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Are Sophisticated Sovereign Wealth Funds Becoming the Next Crop of Dealmakers?

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sovereign wealth fund dealmakers

Sovereign funds represent a large, thriving pool of sophisticated capital. With nearly US$ 7 trillion in institutional investor assets, sovereign wealth funds have flexed their muscles, acquiring luxury hotels to Indian movie production companies. Year over year, more sovereign wealth funds are doing direct deals and participating in co-investments with private equity funds, mega pensions and specialist funds. According to the Sovereign Wealth Fund Transaction Database, leading the charge of recent direct investments are Norway’s Government Pension Fund Global, Temasek Holdings, GIC Private Limited, Qatar Investment Authority, China Investment Corporation and the Abu Dhabi Investment Authority. CEOs and CFOs of major public corporations are increasingly reaching out to sovereign funds and large pensions, enticing them with deals and strategic opportunities. In March, Qatar Holding, the sovereign wealth enterprise of the Qatar Investment Authority, invested capital in a spin-off deal from American Express.

As sovereign funds and large public asset owners augment in-house expertise, the growth of investment pitches continue from private equity funds, banks and companies.

Qatar Investment Authority – Bold Dealmaker

These big-pocketed institutional investors, along with well-staffed pension funds are reshaping the deal making landscape that was once dominated by the mega investment banks and private equity funds. Despite recent headlines of the Qatar Investment Authority (QIA) taking a more conservative approach to investing, the sovereign wealth fund has been hiring former investment bankers and growing large developmental projects globally, such as CityCenterDC and a mixed-use development near the offices at Royal Dutch Shell Plc’s London headquarters.

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Italian ANAS and RDIF Invest and Build the Fourth Section of Moscow’s Central Ring Road

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The Russian Direct Investment Fund (RDIF) inked a deal with ANAS S.p.A. (formerly known as Azienda Nazionale Autonoma delle Strade), the Italian state highway management company, to implement a concession agreement to build and operate the fourth section of the massive Moscow Central Ring Road. The transaction expects to be finalized in the first quarter of 2019. This is the final section of Central Ring Road, which is 96.5 kilometers long. According to the RDIF, “Under the terms of the concession agreement, the cost of construction is 85.4 billion rubles, of which the concessionaire will provide 49.7 billion rubles and private investors will provide 35.7 billion rubles.”

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Follow the Money – Episode 48

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This long-form podcast was recorded on December 11, 2018. Michael Maduell dissects the latest geopolitical trends that can impact institutional investors such as pensions, sovereign wealth funds, and endowments. Maduell lends his opinion on the lawsuit of Neiman Marcus and bumps in the road for augmented reality.

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CONTENTS
1:15 Huawei, Canada, Brexit, and Macron Headache
6:30 Sovereign Wealth Fund Asset Allocation
9:58 India Gets a New Central Bank Governor
13:26 Pensions Go Bust on U.S. Retailers
17:04 Augmented Reality and Sovereign Funds
22:00 Former CalPERS CIO Goes to Morgan Stanley Investment Management
24:30 Oman Investment Fund Goes on Defense in Public Markets
25:00 Japanese Scandals and Opportunities

EPISODE 48

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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Danica Pensions Sells Danica Pension Sweden

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Danica Pension sold Danske Pension Försikringsaktiebolag (publ) (also known as Danica Pension Sweden) to a group of investors for around 2.6 billion SEK. Danica Pension is part of Danske Bank A/S. Of the total amount, 2.3 billion SEK is being paid in cash, while the rest is in the form of a debt instrument from Danica Pension.

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