Archive | December, 2013

Illinois Gov. Faces Legal Pushback on Pension Reform

On December 27, a group of eight members of the Illinois Retired Teachers’ Association filed a class action lawsuit in Cook County Circuit Court seeking to void an amendment limiting pension benefits set to go into effect on June 1, 2014. The eight, through law firm Tabet DiVito & Rothstein LLC, argue that Public Act […]

North Dakota Goes Passive, Calamos Struggles With Outflows

It has been reported that on October 25, the North Dakota State Investment Board decided to drop several of its active equity mandates in favor of passive strategies, citing fees and performance issues. The results are that State Street Global International Alpha and Clifton EAFE Index mandates have been switched to a Pure Passive MSCI […]

AustralianSuper Makes Landmark Investment in UK Retail Space

AustralianSuper, Australia’s Melbourne-based superannuation fund, has agreed to purchase a 50% stake in thecentre:mk, a major regional shopping center from BT Pension Scheme for £270 million (US$ 442.5 million). Hermes Real Estate Investment Management acted on behalf of BTPS. According to a news release issued by AustralianSuper, the purchase is in line with a strategy […]

Amyris Hits Milestone, Raises Money from Temasek

On December 24th, Emeryville-based Amyris Inc., a renewable products company, announced an agreement to sell senior convertible promissory notes in a private placement to Singapore’s sovereign wealth fund Temasek Holdings for US$ 25 million. The chemical and fuels company also sold an additional US$ 3 million to investors associated with Wolverine Asset Management (WAM), an […]

Michael Maduell

Michael Maduell – 2013 Intersection of Sovereign Funds and Capital Markets

2013 has been a fantastic year for the Sovereign Wealth Fund Institute. We want to thank our sponsors, members, clients, subscribers and readers for participating and consuming our information daily in this fast-paced and evermore demanding space. Additionally, our SWFI membership program is gaining traction with some of the largest asset managers. From the start […]

Robbins Geller Rudman & Dowd LLP is a Platinum Sponsor of Institute Fund Summit 2014 Asia

Robbins Geller Rudman & Dowd LLP is a platinum sponsor of the Institute Fund Summit 2014 Asia – a VIP public investor summit that hosts sovereign wealth funds, pensions, superannuation funds, central banks and other long-term government funds. The Institute Fund Summit 2014 Asia is being held in Hong Kong at the Peninsula Hotel on […]

AP6 Long on Phone Chargers

According to recent filings, the Sixth Swedish National Pension Fund (AP6) intends to engage with long-term focused private equity investor Nordstjernan AB to take a 45% stake in Salcomp Oy, a manufacturer of chargers for mobile phones, tablets and other types of mobile devices. Nordstjernan will remain the majority shareholder with 55%. The transaction is […]

Norway Sovereign Fund Inks US Property Deal with Prologis

Norway’s sovereign wealth fund entered into a joint venture deal with Prologis Inc. to acquire a 45% interest in a 12.8 million square foot portfolio of industrial and logistic properties in the United States. The 66 properties are located throughout the United States in eight states across nine markets including Southern California, Pennsylvania, the San […]

European Cities Compete for Institutional Investor Operational Presence

A significant portion of the world’s largest sovereign funds have offices in London, including the revolution battered Libyan Investment Authority (LIA). Elephantine pension investors such as the Canada Pension Plan Investment Board (CPPIB) and Korea’s National Pension Service also have a presence in London. Institutional investors are naturally attracted to financial centers. Since 1986, the […]

Korea’s NPS Commits 375 Million to Natural Resource and Power PE Fund

Toronto-based Sprott Consulting LP, the private equity unit of Sprott Inc., has been awarded a mandate to co-manage a 10-year US$ 375 million private equity fund by Korea’s National Pension Service (NPS). The NPS has more than US$ 380 billion in assets, making it the third largest pension fund on the planet. The other asset […]

Private Equity Allocations are Higher, and So is Demand for Fewer Names

The California Public Employees’ Retirement System (CalPERS) is seeking to narrow the number of private equity managers they deal with. 389 managers are in the pension’s US$ 42 billion private equity program, CalPERS wants to chop that number down to less than a third. On December 16, Réal Desrochers, senior investment officer of the private […]

December Sovereign Wealth Fund and Public Pension Personnel Changes

Among personnel changes such as David Gonski leaving the chair at the Future Fund for the ANZ Bank chair, the Ontario Municipal Employees’ Retirement System (OMERS) CEO Michael Nobrega is retiring at the end of March 2014. OMERS current chief investment officer, Michael Latimer, will take over as CEO after Nobrega retires. Nobrega became CEO […]

Bernanke’s Final News Conference – Taper Down

The key thing to remember is that quantitative easing is not ending, it’s barely being reduced. Starting in January, the Federal Reserve will taper QE to a US$ 75 billion pace. Essentially, instead of US$ 40 billion of asset purchases in mortgage-backed securities, the Fed will purchase US$ 35 billion per month. Instead of purchasing […]

China Investment Corp May Restructure North American Operations

Appointed in January 2011 as the chief representative of the China Investment Corporation’s (CIC) Toronto office, Felix P. Chee is leaving the Chinese sovereign fund at the end of December. When joining the CIC, Chee perceived the job opportunity as working for a US$ 200 billion startup, tactically to help deploy cash to investments and […]

David Gonski

Gonski Leaves Future Fund Chair for ANZ Chair

David Gonski, the chairman of Australia’s largest sovereign wealth fund, will be stepping down as he plans to take on a new chair role. Gonski will be replacing John Morschel as chairman of Australia & New Zealand Banking Group Ltd (ANZ Bank) in May 2014. Gonski took over the role as chairman of the Future […]

Kessler Topaz Meltzer & Check, LLP Becomes Latest SWFI Member

Kessler Topaz Meltzer & Check, LLP is the latest organization to join as a member of the Sovereign Wealth Fund Institute. The global Sovereign Wealth Fund Institute membership program is for leading asset managers and service providers engaged in the public investor community. Some of our members include the largest asset managers in the world. […]

CalPERS Allocates 100 Million to Asian Credit Fund

A brief sigh of capital raising relief for Asian hedge funds as the California Public Employees’ Retirement System (CalPERS) invested US$ 100 million into Double Haven’s long/short credit fund. In 2011, Asia-based Double Haven spun out of Sparx Group Co Ltd, a major Asian asset manager. To put the importance of the hedge fund investment […]

Fondo Strategico Italiano Takes Stake in Valvitalia

The Fondo Strategico Italiano (FSI) closed 2013 by taking a 49.5% stake in Valvitalia, a designer, producer and supplier of equipment and components for water, natural gas and petroleum companies for €151 (US$ 207.4 million). The deal represents the fourth of the year and is included in €2.6 billion the strategic fund has invested since […]

GIC Private Limited Subscribes to Green Dragon Gas Convertible

Green Dragon Gas Ltd., a producer and distributor of Coal Bed Methane (CBM) to China, launched a convertible bond facility up to US$ 100 million. The first tranche of US$ 35 million has been subscribed by Singapore’s GIC Private Limited. The last tranche is expected to be issued on or before January 31, 2014. The […]

Loose Money Forces Sovereign Wealth Funds into Alternatives

Institutional investors like sovereign wealth funds, superannuation funds and public pensions are riding high on the equity market rallies of 2013. Financial media and conference companies have awarded top performance to a number of chief investment officers – CIO of the year is [fill in the blank.] When will the music stop playing and the […]