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CPPIB and Ares Management Buys Neiman Marcus

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cloudsThe Canadian public pension plans do not fear direct investments. Earlier, the Ontario Teachers’ Pension Plan (OTPP) was involved in the Hudson’s Bay Company acquisition of Saks Inc.

The Canada Pension Plan Investment Board (CPPIB) and Ares Management LLC through their affiliates have signed an agreement to acquire Neiman Marcus Group LTD Inc. for a price tag of US$ 6 billion. They are buying the Dallas-based luxury retailer from a group of investors led by Warburg Pincus and TPG. Back in 2005, Warburg Pincus and TPG bought Neiman Marcus through a leverage buyout for US$ 5.1 billion. CPPIB and Ares Management will hold equal economic interests in Neiman Marcus. Company management at Neiman Marcus will retain a small minority stake.

Credit Suisse acted as financial advisor to Neiman Marcus Group. RBC Capital Markets and Deutsche Bank Securities Inc. acted as financial advisors to Ares Management and CPPIB.

This deal is subject to regulatory approvals.

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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