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Blackstone and CDPQ Set to Acquire Stuyvesant Town Complex

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UPDATE on January 20, 2016: It is revealed that the State of Wisconsin Investment Board (SWIB) took a 10% stake in Stuyvesant Town and Peter Cooper Village. SWIB co-invested US$ 300 million alongside the Blackstone Group and Ivanhoé Cambridge.

Is residential real estate in Manhattan at a peak? Private equity giant Blackstone Group, through core real estate fund Blackstone Property Partners, and Ivanhoé Cambridge, the real estate unit of Caisse de dépôt et placement du Québec (CDPQ) are set to acquire Stuyvesant Town and Peter Cooper Village, a landmark redbrick complex of 11,241 apartments located on Manhattan’s east side. Stuyvesant Town and Peter Cooper Village, nicknamed Stuy Town, was built for World War II veterans, being developed by insurance giant MetLife in the 1940s with help from the city government. Over decades, the rent-controlled units were eventually converted to luxury rentals. The deal is expected to close by the end of December 2015, Blackstone and Ivanhoé Cambridge will assume ownership and management of Stuyvesant Town and Peter Cooper Village at that time.

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Central Huijin Unit Eyes J&J Diabetes Business

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Sovereign wealth funds have increased their appetite for healthcare-related investments, according to a recent report issued by SWFI research. Johnson & Johnson (J&J), for a while, have been contemplating on possibly selling its diabetes care businesses. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Follow the Money – Episode 45

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This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

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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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CalPERS Board Elects Priya Mathur as Board President

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The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

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