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CalSTRS Announces California Infrastructure Investments



According to the press release, “The California State Teachers’ Retirement System (CalSTRS) today announced the expansion of its infrastructure program that includes a $42.8 million commitment to four California investments. Two of the investments are construction projects.

The California investments are:

  • The construction of a portion of the Presidio Parkway transportation project in San Francisco.
  • The reconstruction of the Long Beach courthouse in Los Angeles County.
  • The operation of the gas-fired Crockett power plant near Oakland.
  • The operation of the solar-electric Sun-Edison plant in the Sacramento area.

“These investments reflect CalSTRS’ commitment to the California economy and our willingness to contribute to it in a way that helps our state and offers the fund long-term, steady cash flows. The construction projects, in particular, will put more than 600 Californians to work,” said Chairman of the CalSTRS Investment Committee Harry Keiley. “We will continue to actively seek out greater investment opportunities in California infrastructure that meet our program objectives.”

The CalSTRS approach is to invest in long-term assets that hedge inflation and generate steady cash flows from high operating margins. CalSTRS is investing in funds initially, but eventually seeks to become involved more with co-investments and direct investments.

“California has a vibrant bond market that serves as an excellent vehicle for infrastructure investment,” Keiley added. “We’re looking for those opportunities that require capital beyond municipal bond debt. We believe they’re out there and we intend to invest in them to the benefit of our state and our members.”

The CalSTRS Investment Committee established the infrastructure portfolio in 2010. As of today, CalSTRS has committed $750 million to infrastructure assets. The most recent commitment is $100 million to the Meridiam Infrastructure North America Fund II, which closed in July 2012. In late 2011, CalSTRS partnered with Industry Funds Management on a two-part, $500 million global funds commitment. CalSTRS’ first infrastructure commitment was $150 million to the First Reserve Energy Infrastructure Fund in April 2011.”

Read more: CalSTRS Press Release

DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing in a less than 10% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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