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BIG MONEY: 3 Canadian Pension Cross-Border Real Asset Deals

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Canadian pension institutional investors like OMERS and CPPIB continue their global search for long-duration, cash-flowing assets.

#1. Mexican Infrastructure

On April 13, Caisse de dépôt et placement du Québec (CDPQ) partnered with Mexican infrastructure company Empresas ICA, S.A.B. de C.V. by investing C$ 267.7 million in a joint venture for a 49% interest. Empresas ICA sold its stake and will hold 51% of the JV. Initially, this JV will operate four highway toll systems in Mexico. The investment portfolio includes a tunnel in Acapulco, the Mayab toll road, the Rio Verde-Ciudad Valles Highway and La Piedad bypass. In March 2008, a subsidiary of Empresas ICA acquired all of the equity of Consorcio del Mayab, S.A. de. C.V. (holder of the Mayab toll road) for 870 million MXN. The La Piedad bypass plays a role in connecting the Mexico City-Nogales and Querétaro-Ciudad Juárez highway corridors.

#2. Ivanhoé Cambridge Makes First Direct Investment in Australia

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Why Did Virtus Investment Partners Buy Sustainable Growth Advisers?

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On February 2, 2018, Virtus Investment Partners, Inc. revealed they acquired a 70% interest in Stamford, CT-based Sustainable Growth Advisers, LP, a high-conviction U.S. and global growth equity portfolio management company, from private equity firm Estancia Capital Management and a portion of equity held by the asset manager’s partners (including Sustainable Growth Advisers’ three co-founders). Scottsdale, Arizona-based Estancia Capital Management bought a minority interest in Sustainable Growth Advisers in August 2013 when it had US$ 5.3 billion in assets. Estancia Capital Management is noted for having a number of partners being from Lovell Minnick Partners LLC, a private equity firm specializing in asset management company buyouts.

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HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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