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Citic Securities Capital Raise Attracts Sovereign Wealth Funds

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Citic Securities is planning to list in Hong Kong by October 6th. The securities company is the largest in China by market value. Sovereign wealth funds have been investing in Chinese financial firms and banks for quite some time. Earlier we saw tremendous sovereign investor interest in the IPO of Agricultural Bank of China.  In this current environment, capital raising deals present many challenges to companies.

In getting a billion dollar plus corporate capital raise deal done, cornerstone investors involving sovereign wealth funds are almost a necessity.

Citic Securities has already fortified six cornerstone investors. These include the sovereign wealth funds of Temasek Holdings and the Kuwait Investment Authority. Including BTG Pactual SA which has received SWF investment in the past, the six cornerstone investors plan to purchase US$ 850 million in stock, or at least 44% of the offered shares.

Ping An Good Doctor Lures Big Public Asset Owners

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Ping An Good Doctor, formerly known as Ping An HealthCare and Technology Company, is a Chinese online healthcare platform that is part of Ping An Insurance (Group) Company. This unit is planning to be offered in a Hong Kong initial public offering that could raise as much as 8.8 billion HKD in shares at 50.80 or 54.80 HKD per share.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek and Schneider Electric Eye L&T Electrical Unit

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Singapore’s Temasek Holdings and France-based Schneider Electric are in talks to acquire Larsen & Tourbo’s electrical and automation business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Allocates $1 Billion Internally to a Global ESG Strategy

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In February 2018, the California Public Employees’ Retirement System (CalPERS) allocated US$ 1 billion to an internally-managed QSI Global ESG strategy. The internally-managed strategy was developed by New York-based QS Investors, LLC, a subsidiary of Legg Mason. CalPERS entered into a 5-year contract with QS Investors, with a possible spend of over US$ 1 million per annum.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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