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Allianz and Borealis Infrastructure Buy Czech Gas Transmission Operator Net4Gas

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The press release, “Allianz and Borealis Infrastructure have reached an agreement with RWE AG to purchase Net4Gas, s.r.o. (N4G), the gas transmission and transit system operator in the Czech Republic.

Allianz and Borealis Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS), will each own a 50 percent stake in N4G.

N4G owns and operates a network of more than 3,600 km of high-pressure pipelines that supply the Czech domestic market and that transit natural gas through the Czech Republic to markets across Europe. N4G is a provider of key infrastructure for the transport of gas in Europe, transporting approximately 35 billion cubic meters of gas each year.

“We are pleased to be investing in Net4Gas with its excellent management team, workforce and high-quality operations. It fits well with Allianz’s infrastructure portfolio and investment strategy as a long-term investor,” said Rainer Husmann, CEO of Allianz Capital Partners, the captive asset manager of Allianz. “Furthermore, this is an important step for us in expanding our portfolio of high-quality infrastructure assets.”

“The Net4Gas investment fits very well with Borealis Infrastructure’s strategy of owning and managing high-quality, large-scale assets that generate sustainable cash flow to pay pensions,” said Michael Rolland, President and CEO of Borealis Infrastructure. “This acquisition expands our European investment portfolio which includes gas distribution and transportation sector investments in Associated British Ports, HS1 and Scotia Gas Networks.”

A key objective of the consortium’s gas infrastructure strategy is the creation of a gas market that is integrated and liquid. Such market integration would contribute to securing energy supplies which should benefit regional economies, their respective consumers and the N4G network users.”

Read more: OMERS Press Release

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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