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APFC Board Gives Approval to Single-Family Homes Strategy

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Mike Burns

According to the permanent fund’s press release, “The Alaska Permanent Fund Corporation Board of Trustees gave final approval to a $400 million allocation to purchase foreclosed homes at a special meeting on Tuesday via teleconference. The Board had given preliminary approval to the allocation, pending further negotiations, at its regular meeting in May.

American Homes 4 Rent LLC, which already owns 1,000 single family homes, will purchase packages of vacant homes across the U.S. and manage those homes as rental properties. The Fund, which will not purchase or directly manage any of the properties, will provide up to $400 million to American Homes 4 Rent to be used in executing this strategy.

‘The Board looked over the final terms of the contract between the APFC and American Homes 4 Rent, and were satisfied that the approval they gave to this allocation in May should stand,’ said Michael J. Burns, CEO. ‘We look forward to partnering with American Homes 4 Rent in this unique investment opportunity.'”

Read more: APFC Press Release

Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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