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BREAKING – Qatar Sovereign Wealth Fund Backs Uber

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The Wall Street Journal has reported that Uber raised a US$ 1.2 billion round of capital, giving the startup a valuation of US$ 41 billion. Uber has been posting hundreds of millions of dollars in revenue per annum.

On January 7, an SWFI article was posted called, “Uber Could Use Sovereign Wealth Fund Money,” explaining, “Sovereign fund money could also assist Uber in opening up regulatory hurdles faster in countries like China, Singapore, Italy or the United Arab Emirates. With regard to China, Uber has already carefully launched in Shenzhen, one of China’s technology hubs.”

Fast forward almost 1 year later, the Qatar Investment Authority (QIA) invested in the US$ 1.2 billion round, along with New Enterprise Associates. In addition, hedge funds, Valiant Capital Partners and Lone Pine Capital, invested in the latest round in Uber as well. Uber is available in over 250 cities, including Doha.

Uber CEO Travis Kalanick posted this:

    “2014 has been a year of tremendous growth for Uber. It was just a year ago that Uber was operating in 60 cities and 21 countries — today we are in over 250 cities in 50 countries. We are 6 times bigger today than 12 months ago — and grew faster this year than last. This progress is remarkable, but it is in the coming years that Uber truly scales and the impact in cities becomes visible.

    In 2015 alone, Uber will generate over 1mm jobs in cities around the world and with that millions of people may decide that they no longer need to own a car because using Uber will be cheaper than owning one. Parking could become less strained in our biggest cities, and city congestion may actually start to ease due to uberPOOL’s expansion and success.

    This kind of continued growth requires investment. To that end, we have just raised a financing round of $1.2 billion, with additional capacity remaining for strategic investments. This financing will allow Uber to make substantial investments, particularly in the Asia Pacific region.

    This kind of growth has also come with significant growing pains. The events of the recent weeks have shown us that we also need to invest in internal growth and change. Acknowledging mistakes and learning from them are the first steps. We are collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed.

    Fortunately, taking swift action is where Uber shines, and we will be making changes in the months ahead. Done right, it will lead to a smarter and more humble company that sets new standards in data privacy, gives back more to the cities we serve and defines and refines our company culture effectively.

    We have an interesting journey ahead and I’d like to thank all of the riders, drivers and Uber employees who have made it possible to get this far. I’m inspired and energized every day by the work we do, the people in our community we serve and the impact we can have in bringing positive change to cities around the world.”

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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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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