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Alaska Permanent Fund Board to Authorize Expansion of Internal Efforts

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alaskaGlobally and gradually, sovereign wealth funds and large public pensions are analyzing the benefits of internal asset management. At a recent meeting, the Alaska Permanent Fund Corporation Board of Trustees made some modifications to the fund’s investment policy. Some major changes include the authorization to create three new internally managed programs for public equities, co-investment absolute return funds and co-investment of private equity.

“Over the last 35 years, the Board has taken a deliberate approach to introducing new programs, starting with narrow parameters and leveraging the abilities of external management firms,” said APFC Board Chair Bill Moran via press release. “As the Fund grows in size, it starts to make fiscal sense to bring investments in-house when we feel our ability is comparable to our external managers. If we can match their performance, we can keep our exposure to existing asset classes at target levels while paying lower fees over time.”

The trustees of the Alaska Permanent Fund feel success has been achieved with bringing infrastructure co-investments in-house. They also brought in non-U.S. bonds internally.

The private equity co-investment program will be the first to be implemented. At first the program will use third-party co-investment fiduciaries. After a select period of time, the fund is authorized to embark on co-investments alongside current private equity managers.

Fiscal Year 2014 Commitments

  • US$ 250 million – Third-party managed co-investment funds
  • US$ 200 million – Internal co-investment alongside current private equity fund investments
  • US$ 775 million – Increase in private equity investments adding to the US$ 4 billion commitment
  • US$ 400 million – For existing infrastructure funds

DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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Marsh & McLennan Companies to Acquire JLT Group

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Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT), a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the Board of Directors of each of MMC and JLT. JLT’s largest shareholder, Jardine Matheson Holdings, and JLT directors who collectively represent 40.5% of the issued and outstanding JLT shares in support of the transaction.

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Indigo Ag Raises Series E Round

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Indigo Ag, Inc. raised US$ 250 million in a Series E funding round. The company is focused on creating innovative microbial products that increase crop yields in the face of environmental, disease, and pest stress. The investors in this round include Baillie Gifford, Investment Corporation of Dubai, the Alaska Permanent Fund Corporation, and the company’s founder, Flagship Pioneering. After the Series E, in total, Indigo has raised over US$ 650 million.

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