SWFI First Read, December 17, 2018

Posted on 12/17/2018

Illinois Teachers’ Retirement System Partially Pulls Back on Risk Parity

The Illinois Teachers’ Retirement System pulled back on risk parity strategies. The pension reduced the US$ 455 million risk parity part of AQR Capital Management’s Multi-Strategy XIV. AQR still manages a substantial portion of the pension’s assets at an estimated US$ 2.4 billion. In addition, the pension redeemed US$ 300 million of the US$ 522 million from Bridgewater Associates’ All-Weather risk-parity strategy. Bridgewater Associates continues to run over US$ 450 million for the pension fund.

Qatar Petroleum Inks Deal with Eni on Mexican Oilfields

Qatar Petroleum signed a deal with Italy’s Eni S.p.A. to purchase a 35% stake in three offshore oilfields in Mexico. Qatar Petroleum is getting interests in the Amoca, Mizton and Tecoalli fields in Area 1 of the Campeche Bay complex. Qatar Petroleum already holds a number of positions in Area 1 as being a member of the Shell-Eni consortium. Post-transaction, Eni and Qatar Petroleum will have 50:50 ownership over Area 1 of the Campeche Bay complex. The deal needs final approval from the Mexican government.

Saudi Fund for Development Reschedules Some Jordan Loans

Jordan remains stuck in an economic crisis. The Saudi Fund for Development and Jordanian government inked a deal to reschedule US$ 114 million worth of loans owed to the Saudi fund. The debt pool consists of 19 due loans that will be settled over a period of 20 years, with a grace period of 5 years. The Saudi Fund for Development has contributed to the financing of 20 economic and social projects in Jordan from 1975 to 2017, with a value estimated at US$ 488 million.

Jabre Capital Closes Three Funds to Outside Capital

Geneva-based Jabre Capital Partners SA is returning client assets in three funds managed by Philippe Jabre due to a challenging year in 2019. Jabre Capital Partners will still run two funds with external capital, a European credit fund and an emerging markets fund.

Keywords: Illinois Teachers Retirement System.

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