Archive | July, 2014

Why Sovereign Wealth Centers on San Francisco Bay Area

A number of Asian sovereign wealth funds continue to build ties to Silicon Valley, the hotbed for technology innovation and the rest of the San Francisco Bay Area. In a trailblazing signal, Malaysia’s Khazanah Nasional chose to open its U.S. office in San Francisco, not in New York City. Singapore’s GIC Private Limited also has […]


LACERS Terminates Boston Company Asset Mandate

The Los Angeles City Employees’ Retirement System (LACERS) has terminated Boston Company Asset Management, LLC for an active equities mandate. According to LACERS July board minutes, the asset manager was dropped for lackluster performance reasons. Boston Company Asset Management, a subsidiary of BNY Mellon, had a US$ 190 million global emerging markets equities mandate. They […]


Korea’s Largest Public Fund Invests $390 Million in PE Vehicle

Korea’s National Pension Service (NPS) is moving billions of capital toward alternative asset classes such as private equity and institutional real estate. The largest pool of public retirement assets in Korea will invest in a 400 billion KRW (US$ 390 million) private equity co-investment fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers […]


Confirmed: Metlife and Norway SWF Acquire One Beacon Street

This is confirmation that Metlife and Norway’s Government Pension Fund Global (GPFG), through Norges Bank Investment Management (NBIM), have purchased One Beacon Street in Boston, Massachusetts for US$ 561 million. Metlife will control 52.5% of the tower. “Our partnership with the world’s largest sovereign-wealth fund is built on a strategy of providing first-rate asset management […]


India deals

Singapore Sovereign Wealth Invests in Indian E-Commerce Flipkart

Singapore’s GIC Private Limited has joined existing investors Accel Partners, DST Global, Iconiq Capital, Morgan Stanley Investment Management (MSIM) and Sofina to invest a total of US$ 1 billion in Flipkart. This adds to the company’s existing US$ 770 million war chest raised. Flipkart is India’s biggest e-commerce company, competing against another Indian company called […]


Asian Sovereign Wealth Fund Withdraws £4 Billion from Aberdeen

Aberdeen Asset Management PLC suffered a £4 billion withdrawal from an Asian sovereign wealth fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


See the 4 Competitors Vying for Seoul’s State Tower Namsan

Institutional real estate in Seoul is attracting real estate managers, pension investors and sovereign wealth funds. State Tower Namsan is for sale. The Seoul office building has a floor area of 66,799 square meters. The Korea Investment Corporation (KIC) has its headquarters in the building. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers […]


Temasek Cashes in on New China Life Stock Sale

Singapore’s Temasek Holdings last Thursday sold its position in New China Life, China’s third largest insurer. The Singapore sovereign wealth fund put forth a 78 million block trade after the market close. Singapore sovereign wealth centers in and out of China’s equity markets. New China Life’s fiscal year 2013 results displayed a 6.1% growth in […]


Khazanah Buys Stake in Ipca, Regardless of FDA Query

Malaysia’s Khazanah Nasional Berhad invested approximately US$ 40 million for a small interest in Mumbai-based Ipca Laboratories Ltd. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Strategic Investing: Korea’s NPS Backs Nexen Global Co-Investment Fund

CLSA Capital Partners, the alternative asset management arm of Hong Kong-based Asian brokerage firm CLSA, launched its inaugural private equity fund in South Korea called the Nexen Global Co-Investment Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


2 Reasons Why Goldman and ADIA Are Pondering Fluery Deal

Brazil-based Fluery SA, a medical services company, has a market value of nearly US$ 1.2 billion. The Abu Dhabi Investment Authority (ADIA) and Goldman Sachs Group may join Gavea Investimentos Ltda. in a lofty bid to acquire Fluery. The likely investor group would graciously attempt to combine Fluery with Instituto Hermes Pardini Ltda., a closely […]


Losing Patience: Qatar Sovereign Wealth May Consider Another Bid on Sainsbury

The Qatar Investment Authority (QIA), a major sovereign wealth investor that has significant assets in the United Kingdom, may make another bid for J Sainsbury plc. Some notable investments in the UK from the QIA include famed-retailer Harrods. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, July 25, 2014

CWCapital Asset Management’s Massive Sale of Distressed CMBS According to Trepp, LLC, a provider on CMBS data and analytics, the first 5 months of 2014, 431 commercial mortgage-backed security loans adding to US$ 7.7 billion were liquidated with losses. Nearly 70% of the liquidated losses were between February and March. CWCapital Asset Management’s massive sale […]


Taiwan Central Bank: FX Reserves Not for Sovereign Wealth Fund

Taiwan’s central bank, Central Bank of the Republic of China (Taiwan), said it would not be appropriate to transfer the country’s foreign exchange reserves into a sovereign wealth fund. As of June 2014, Taiwan’s foreign exchange reserves stood at US$ 423.45 billion. The central bank stated that 71% of those reserves are allocated to domestic […]


oil

Oil SPAC Attracts Norway’s Sovereign Wealth Fund

International special-purpose acquisition companies, or SPACs, that focus on the energy sector are attracting large institutional investors. SPACs are blank-check companies that sell shares to raise capital to acquire companies that have not been selected yet. Typically, investors who invest in a SPAC are betting on the management team and their deal flow.[ Content protected […]


Saudi Public Investment Fund’s Universe Widens

The government of Saudi Arabia is poised to invest in more types of domestic and overseas businesses. Saudi Arabia’s Public Investment Fund (PIF), a smaller vehicle of sovereign wealth, is expanding its coverage of domestic and overseas investments in industries to real estate, petrochemicals and technology. [ Content protected for Sovereign Wealth Fund Institute Standard […]


Huarong Attracts Goldman Sachs and Khazanah Nasional

China Huarong Asset Management Co. is finalizing on a deal to sell an approximate a 20% stake to a group of investors which include Goldman Sachs and Malaysia’s Khazanah Nasional for US$ 2 billion. Huarong, one of China’s four asset management firms created in 1999, is looking forward to a future initial public offering and […]


Norway’s SWF May Purchase Interests in Two U.S. Buildings Worth $915 Million

Norges Bank Investment Management (NBIM), which manages Norway’s Government Pension Fund Global (GPFG), is in discussions to acquire interests in two U.S. office buildings worth US$ 915 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


See Which 4 Equity Managers Received International Mandates from the APFC

The Alaska Permanent Fund Corporation (APFC) has hired four equity managers to handle new international equity mandates. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Pensions and Sovereign Funds Contribute to Massive Profits for Blackstone

Equity research firms like JMP Securities and RBC Capital have raised their price targets on The Blackstone Group L.P., after the private equity firm disclosed recent financial information. For the Blackstone Group, second quarter profit is measured as economic net income. Economic net income grew by 89% to US$ 1.3 billion since the second quarter […]