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CIC’s Xie Says China’s Private Equity to Take ‘Different Path’

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Bloomberg reports, “China’s private equity industry is “unique” because it’s dominated by the state and will follow a “different path” from overseas peers, said Xie Ping, a vice president at the nation’s $300 billion sovereign wealth fund. Entities that manage private equity in China and those that invest in such funds are primarily state-owned institutions, China Investment Corp.’s Xie said today at an event held by China Development Bank Corp. in Beijing.

The briefing was organized by the nation’s largest policy bank for its introduction of a fund that will invest in private equity. By having government backing, China’s private equity funds can increase the value of Chinese companies in which they invest, Xie said. This is an aspect of the Chinese market that is different from other countries, he said.”

Read more: Bloomberg

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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