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China Investment Corporation Restructured Direct Investment Strategy

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For years, the China Investment Corporation (CIC) has accumulated a substantial pool of sovereign wealth capital, but encountered a series of hiccups on getting its direct investment program fully functioning. The Asian sovereign wealth fund placed significant bets in Canadian oil sands, infrastructure, utilities and U.S. financials.

At the start of 2015, CIC formed a unit called CIC Capital whose focus is to go after direct equity investments.

When some initial direct investments exhibited tepid performance, it fostered some level of disillusionment with a number of CIC’s government higher ups. The CIC did not give up on direct investing, allocating capital to companies such as Teck Resources, Bumi Resources, Thames Water and Visa. In February 2012, CIC invested US$ 150 million as a cornerstone investor in Canadian oil explorer Sunshine Oilsands Ltd, along with China Petroleum & Chemical Corp (Sinopec) and Washington-based asset manager EIG Global Energy Partners – boasting a US$ 570 million initial public offering. After a March 5th close, Sunshine Oilsands Ltd’s market capitalization has fallen to C$ 292.15 million. According to SWFI’s Sovereign Wealth Fund Transaction Database, the CIC trails behind its peers Singapore’s Temasek Holdings and GIC Private Limited when it came to the number of completed direct deals in 2014.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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