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CPP Fund Exceeds $183 Billion at 2013 Fiscal Year-End

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According to the press release, “The CPP Fund ended its fiscal year on March 31, 2013 with net assets of $183.3 billion, compared to $161.6 billion at the end of fiscal 2012. The $21.7 billion increase in assets for the year consisted of $16.2 billion in net investment income after operating costs and $5.5 billion in net CPP contributions. The portfolio delivered a gross investment return of 10.1% for fiscal 2013.

“All of CPPIB’s diverse investment programs played a part in delivering the Fund’s substantial increase in assets in fiscal 2013,” said Mark Wiseman, President & Chief Executive Officer, CPP Investment Board (CPPIB). “We are leveraging this growth to build the foundation for a leading global investment organization, positioning CPPIB to create enduring value for all contributors and beneficiaries in the decades ahead.”

In the ten-year period up to and including fiscal 2013, CPPIB contributed $75.1 billion in cumulative net investment income to the Fund after operating costs.

“While the strength of public equity markets was the leading factor in the solid annual return this year, CPPIB’s active investment programs also contributed to the portfolio’s performance,” said Mr. Wiseman.

“Indeed, we took full advantage of our deep internal capabilities, exceptionally long investment horizon, and global scale and scope to complete a number of sizeable and complex transactions that will continue to generate value in the years to come.”

During fiscal 2013, CPPIB completed 36 transactions of over $200 million each in 11 countries around the world.”

Read more: CPPIB Press Release

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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