Infrastructure

Friday SWFI News Roundup, July 31, 2015

GIC a Cornerstone Investor in Syngene International Singapore’s GIC Private Limited became a cornerstone investor in Syngene International Ltd, the research and development subsidiary of Indian pharmaceutical company Biocon Ltd. Essentially, Syngene is a contract research organization. GIC kicked in Rs 25 crore, other investors such as funds managed by Morgan Stanley, Deutsche Bank and [...]


GAMECHANGER: CIC Officially Announces New Subsidiary

The China Investment Corporation (CIC), the largest sovereign wealth pool of capital in China, has officially announced the launching of its newest sovereign wealth enterprise (SWE) called CIC Capital Corporation. This subsidiary will focus on long-term investments such as infrastructure, farmland, forestry and fishery projects overseas. [ Content protected for Sovereign Wealth Fund Institute Standard [...]


F2i Raises Money from Large Asian Investors

Il Fondo Italiano per le Infrastrutture (F2i), an Italian infrastructure manager partly-owned by banks and state-owned institutions, has raised €1.2425 billion in capital for its second investment fund. More than 40% of the capital, about €500 million, was raised was ex-Italy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


Sitting on Close to $20 Billion in Cash, Future Fund Waits

Australia’s Future Fund has augmented its exposure to cash, getting near the $20 billion mark. The Future Fund is having a challenging time finding enough value in what it sees are overly-priced assets in the marketplace. As of March 30, 2015, the sovereign fund had $17.8 billion in cash – a 15.2% allocation to cash.[ [...]


KIA Acquires Stake in Associated British Ports

On July 8th, Kuwait Investment Authority (KIA) finalized its purchase of a 10% direct stake in Associated British Ports Ltd. Associated British Ports is now 33.3% owned by Borealis (a unit of OMERS), 33.3% by Anchorage Ports LLP (owned by Canada Pension Plan Investment Board and Hermes Infrastructure), 23.3% by Cheyne Walk Investment Pte Ltd [...]


FCC and Bankia Agree to Sell Interests in Globalvia Infraestructuras to Khazanah

Construction company Fomento de Construcciones y Contratas (FCC) and Bankia, Spain’s fourth biggest bank, have reached a deal with Khazanah Nasional to sell 100% of their interests in Globalvia Infraestructuras for around €420 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


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 [...]


MILESTONE: AIIB Holds Official Signing Ceremony

Beijing-based Asian Infrastructure Investment Bank (AIIB), an international development bank to rival the World Bank and Asian Development Bank (ADB), held its official signing at Beijing’s Great Hall of the People. The Articles of Agreement (AoA) were officially signed. This milestone event demonstrates China’s global economic influence. 57 counties including Germany, Singapore, United Kingdom, Australia [...]


Friday SWFI News Roundup, June 26, 2015

Caisse des Dépôts et Consignations Invests in Kingdom Holdings Saudi Arabia has been making moves to open up its listed equity market to foreign investors. French public institutional investor Caisse des Dépôts et Consignations, AXA and Orange SA invested US$ 150 million in Kingdom Holding Company (KHC). Furthermore, Caisse des Dépôts et Consignations and Kingdom [...]


Tank & Rast Still For Sale

Bonn-based Tank & Rast GmbH, the massive German autobahn service company, remains up for sale. The company is owned by both RREEF Infrastructure Funds and private equity firm Terra Firma. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


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 [...]


roads

4 Up and Coming Institutional Investor Deals in the UK

Sydney-based AMP Capital which already owns 25% of Angel Trains, a U.K. rolling stock lessor company, is nearing a deal to buy control of the company with other investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


superannuation

Future Fund Settles Legal Battle Against AustralianSuper

Two of Australia’s public institutional investor giants have ended a legal battle that started in 2013 with a multi-million settlement. Australia’s Future Fund will pay AustralianSuper A$ 7 million. This amount will go toward legal costs of AustralianSuper. The wealth fund maintains it acted appropriately at all times and by settling is not admitting any [...]


Seoul

Saudi Arabia’s Public Investment Fund Invests in POSCO E&C

Steel manufacturer POSCO’s unit POSCO Engineering and Construction (E&C) issued shares. The total deal of shares sales and new shares of POSCO E&C is worth 1.24 trillion won (US$ 1.08 billion) – a 38% ownership stake for the investor. POSCO is South Korea’s biggest steel maker. [ Content protected for Sovereign Wealth Fund Institute Standard [...]


doha sovereign wealth fund

Qatar Investment Authority Reviews Asset Allocation

The Qatar Investment Authority (QIA) is reviewing its asset allocation targets, realigning its sector and geographic allocations to account for changes in global economic growth. The drop in the global price of oil and growing competition among infrastructure and high-quality property assets has affected the behavior of Gulf sovereign wealth funds. According to the SWFI’s [...]


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 [...]


Friday SWFI News Roundup, June 5, 2015

Investor Group Bids for BrisConnections Melbourne-based toll-road operator Transurban Group, AustralianSuper and the Abu Dhabi Investment Authority (ADIA) are looking at BrisConnections toll road group. The investor group is reportedly bidding A$ 1.3 billion for BrisConnections, which operates Brisbane’s toll road AirportlinkM7. Macquarie Capital and Fort Street will be hosting roadshows for BrisConnections. Potential competitive [...]


Santander and Two Large Canadian Pensions Form Infrastructure Company

The Ontario Teachers’ Pension Plan (OTPP), Canada’s Public Sector Pension Investment Board (PSP Investments) and Banco Santander, S.A. formed London-based Cubico Sustainable Investments to invest and manage investments in renewable energy and water infrastructure assets globally. Backed by pension and bank capital, Cubico will be equally owned by its three founding partners: OTPP, PSP Investments [...]


COUNTERPOINT: Why Long-Term Investing Can Be Dangerous

Got your attention? Personally, I agree that, in general, large sovereign funds and pensions should invest for the long-term. There are scores of reasons why and thousands of papers produced by asset managers, think tanks and professors who believe so. Nearly every institutional investor with over US$ 100 billion in assets subscribes to the “long-term [...]


Friday SWFI News Roundup, May 22, 2015

Wealth Fund Commits to Mezzanine Fund The Alaska Permanent Corporation (APFC) allocated US$ 50 million to Audax Mezzanine Fund IV, an alternative credit fund. The sovereign fund has a 2.5% allocation to private credit. AIIB to Allow Non-Asian Countries to Bank’s Board The Asian Infrastructure Investment Bank (AIIB) will have a director from Germany on [...]