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Abu Dhabi Investment Authority Shares Profits From Parking Meters

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According to the NY Times, “When Mayor Richard M. Daley traveled to Abu Dhabi in February, his office announced that the trip was intended to sell Chicago as a place to do business. Left unsaid was that that Persian Gulf emirate was about to become one of the biggest investors in a deal to lease Chicago’s parking meters for 75 years.

A private company projects a net income of about $58 million in 2010 from the city’s meters.

The city signed the now-controversial, $1.15 billion lease with a new company called Chicago Parking Meters LLC in February, and city officials said two funds of the Morgan Stanley investment fund made up 99 percent of the new company, with “several other entities” sharing the remaining 1 percent. In fact, a Chicago News Cooperative investigation has found that investment arms of the oil-rich Abu Dhabi government hold more than a 25 percent stake in the company that privatized the city’s 36,000 parking meters. German financial company Allianz also has a large minority interest, and the remaining 50.1 percent is held by partnerships assembled by Morgan Stanley.”

read more: NY Times

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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