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APFC Allocates Additional Money to Single-Family Home Strategy

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The press release states, “the Alaska Permanent Fund Corporation Board of Trustees approved an additional $200 million allocation to a single-family homes strategy at a special meeting held in Juneau on November 5. The Board approved an initial investment of $400 million to the strategy, which is managed by American Homes 4 Rent, in May of this year.

“The Board and staff are pleased with the progress American Homes 4 Rent is making in purchasing homes across the lower 48 states for use as rental properties,” said Michael J. Burns, CEO. “We have confidence in the process that they are using, and the Board felt at this time that it made sense to make an additional allocation to the program.”

American Homes 4 Rent purchases foreclosed homes and manages them as rental properties. The Alaska Permanent Fund provides capital for the acquisition of these properties, but is not directly involved in the purchase or management process.”

APFC Press Release

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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