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APFC Board adopts new policies

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According to the press release, “The Alaska Permanent Fund Board of Trustees approved new Board Charters and a Governance Policy, as well as an updated Investment Policy at its regular meeting on Wednesday and Thursday. The new documents incorporate a number of existing policies and charters into two streamlined documents that will hold all of the related information together.

“In the past we had a handful of resolutions that addressed the management of each of our asset classes and were separate from the manual on how we invested. We also had separate board charters, as well as governance procedures that were not codified in writing,” said Board Chair Steve Frank. “By pulling together these two documents, it will make our policies and procedures more transparent, and provide a great deal of benefit to incoming Trustees.”

For the most part, the new policies do not represent significant changes from past practices. However, the updated investment policy does delegate the Board’s authority to authorize the hiring and firing of managers to staff.

“This change makes sense and is in line with how similar funds operate,” said Frank. “The Board must first authorize a manager search, but then we leave the hiring of managers to the staff that have the time to conduct due diligence visits and comb through performance data.”

In addition to approving the new policy documents, the Board also took the following actions:

  • Approved a $600 million commitment to private equity investments for Fiscal Year 2011 as well as authorizing use of the remaining $250 from the Fiscal Year 2010 commitment in the coming year.
  • Approved the APFC’s Fiscal Year 2011 budget as authorized by the Legislature, and authorized changes within the Fiscal Year 2010 budget for the remainder of the current fiscal year.”

Read more: APFC Press Release

Alibaba Invests in Series C in 1919 Wines

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On October 18, 2018, Alibaba Group Holding Limited, through Alibaba (China) Network Technology Co., Ltd, invested some 2,000,000,065.08 RMB (US$ 288,447,000) for 39,277,299 shares in a Series C round into 1919 Wines & Spirits Platform Technology Co., Ltd., a Chinese alcohol beverage e-commerce retailer. Post-deal, Alibaba owns about 29% of the company shares and became the second largest shareholder of 1919 Wines. The transaction values 1919 Wines at 7 billion RMB.

GF Securities Co., Ltd. advised 1919 Wines on the transaction.

Formed in 2010, 1919 Wines is based in Chengdu. 1919 Wines owns retail portals, phone apps, and offline stores.

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Nomura and CIC Contemplate Joint Investment Fund

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Japan-based Nomura Holdings is in talks with the China Investment Corporation (CIC) on forming a new investment fund. The fund could be receive commitments up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Holdings Dumps More of Celltrion

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On October 22, 2018, Singapore’s Temasek Holdings, through its sovereign wealth enterprise (SWE) Ion Investments, entered into its second block deal in selling shares in Celltrion, a South Korean bio-pharmaceutical company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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