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$11 Billion at Stake as External Managers Line Up for Libya

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The US$ 66 billion Libyan Investment Authority (LIA) is looking to allocate US$ 11 billion to external fund managers, nearly 17% of total assets. Behind this, is the LIA pressing suits against Societe Generale and Goldman Sachs in London. Fund management companies are analyzing the potential risks of doing business in Libya. However, to be realistic, there will be no shortage of money managers wanting to manage assets and charge fees over an US$ 11 billion pool of money.

What Types of External Managers Will Receive Allocations?

The LIA will seek fund managers with low fees and transparent investment processes. The majority of the allocations will go to fixed income and public equity managers. Smart beta strategies and passive investing are likely mandates the LIA will take out. The LIA are also seeking consultants to assist in the implementation.

The sovereign wealth fund is going under a major restructuring plan, post-Gaddafi. According to LIA Chairman Abdulmagid Breish, more than 50% of LIA’s current assets are in 550 companies that the SWF currently owns.

See Libyan Investment Authority profile

3 Separate Funds

The LIA is planning to set up three funds with different purposes. This is similar to how several of Africa’s sovereign wealth funds have been setup. There is usually a fiscal stabilization fund, savings fund and a strategic development focused-fund.

Fund Names:

    Budget Stabilization Fund (Fiscal Stabilization)
    Future Generation Fund (Savings)
    Local Development Fund (Strategic Development Domestic)

HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Contemplates Investing in SoftBank Vision Fund

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Bahrain-based Mumtalakat Holdings is interested in joining a chorus of sovereign funds committing capital to Japan-based SoftBank Group’s Vision Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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