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COMPETITION: Sovereign Wealth Funds Spice Up Deal Activity in Asia

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sovereign wealth fund center asia

Sovereign wealth funds continue to expand their reach in a variety of transactions across Asia. The Qatar Investment Authority (QIA) is competing against Goldman Sachs on the acquisition of the Keangnam Hanoi Landmark Tower. The 72-story tower is the tallest building in Hanoi and is worth an estimated US$ 1 billion. Korea-based Keangnam Enterprises, Ltd is the developer and seller of the tower.

Goldman Sachs’ offer would be assuming project-financing debt of US$ 900 million and formation of a special purpose vehicle to take over control of the tower. The QIA’s offer is to acquire the whole tower for US$ 800 million in cash. The New York office of Colliers International is the lead manager of the sale. Major companies such as KPMG, Standard Chartered and PwC have reserved space to setup offices in the tower. The tower includes an InterContinental hotel.

Temasek Eyes Postal Savings Bank of China

BNP Paribas, UBS and Temasek Holdings are among a selection of institutional investor bidders attempting to acquire up to a 10% stake in Chinese state-owned Postal Savings Bank of China (PSBC) for at least US$ 3 billion. PSBC is China’s largest bank in terms of outlets (around 40,000 branches), not in assets. The bank is preparing its initial public offering (IPO) for 2016, looking to raise US$ 25 billion. The Government of China would be open to selling a larger stake and is keen on selling to strategic investors versus typical commercial investors.

China International Capital Corporation (CICC) and Morgan Stanley are arranging the pre-IPO sale.

Sovereign Wealth Funds Makes Dough on Chinese Bank Investments

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Digital Media Marketer Turned Urban Farmer Raises Series B from Google

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Singapore’s Temasek Holdings continues to plow money into agriculture and agtech investments. New York-based Bowery raised US$ 90 million in a Series B round that was led by GV (formerly Google Ventures). Other investors in the Series B round include Temasek, GGV Capital, General Catalyst, First Round Capital, Uber CEO Dara Khosrowshahi, and David Barber’s fund Almanac. Is this a technology company growing something real and edible? Yes.

Bowery started in October 2014 and raised US$ 117.5 million since its creation. Bowery raised US$ 20 million in a Series A round in January 2017. Bowery was co-founded by Irving Fain. Fain is a former executive of iHeartMedia, who specializes in digital marketing. He is also a co-founder of CrowdTwist, Inc., a digital marketing analytic startup.

The company uses its own internal operating system to monitor plants and optimize their growth without using pesticides. Bowery claims it uses 95% less water compared to mainstream farming methods. Bowery sells its produce, such as mustard greens, kale mix, and romaine, to places like fast causal chain Sweetgreen, Whole Foods, Dig Inn, and Foragers. Bowery opened its first farm in February 2017.

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Goldman Sachs Buys Weyerhaeuser Spin Off AM Unit from Lindsay Goldberg

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Increasingly, Goldman Sachs is buying up small alternative asset management groups across the United States. Goldman Sachs Asset Management (GSAM) is part of Goldman Sachs Group. GSAM inked a deal to purchase Aptitude Investment Management LP, a hedge fund-of-funds manager, from Lindsay Goldberg & Bessemer II AIV LP, a vehicle managed by Lindsay Goldberg. Aptitude Investment Management oversees around US$ 3.5 billion in discretionary assets. Aptitude Investment Management operates out of Seattle and Vancouver, British Columbia.

Before the creation of an in-house unit at Weyerhauser, Morgan Stanley was the sole investment manager of Weyerhauser’s retirement assets. Salim Shariff, formerly of Morgan Stanley Alternative Investment Partners, and Jeff Klein were hired as CIO and Deputy CIO of Weyerhaeuser Asset Management LLC in 2004. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Gets Exposure to Exchange Tower through Primewest Vehicle

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Singapore’s GIC Private Limited funded a deal through a fund to acquire the Exchange Tower in Perth. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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