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China Investment Corporation Plans to Open an Office in Toronto, Score for Canada

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The China Investment Corporation (CIC) is planning to open an office in Toronto. The office will be the main center for North American investments for the CIC. Toronto was chosen over New York and London, as China’s SWF first western outpost. This is a surprise too many, since sovereign funds like the Kuwait Investment Authority, Abu Dhabi Investment Authority, and Singapore’s GIC started Western offices in cities like New York and London. There are a number of select reasons why the CIC chose Toronto over other financial centers like New York, London, and Chicago. First, Toronto is still relatively close to New York and even a fast flight to London. Toronto is also close to Calgary and Vancouver, key cities that have a large presence in the Canadian energy markets.  Second, Canada is one of the only G-7 countries that have been somewhat resilient in the financial crisis of 2008. US Financials proved to be troubling investments for several sovereign funds. From a macro perspective, Canada has a myriad of natural resource opportunities to invest in, coupled with a media and government less intrigued in protectionism. That could change overtime however.

The last office CIC opened was in Hong Kong. This marks the first step in which the CIC will begin to deploy billions directly into the Americas to diversify their holdings. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Goldman Sachs Buys Weyerhaeuser Spin Off AM Unit from Lindsay Goldberg

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Increasingly, Goldman Sachs is buying up small alternative asset management groups across the United States. Goldman Sachs Asset Management (GSAM) is part of Goldman Sachs Group. GSAM inked a deal to purchase Aptitude Investment Management LP, a hedge fund-of-funds manager, from Lindsay Goldberg & Bessemer II AIV LP, a vehicle managed by Lindsay Goldberg. Aptitude Investment Management oversees around US$ 3.5 billion in discretionary assets. Aptitude Investment Management operates out of Seattle and Vancouver, British Columbia.

Before the creation of an in-house unit at Weyerhauser, Morgan Stanley was the sole investment manager of Weyerhauser’s retirement assets. Salim Shariff, formerly of Morgan Stanley Alternative Investment Partners, and Jeff Klein were hired as CIO and Deputy CIO of Weyerhaeuser Asset Management LLC in 2004. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Gets Exposure to Exchange Tower through Primewest Vehicle

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Singapore’s GIC Private Limited funded a deal through a fund to acquire the Exchange Tower in Perth. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, December 13, 2018

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Turkey Wealth Fund Could Tap Debt Markets in 2019

Turkiye Varlik Fonu or Turkey Wealth Fund could be issuing a large bond in 2019. The loan would most likely be short term in nature with a maturity of two years and be syndicated.

Rahm Emanuel Suggests Bonds to Help Support Chicago Pensions

The outgoing Chicago Mayor Rahm Emanuel revealed a plan on possibly issuing US$ 10 billion in bonds in funding Chicago’s underfunded pension funds. Chicago’s four pension funds have an average funding ratio of 26%. In March 2016, the Illinois Supreme Court ruled an earlier pension reform law effecting employees and laborers’ pension funds that was signed by then Illinois Governor Pat Quinn that the law was unconstitutional.

SoftBank and Alibaba Back PT Tokopedia

PT Tokopedia is an Indonesian generalist e-commerce site. Tokopedia raised US$ 1.1 billion in an investment round led by the SoftBank Vision Fund and Alibaba Group. Softbank Ventures Korea and other investors participated in the round as well. William Tanuwijaya is the CEO and Co-Founder of Tokopedia.

Tikehau Capital and Total SA Form Low Carbon Fund

Tikehau Capital and Total SA created a private equity fund to focus on supporting the energy transition to cleaner sources of energy. The fund held a €350 million first close and raised money from investors such as Bpifrance and Groupama as anchor investors.

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