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Angola Launches Their Sovereign Wealth Fund

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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.

KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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