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99 Cent Stores Burns Hole in CPPIB’s Wallet, Undertakes Distressed Exchange

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A number of prominent institutional investors have missed the trends of online shopping and its impact on U.S. discount retailers. The Canada Pension Plan Investment Board (CPPIB) is a major North American investor participating in a plethora of co-investments and buyouts. For example, CPPIB participated in KKR’s March 2007 buyout of Dollar General Corporation, earning a nice profit from the undertaking. In 2011, another discount retailer proposition was floated into CPPIB’s orbit. Private equity firm Ares Management LLC won a bid to buyout 99 Cent Only Stores, a deep-discount retailer, for US$ 1.6 billion, or US$ 22 per share. CPPIB came along for the ride, participating in the leveraged buyout. The leveraged buyout deal used financing from banks such as RBC Dominion Securities and BMO Nesbitt Burns.

CPPIB Working Out Retail Buyouts

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Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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