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ADIA Participates in Moderna’s $500 Million Haul

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Since 2010s, sovereign funds have plowed in large amounts of capital to find cures for cancer and fight off diseases, according to data from SWFI. Cambridge, Massachusetts-based Moderna Therapeutics raised US$ 500 million in Series G financing from private investors old and new at a valuation of US$ 7 billion, making it one of the largest unicorns in the pharmaceutical industry that has yet to bring its potentially game-changing product to market. With US$ 1.4 billion in cash and an additional US$ 250 million in grants, Moderna appears to be positioning itself for the final stages of development leading up to what could easily be the largest listing the biotech world has ever seen. At December 31, 2017, Moderna revealed they had roughly US$ 910 million in cash versus US$ 1.306 billion from December 31, 2016.

Series G Investors

New investors in Moderna’s seventh capital-raising effort included a sovereign wealth enterprise (SWE) of the Abu Dhabi Investment Authority (ADIA), the corporate investment arm of the Singapore Economic Development Board (EDBI), pharmaceutical investor BB Biotech AG, Swiss bank Julius Bär Group Limited, and Silicon Valley’s Sequoia Capital. Participants from previous rounds also joined in, including Fidelity Management & Research Company, Pictet, Denver-based ArrowMark Partners, Alexandria Venture Investments, and Viking Global Investors. Pharmaceutical investors in Moderna include Merck, AstraZeneca and Vertex Pharmaceuticals.

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Why Did Virtus Investment Partners Buy Sustainable Growth Advisers?

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On February 2, 2018, Virtus Investment Partners, Inc. revealed they acquired a 70% interest in Stamford, CT-based Sustainable Growth Advisers, LP, a high-conviction U.S. and global growth equity portfolio management company, from private equity firm Estancia Capital Management and a portion of equity held by the asset manager’s partners (including Sustainable Growth Advisers’ three co-founders). Scottsdale, Arizona-based Estancia Capital Management bought a minority interest in Sustainable Growth Advisers in August 2013 when it had US$ 5.3 billion in assets. Estancia Capital Management is noted for having a number of partners being from Lovell Minnick Partners LLC, a private equity firm specializing in asset management company buyouts.

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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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