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China’s ASEAN Investment Fund Seeks to Raise $3 Billion

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The China-ASEAN Investment Cooperation Fund (CAF) – a dollar-denominated private equity fund formed under direction of China’s State Council in 2010 that targets investments in infrastructure, energy, and natural resources in Southeast Asia – has reportedly begun reaching out to prospective investors for phase two funding.

With the US$ 1 billion it received in starting capital during the first phase wrapped up in companies in Cambodia, Laos, Myanmar, the Philippines, and Thailand; the CAF now aims to raise up to US$ 3 billion in additional funds, and US$ 10 billion over the long haul.

Southeast Asia Investment Strategy

The fund will need every dollar it can get if it’s to support its mission of deepening China’s economic influence within the 10 member-states of the Association of Southeast Asian Nations (ASEAN), which lies at the center of Beijing’s ambitions for bringing the region under its continent-spanning One-Belt One-Road initiative. Introduced in 2013 by China President Xi Jinping, the project envisions a modern-day revival of the Silk Road trade routes that once ran unfettered over land and sea, allowing goods of all kinds to be traded across the regions of ancient world, and which derive their name from the highly lucrative Eurasian silk trade that propelled China into a golden age of economic and diplomatic prosperity.

CAF is one of a handful of quasi-state investment funds created by Beijing over the past decade for the purpose of realizing its vision of global commerce. The much larger, US$ 40 billion Silk Road Fund established in 2014, for instance, focuses on supporting businesses rather than the financing of individual projects. China’s commercial and policy bank – including the China Development Bank (CDB) and Asian Infrastructure Investment Bank (AIIB) – are also heavily involved, having received US$ 82 billion for such projects from the central government. Together, they pump capital into countries all along the Silk Road corridor, from Mongolia to Montenegro.

What the Capital is for?

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NZ Super Names Three New Board Members

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New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

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AIMCo Names Former Talisman Energy Executive to Board

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The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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