Chairman and CEO of ENGIE, signed a Memorandum of Understanding (MoU) with Ding Xuedong, Chairman and CEO of China Investment Corporation (CIC) in Paris. ENGIE is [...]


oil

OTPP to Acquire Oil and Gas Royalty Business of Cenovus Energy

Calgary-based Cenovus Energy Inc., Canada’s second largest independent oil producer, agreed to sell its portfolio of oil and gas royalty properties in Western Canada to Teachers’ Natural Resources Group, a unit of Ontario Teachers’ Pension Plan (OTPP), for C$ 3.3 billion (US$ 2.66 billion). Highlighted by SWFI’s Sovereign Wealth Fund Transaction Database, OTPP has taken [...]


Wealth Funds Back More Startups, Locking in Matterport and Proterra

Mountain View-based Matterport, a company that focuses on virtual reality, raised US$ 30 million in Series C financing from a group of investors. Leading the round was Qualcomm Ventures, a venture unit of Qualcomm Incorporated. Other investors are Singapore’s GIC Private Limited, Lux Capital, DCM Ventures, Felicis Ventures, Greylock Partners, Navitas Capital, AMD Ventures, AME [...]


Mubadala Forms JV with Trafigura, Buys Big Stake in Spanish Mines

Commodity trading companies are seeing value in partnering with long-term investors like wealth funds in acquiring mining assets. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Mubadala Brazilian Iron Ore Port Loses Key Contract

Usinas Siderurgicas de Minas Gerais SA (Usiminas), one of Brazil’s largest steelmakers, moved to terminate its iron ore shipment contract with MMX Sudeste Port. Historically low prices of iron ore was a factor. The port is fighting back, taking all appropriate measures including arbitration. The contract was signed in February 2011. Sudeste Port is a [...]


Sovereign Wealth Funds and Russia

RDIF Leads Investors to Fund Largest Modern Russian Petrochemical Facility

The Russian Direct Investment Fund (RDIF) has led a group of global investors to agree to invest in the development of ZapSibNeftekhim, SIBUR’s integrated petrochemical facility in Tobolsk, Tyumen Region. Moscow-based SIBUR is a gas processing and petrochemicals company. This is RDIF’s largest infrastructure project its backing. Funding Details [ Content protected for Sovereign Wealth [...]


Friday SWFI News Roundup, June 19, 2015

RISK: Norway’s Sovereign Fund CEO Questions China Sell-Off Recent volatility in mainland Chinese equity markets are posing signals to large institutional investors about potential fundamental issues occurring in Asia’s giant. NBIM CEO Yngve Slyngstad in a Bloomberg interview, after giving a speech in Oslo, commented, “You have to spend time thinking about both the valuation [...]


hong kong

CROSS DIVERISIFICATION: QIA Picks Up Big Stake in HK Electric Investments

Hong Kong billionaire Li Ka-shing, through his Power Assets Holdings, sold a 16.5% stake in HK Electric Investments to the Qatar Investment Authority (QIA), through Qatar Holding LLC, for HK$ 7.68 billion (US$ 991 million). After the deal, Power Assets Holdings will remain a top shareholder of HK Electric Investments at 33.37%. The QIA bought [...]


Institutional Investors Wade Back Into EM Renewable Projects

Applied Solar Technologies (India) Pvt. Ltd (AST) raised US$ 40 million from a round of investors with Australia’s Future Fund leading the pack. Founded in 2008, the Delhi-based solar power company touts existing backers such as Bessemer Venture Partners, Skoll Foundation-backed Capricorn Investment Group and the International Finance Corporation, the investment arm of the World [...]


Castleton Commodities to Acquire Morgan Stanley’s Physical Oil Business

Stamford-based Castleton Commodities International LLC will acquire the physical oil business of Morgan Stanley. The price of Morgan Stanley’s oil trading and storage unit was rumored to be around US$ 1 billion to US$ 1.5 billion in an all-cash purchase. Trading house Castleton Commodities raised funds from existing company investors and through a US$ 3.5 [...]


Friday SWFI News Roundup, May 8, 2015

Singapore’s CPF Chief Investment Officer Joins Mercer Chua Boon Lee, the former Chief Investment Officer of Singapore’s Central Provident Fund (CPF), is joining Mercer’s investment consulting business in Singapore as a principal. Mercer has been going under a re-organization globally. Chua will report to Soon Kian Lee, Mercer’s ASEAN business head. ADIA Sells Shares in [...]


CDPQ Partners With GE to Buy Southern Star Central Corp

Morgan Stanley Infrastructure, the infrastructure arm of Morgan Stanley, has sold Kentucky-based Southern Star Central Corporation to a group of investors which include affiliates of GE Energy Financial Services and Caisse de dépôt et placement du Québec (CDPQ). Founded in 1904, Southern Star is a FERC-regulated interstate natural gas transmission and storage system, consisting of [...]


PGGM, Gingko and Others Acquire Madrileña Red de Gas

Morgan Stanley Infrastructure, a unit of Morgan Stanley, and other shareholders are selling a 100% interest in Madrileña Red de Gas (MRG) to a group led by EDF Invest, Gingko Tree Investment Ltd, and Dutch pension fund manager PGGM. The deal is valued at around US$ 1.34 billion. [ Content protected for Sovereign Wealth Fund [...]


Silk Road Fund Commits $1.65 Billion in Pakistan Hydro Project

China’s US$ 40 billion Silk Road Fund Co Ltd announced its first project investment on April 20, 2015. The US$ 1.65 billion investment will go toward the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives – a massive economic undertaking to link China with key parts of the world. Silk Road [...]


Kazakhstan’s Samruk-Kazyna Sees Opportunity in Silicon Valley

Kazakhstan’s Samruk-Kazyna, a strategic development sovereign wealth fund (SDSWF), is analyzing whether to open an overseas office in Silicon Valley. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Shell London

Norway’s SWF to Vote on Climate Change Disclosure for BP and Shell

Norges Bank Investment Management (NBIM), manager of Norway’s sovereign wealth fund, intends to vote in favor of special shareholder resolutions at the general meetings of energy titans BP and Royal Dutch Shell. These resolutions call for listed companies to detail risk and opportunities associated with climate change and have it incorporated into their annual reports. [...]


Kurdistan Passes Oil & Gas Revenue Fund Law

In the city of Erbil, miles away from the ongoing ISIS conflict, Kurdistan’s Ministry of Natural Resources (MNR) was pleased with the passage of the Oil & Gas Revenue Fund Law by the Kurdistan parliament known locally as Perlemanî Kurdistan. To safeguard oil revenues, the MNR is keen on implementing the law as soon as [...]


Friday SWFI News Roundup, April 10, 2015

Does this cute cat have your attention? Here are the roundups for April 10th. Investment Corporation of Dubai Invests in 3 Luxury Hotels Gulf sovereign wealth funds are betting big on luxury hotel properties. The Investment Corporation of Dubai (ICD) invested in three luxury hotels – two in the United States and one in South [...]


Royal Dutch Shell to Acquire BG for £47 Billion

Oil giant Royal Dutch Shell Plc has agreed to acquire Reading-based BG Group Plc for approximately £47 billion (US$ 70 billion) in cash and shares. BG buys, ships, markets and sells liquefied natural gas (LNG). According to the press release, BG shareholders will receive 383 pence a share in cash, plus 0.4454 B shares in [...]


infrastructure

APG and CalSTRS Form Infrastructure Alliance, Brings Argo Infrastructure

Dutch-based manager APG Asset Management NV, owned by Stichting Pensioenfonds ABP, and California State Teachers’ Retirement System (CalSTRS) formed an infrastructure investment alliance – a popular trend among giants. These alliances are becoming more commonplace as asset owners and other institutional investors are teaming up identify suitable investments, compete for bigger deals and share risk [...]