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AIIB adds Papua New Guinea, Kenya to its World Roster

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The Asian Infrastructure Investment Bank’s (AIIB) board of governors moved in early May to approve applications from Papua New Guinea and Kenya to join as regional and non-regional members, raising the Beijing-based financial institution’s total approved roster of countries to 86. The two prospective members will be recognized in full and granted a portion from AIIB’s existing pool of unallocated shares once they have fulfilled the requisite domestic processes and made their first deposit of capital. In May, the AIIB inked a Memorandum of Understanding (MoU) with the African Development Bank (ADB).

Launched in January 2016 with US$ 100 billion in capital and the support of a number of America’s closest allies in Asia and Europe as founding members – including Australia, South Korea, France, Germany, and the United Kingdom – the AIIB stands as an alternative to the World Bank and more regionally-focused Asian Development Bank (ADB), albeit one that is more attuned to China’s interest. With 30% of voting shares, Beijing still exercises an effective veto over the AIIB’s funding decisions.

Under the AIIB’s Articles of Agreement, shares are allocated based on the size of a prospective country’s gross domestic product (GDP) – regardless of their status as either an Asian or non-Asian member – with the number of shares determining a given member’s allotment of authorized capital. Including Papua New Guinea and Kenya, the bank has made 29 additions to its initial membership of 57 signatories, and expects to continue to welcome new members in the future, according to a press release.

Johnson Controls Sells Battery Unit to Brookfield and CDPQ

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Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for in a cash valued transaction valued at approximately US$ 13.2 billion. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. Closing of the transaction remains subject to customary closing conditions including regulatory approvals. Closing is expected to occur by June 30, 2019. The seller is Johnson Controls International plc. The unit employees roughly 15,000 people.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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