Infrastructure

Friday SWFI News Roundup, March 27, 2015

TRS Delivers 8.51% for 2014 Return The Teacher Retirement System of Texas posted an 8.51% return for 2014, beating its policy index by 0.04%. The highest performing asset class for the pension system was stable value which posted 21.4%. Real return asset class posted 10.2%, followed by risk parity at 8.1% in return. Directional hedge [...]


superannuation

Future Fund Promotes Wendy Norris to be Head of Infrastructure and Timberland

Australia’s Future Fund has appointed Wendy Norris to be head of infrastructure and timberland. She will assume command of the Future Fund’s A$ 8 billion infrastructure and timberland portfolio. Norris was a director in the sovereign wealth fund’s infrastructure and timberland team since 2010. Norris fills Raphael Arndt’s position who was promoted to chief investment [...]


China Sovereign Wealth Fund’s Second Take on Italian Infrastructure

The China Investment Corporation (CIC) is taking a second look in possibly investing in a fund managed by Il Fondo Italiano per le Infrastrutture (F2i). F2i is looking to raise a second infrastructure fund, hoping to attract more foreign institutional investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


South Africa’s Public Investment Corporation Backs Xina Solar One

Spain-based Abengoa, S.A. reached a deal with South Africa’s Public Investment Corporation (PIC), Industrial Development Corporation (IDC), a development finance institution owned by the South African government, and Kaxu Community Trust, on the closing of a non-recourse project financing arrangement for Xina Solar One, located in the Northern Cape province. [ Content protected for Sovereign [...]


Group Led by Borealis Infrastructure Wins, Acquires Fortum Distribution AB

An investment group led by Borealis Infrastructure Management Inc., the infrastructure arm of OMERS, signed a deal on March 13, 2015 to buy 100% of the shares of Fortum Distribution AB, which operates and owns Fortum’s electricity distribution business in Sweden. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


Friday SWFI News Roundup, March 13, 2015

Azerbaijan Sovereign Wealth Fund Looks to Open London Office The State Oil Fund of Azerbaijan (SOFAZ) plans to open an overseas office in London. This is a sign for more allocation to overseas markets. GSO Capital Begins to Market Debut Energy Credit Fund GSO Capital Partners, the credit unit of the Blackstone Group, is attempting [...]


China’s SAFE, ADIA, CPPIB and Others Bid for Madrilena Red de Gas

Sovereign wealth funds, pension funds and other institutional investors are circling around a Spanish energy infrastructure asset. Madrileña Red de Gas, a Spanish natural gas distributor which is majority-owned by Morgan Stanley’s infrastructure unit, has three bidding groups left in the running. Some of these institutional investors include Abu Dhabi Investment Authority, CPPIB and SAFE [...]


CDPQ and Hermes to Buy 40% Stake in Eurostar from UK Treasury

The UK Treasury is selling its 40% stake in Eurostar, a high-speed railway service connecting London with Paris and Brussels, to Patina Rail LLP for £757.1 million. Patina Rail LLP is a consortium made up of Canada pension Caisse de Depot et Placement du Quebec (CDPQ) and the UK’s Hermes Infrastructure, a unit of Hermes [...]


SWFI Trend Report: Sovereign Wealth Fund Direct Infrastructure Investments, 2003-2014

Sovereign wealth funds surpassed US$ 7 trillion in assets before the end of 2014. These institutional investors typically have unique liabilities compared to public pensions. Many of the large sovereign wealth funds, funds with over US$ 30 billion in assets, seek long-term investments. When it comes to infrastructure, sovereign wealth funds pursue accommodating investment regimes, [...]


sovereign wealth fund center asia

CVC Partners Looks to Bring HKBN Public

HKBN Ltd., the second biggest broadband service provider based in Hong Kong, plans to go forward with its initial public offering – set for March 4th. The company hopes to raise HK$ 5.8 billion (US$ 750 million) from the sale. The banks leading the deal are JP Morgan, UBS and Goldman Sachs.[ Content protected for [...]


AMBITIOUS DREAMS: China’s Silk Road Fund

Analyzing demographics, technology and GDP growth, China is economically positioning itself for the next decade. In October 2014, China-backed Asian Infrastructure Investment Bank (AIIB) was revealed to the public, a possible counterweight to the Asian Development Bank (ADB) and World Bank. The AIIB is working on its articles of agreement, targeted for completion by the [...]


Chasing Infrastructure in Sweden

Fortum Oyj, a state-controlled Finnish energy company with assets in the Nordic region and Russia, is selling its Swedish electricity grid. Bids are due by early March 2015 and may fetch a price as high as US$ 7.4 billion. Fortum Oyj has shifted its strategic focus on generating power assets, while selling energy distribution assets. [...]


Brisbane

QIC’s Global Infrastructure Fund Raises $528 Million

The Queensland Investment Corporation (QIC) has raised capital commitments of US$ 528 million from four institutional investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CPPIB Allocates A$525 Million to Australian Infrastructure Tunnel Project

Canada Pension Plan Investment Board (CPPIB) announced it is investing A$ 525 million in NorthConnex motorway with a consortium that is made up of CPPIB, Transurban Group and Queensland Investment Corporation (QIC). The investor group will develop and manage a new tolled tunnel motorway located northwest of Sydney. The tunnel motorway will connect Sydney’s northern [...]


superannuation

BUYERS WANTED: Australia’s Busiest Container and Cargo Port

The lease on the Port of Melbourne is for sale. The asset could fetch A$ 5 billion. The Port of Melbourne, covers an area at the mouth of the Yarra River, is Australia’s busiest container and cargo port. The port handles around 2.5 million containers per annum, approximately 36% of Australia’s container trade. Since July [...]


$30 Billion Reasons, Qatar Sovereign Fund Goes Big on America

The Qatar Investment Authority (QIA), not shying away from falling oil prices, is pushing ahead to expand overseas investments. According to SWFI’s proprietary Sovereign Wealth Fund Transaction Database, as of January 30, 2015, the QIA ranks in the top 8 of sovereign funds with regard to total transaction amount of direct investments. Other sovereign funds [...]


Friday SWFI News Roundup, January 30, 2015

Russia’s Anti-Crisis Plan Russian Prime Minister Dmitry Medvedev has moved forward on inking a 1-year anti-crisis plan. The plan has 60 measures, costing around 2.3 trillion rubles. A major plan component is forming a financial institution that will acquire “bad debt” – more guidance will be provided by March 2015. Russia’s National Welfare Fund (NWF) [...]


6 Property Plays by Major Institutional Investors in Late Jan

According to the Sovereign Wealth Fund Transaction Database, which tracks public investor transactions, for some reason an unusual number of institutional investors are buying core properties in January. TIAA-CREF is in final talks to pay US$ 200 million for 837 Washington Street, a boutique office and retail building in Manhattan. The sellers are Taconic Investment [...]


Quebec Looks to Tap CDPQ for Public Infrastructure Projects

Caisse de dépôt et placement du Québec (CDPQ) has reached an agreement with the Government of Québec to develop and manage infrastructure assets for the province. Under the agreement and subject to the approval of province legislative amendments, CDPQ will form a new subsidiary called CDPQ Infra. This unit will lead the planning, financing, execution [...]


Abu Dhabi Terminals Gets Financing from Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank (ADCB) has signed a financing agreement worth 300 million AED (US$ 81.7 million) with Abu Dhabi Terminals to help further develop the Khalifa Port Container Terminal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]