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Angola Launches Their Sovereign Wealth Fund



fsdeaThe Sovereign Wealth Fund Institute concluded their Asia summit Tuesday afternoon in Singapore. Representatives from Angola’s new sovereign wealth fund called the Fundo Soberano de Angola (FSDEA) attended the summit. Mr José Filomeno de Sousa dos Santos, a member of the fund’s board, keynoted a session introducing Angola’s sovereign wealth fund to sovereign wealth peers, long-term public investors, government officials, and major firms in the investment industry.

“We are honored to have Mr José Filomeno de Sousa dos Santos speak at our summit in Singapore and share stories about social and economic developments occurring in Angola today,” said Michael Maduell, President of the Sovereign Wealth Fund Institute. “The government of Angola is passionately determined to invest, stimulate and create opportunities for the citizens of their country. Angola has allocated a substantial portion of money and future oil revenue to move forward an agenda of strategic development.”

Angola’s new sovereign wealth fund debuts with US$ 5 billion dollars. Nigeria’s sovereign wealth funds have started with US$ 1 billion.

Executives of the Fundo Soberano de Angola are keen on complying with the Santiago Principles and scoring high on the Linaburg-Maduell Transparency Index (LMTI), a global transparency system for sovereign funds.

The FSDEA will balance financial and social return objectives. One major area of focus is the hotel industry, in which financial returns look attractive for the African continent and at the same time can have an aggregate demand impact in the construction, tourism, and real estate sectors. In the past years, a small number of sovereign funds have invested African hotels. Social investments will be guided by the fund’s social charter which will initially focus on income generation, energy and education investments.

In December 2007, Angola reached a historic high of 23.2% GDP growth.

Over a period of time, the FSDEA will grow by a portion of collected oil revenue and financial returns on investments. Angola is a major sub-Saharan oil producer, pumping out around 1.8 million barrels of crude oil a day. Above 95% of its export earnings are accounted by the oil industry. The fund will receive inflows equivalent to the prevailing value of 100,000 oil barrels per day. Initially the FSDEA was planned to launch in 2009, but was delayed by effects from the North-Atlantic financial crisis of 2007.

DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing in a less than 10% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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