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CDPQ Forms Partnership with Al Gore-Backed Generation Investment Management

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Caisse de dépôt et placement du Québec (CDPQ) and Al Gore’s London-based Generation Investment Management LLP are launching an equity partnership to place US$ 3 billion in sustainable businesses. The first investment will go to FNZ. FNZ is a fintech service provider for asset managers, banks, creditors, and insurers. Partnership investments, such as the £1.65 billion FNZ deal for a two-thirds ownership share, have a target duration of 8-15 years. The longer duration is intended to support a long-term business model. FNZ was founded in New Zealand in 2003 by Adrian Durham and FNZC, a New Zealand investment bank and wealth manager. To accelerate growth, FNZ partnered in a management buy-out with H.I.G. Capital in 2009. General Atlantic provided additional investment in 2012. FNZ moved its headquarters to Edinburgh in 2012.

Tapping the Generation Investment Management Network

The partnership is looking for reliable management teams and strong growth prospects. Such investments are expected to be environmentally friendly, and there is a special interest in using technology to solve global challenges. Former Goldman Sachs employee and Generation Investment Co-Founder David Blood suggested that the “partnership affords us the opportunity to deploy longer term capital, which truly embodies the concept of sustainable investing.” Michael Sabia, CEO of CDPQ, said, “This partnership is a natural match between two like-minded organizations. Sustainability begins with long-term involvement, which is why we made long-term investment the cornerstone of CDPQ-Generation.” Sabia pointed out that CDPQ’s global reach will also unlock opportunities.

CDPQ is a long-term institutional investor that manages funds for public pensions and insurance plans. It holds over C$ 235 billion in net assets. Up to this point, CDPQ has invested in financial markets, private equity, infrastructure deals, and real estate. Generation Investment Management seeks sustainable projects for its US$ 20 billion under management. It has placed money in financial, restaurant, and personal transportation ventures.

Japan’s GPIF Awards Nissay Asset Management with ESG Disclosure Mandate

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Increasingly asset owners across the Asia-Pacific region are studying the impacts of environmental, social, and governance factors on listed companies. As more Japanese pensions augment asset allocation to listed equities, the importance of corporate non-financial disclosures and practices becomes clear. These disclosures can have a material impression on company stock prices. In addition, Japanʼs Stewardship Code and Corporate Governance Code in 2014 and 2015 were launched, respectively. These codes helped the (environmental, social, and governance) ESG concept gain momentum in Japan.

Japan’s Government Pension Investment Fund (GPIF), the largest public pension fund in the world, awarded a research mandate to Nissay Asset Management Corporation. The mandate entails studying ESG disclosures. The study will conduct a comparable analysis on ESG standards and practices, while taking into account input from both investors and companies. With around US$ 110.5 billion in assets under management, Nissay Asset Management is owned by Japanese life insurance giant Nippon Life Insurance Company.

As GPIF boosted its allocation to domestic equities, the asset owner took a deeper look into the impact of ESG on equity investing. GPIF is keen on improving efficiencies in Japan’s capital markets. GPIF is a universal owner of stocks, similar in some aspects to what Norway’s Government Pension Fund Global (GPFG) does.

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Norges Bank Real Estate Management Buys Central Paris Property

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Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (oversees Norway Global Pension Fund Global), has signed an agreement to acquire a 100 percent interest in an office property located on 54-56 rue la Boétie in central Paris.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Schlumberger Gets Closer to Eurasia Drilling Company

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Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and American oilfield services giant Schlumberger (SLB) have planned a deal to invest in Russia’s Eurasia Drilling Company Limited. RDIF CEO Kirill Dmitriev made the announcement. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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