Archive | January, 2014
Leo de Bever

AIMCo Opens Up Shop in London

The Alberta Investment Management Corporation (AIMCo), one of Canada’s largest public asset owners, has opened an office in London. Increasingly, Canadian public investors are setting up offices globally to be closer to their current and potential private investments. The evolutionary trend of public asset owners opening up offices to be near financial centers is an […]

Ted Wheeler, Oregon State Treasurer

TPG Founders Entice Beloved LPs for Bridge Fund

The Robert M. Bass Group alumni, David Bonderman and Jim Coulter, are trying to convince their long-term clients on ponying up between US$ 1.6 billion to US$ 2 billion to spend on deals (mostly in North America) until TPG Capital can raise another flagship private equity fund. This “bridge investment capital” would allow TPG Capital […]

Insurance Companies Compete Against Sovereign Funds for Institutional Real Estate

Growing in prevalence, global insurance giants like Munich-based Allianz SE are competing against sovereign funds on core properties. Historically, institutional real estate has been an important asset class for insurers. In 2013, Allianz had issues finding enough “good” deals in real estate. The 9.1% increase in total deal amount reflects a growing appetite for real […]

France’s FRR Seeks Passive Global Manager

France’s Fonds de réserve pour les retraites (FRR) is seeking a passive global manager. Translated in English to the French Pensions Reserve Fund, the passive mandate will be across all asset classes. The €36.6 billion public fund manager’s contract with Amundi, a global asset manager, will expire in September.[ Content protected for Sovereign Wealth Fund […]

Abu Dhabi Investment Council Wants Money Back From Golomt Bank

The Abu Dhabi Investment Council (ADIC) is desiring to sever ties with Mongolia’s biggest private lender, Golomt Bank. Created in 1995, Golomt Bank is 84.6% owned by Bodi International LLC, an industrial conglomerate. Other key investors include Credit Suisse, Swiss-Mo (owned by Urs Schwarzenbach) and Trafigura Beheer B.V. The Ulaanbaatar-based bank and ADIC are arguing […]

GIC Goes Back to School

Singapore’s sovereign wealth fund, GIC Private Limited and Macquarie Capital have announced a joint venture to take a majority stake in Iglu, a student accommodation owner, developer and operator. This is not the first time the GIC has invested in student housing. In 2005, the sovereign fund established a joint venture with UNITE Capital Cities […]

Keller Rohrback L.L.P. Joins the Sovereign Wealth Fund Institute

Keller Rohrback has joined the Sovereign Wealth Fund Institute as a member. 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. About Keller Rohrback L.L.P. Keller Rohrback is a United […]

Singapore’s GIC Sues Merck and Schering-Plough

The Government of Singapore Investment Corporation Pte Ltd (now known as GIC Private Limited), one of Singapore’s sovereign wealth funds, bought millions of shares in Schering-Plough Corporation common stock through both self-managed and externally managed accounts. Schering-Plough was a U.S. pharmaceutical company, until its merger with Merck on November 3, 2009. The GIC is being […]

SAFE’s CIO to Leave Job

Zhu Changhong, the man behind managing China’s foreign exchange reserves, is leaving his position as chief investment officer. The former PIMCO alumni is credited for diversifying China’s foreign reserves away from U.S. Treasury bonds. Zhu lowered the proportion of treasuries, while increased exposure to U.S. corporate bonds, equities, real estate, Japanese bonds and Japanese equities. […]

Gao and other Sovereign Funds in Davos

Some sovereign wealth funds and mega pensions have converged on Davos, the Swiss city where the World Economic Forum is held. Bahrain’s Mumtalakat Holdings, a frequent Davos delegate sender, had their CEO Mahmood al-Kooheji representing Bahrain. Kooheji gave an optimistic update on Gulf Air citing layoffs and restructuring changes. In addition, Kooheji told Reuters reporters […]

CIC-Backed Hedge Fund PCA Investments Closes Doors

PCA Investments Holding Co, Ltd, a joint venture between the China Investment Corporation (CIC) and PCA Partners, was a multi-strategy hedge fund that has closed down. PCA Investments (Principia Capital Advisors) received major backing from the China Investment Corporation. Principia is named after a famous book by René Descartes, a renowned French philosopher. The CIC […]

3 Reasons Why Sovereign Wealth Funds are Bullish on Huarong

Chinese bad debt is a hot sector for institutional investors. Blackrock, the Blackstone Group, Bain Capital and KKR are savoring over the possibility of buying a stake in China Huarong Asset Management Co Ltd, the largest of China’s bad loan managers. Other institutional investors include sovereign wealth funds from Asia and the Middle East. Huarong […]

Bachher Gets CIO Job at UC Investment Board

Seeking a warmer climate, Jagdeep Singh Bachher, who has been with the with Alberta Investment Management Corp. (AIMCo) since 2009, has been appointed chief investment officer of the University of California’s Office of the President. He will join the university on April 1st, reporting directly to the UC Board of Regents. Bachher will be the […]

Italy’s FSI Appoints Umberto della Sala

Fund Strategico Italiano Spa, Italy’s US$ 6 billion sovereign wealth fund, has just announced the appointment of Umberto della Sala as its industrial advisor. According to a press release issued by the public investor, “[Mr. della Sala] will focus on monitoring investments in FSI’s portfolio, with specific regard to industrial aspects, and selection and assessment […]

Suitors Shrink for Shell’s Australian Energy Assets

Available suitors for Shell’s Australian oil assets are shrinking in a deal that could be worth US$ 3 billion. TPG Capital, Ontario Teachers’ Pension Plan (OTPP) and the Kuwait Investment Authority exited from the bid. This leaves Macquarie Group and Glencore Xstrata as one group and a consortium composing of Rotterdam-based Vitol SA and the […]

Mubadala and Shell Swap Equity Interest in Exploration Blocks

Mubadala Petroleum and Royal Dutch Shell have signed an equity swap agreement that will transfer 20% equity interests in two offshore exploration blocks offshore Malaysia. The two blocks in question are Block 2B and Block SK320. Block SK320 is operated by Mubadala Petroleum; it has a 75% interest in the block. Petronas Carigali Sdn Bhd […]

Libyan Sovereign Fund Sues Goldman Sachs

The Libyan Investment Authority (LIA) has filed a lawsuit against Goldman Sachs Group Inc. in London’s High Court of Justice. After the financial crisis, the LIA lost billions investing in structured credit and other complex security transactions. In regard to Goldman-related deals, the LIA lost approximately 98% of a US$ 1.3 billion bet on option […]

Temasek Subsidiary Fullerton Opens Japan Office

Fullerton Fund Management Company Ltd, a wholly-owned investment arm of Singapore’s Temasek Holdings, has announced the opening of a new office in Tokyo, Japan. Fullerton, which spun out of the US$ 173.3 billion Temasek in 2003, said the move was necessary as it has been receiving increasing mandates from Japanese investors since 2005. [ Content […]

Khazanah’s Eventful 2013 Year

Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund, reported a net asset value of RM 103.5 billion (US$ 31.2 billion) as of December 31, 2013. The new value includes a 19.1% increase during 2013, said the fund in a statement. It also represents a threefold increase in net asset value since 2004. This past year, the […]

Gao Retires, Li Keping Takes Helm

The China Investment Corporation (CIC) has appointed Li Keping as their new vice chairman and president. Li joined the CIC in July 2011 as a vice president. Li also held roles as executive director and chief investment officer. He was a former deputy chairman of China’s National Council for the Social Security Fund. The Chinese […]