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For How Much Longer Are Sovereign Funds Expecting Lower Volatility?

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Given that U.S. stock market volatility remains subdued and measures are touching new lows, some chief investment officers are growing concerned that a possible equity market correction could occur in the near term.

Sovereign investors have expressed a level of unease over the flood of quantitative easing money seeping into global equity markets. These central banking measures have helped accelerate the demise of notable hedge funds, while giving gifts toward private equity and real estate institutional products. To illustrate, sovereign investors like the Qatar Investment Authority (QIA) recently realigned its asset allocation, permitting more firepower toward mezzanine debt and property plays in the United States. With its minted Manhattan outpost office, QIA has made debt investments such as US$ 161.5 million mezzanine debt allocation to a condo development at 111 West 57th Street. Heading further East, GIC acknowledged in its recent annual report that “abundant liquidity and low yields, which have contributed to the suppression of volatility across equity markets,” has impacted the fund’s investment decisions. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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