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CIC Invests in SIIC Environment Holdings Ltd

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The China Investment Corporation (CIC), through their sovereign wealth enterprise Best Investment Corporation, is subscribing shares in the placement of new shares by water treatment/management company SIIC Environment Holdings Ltd.

On October 14, SIIC Environment Holdings, a subsidiary of Shanghai Industrial Holding Ltd. (SIHL), announced the placement of 3.1 billion new shares. The shares were priced at S$ .085 (US$ .068) helping the company raise a total of S$ 263.5 million (US$ 211.4 million) for “business expansion” and to “enlarge” its “working capital.”

The list of subscribers include the following: Triumph Power Ltd. (1.6 billion shares), BIC (660 million shares), Dalvey Asset Holding Ltd., a subsidiary of RRJ Capital (450 million shares), CCBI Chengtou CleanTech Equity Investment Fund Co. (240 million shares), and Newyard Worldwide Holdings (150 million shares).

TPL, which is also an SIHL subsidiary, “has an option under the subscription agreement to allocate 350 million shares, at the same issue price, for subscription by China Energy Conservation & Environmental Protection.”

Deputy CEO of SIHL Zhou Jun sees the placements as “a vote of confidence” in the business fundamentals from the institutional investor community. He continued by saying that the injection of capital would help SIHL and SIIC Environment Holdings scale their business and “invest in more water and environment issues in China.”

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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