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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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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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