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CPPIB and Piramal Ink $500 Million Alliance in Indian Residential Development Debt

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The CPPIB is making further inroads into India by betting on the country’s real estate sector. CPPIB Credit Investments Inc., a subsidiary of the CPPIB, and Piramal Enterprises Limited inked a deal for providing rupee debt financing to residential developments across India’s urban corridors. These corridors include Mumbai, Delhi, Bangalore, Pune and Chennai. Project debt financing will target best-of-breed local developers that have substantial track records in high-quality residential projects. The CPPIB is playing on India’s emerging middle class and urbanization of the country.

Piramal Enterprises is a diversified company with a portfolio in financial services, real estate, pharmaceuticals and information management (Decision Resources Group). The CPPIB and Piramal, through Indiareit Fund Advisors (real estate arm), have each committed US$ 250 million. Indiareit has been appointed as an advisor.

Vikram Gandhi, founder of VSG Capital Advisors, advised CPPIB with regard to the deal. Macquarie Capital advised Piramal Enterprises in the deal.

In 2013, the CPPB embarked on a major deal with Shapoorji Pallonji Group to purchase Indian office buildings in major cities.

RDIF and Makara Capital form Technology Company Investment Joint Venture

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The Russian Direct Investment Fund (RDIF) and Singapore-based Makara Capital, a specialist in transaction financing and asset management, signed a deal to form a US$ 200 million joint investment platform to finance breakthrough innovative projects in Russia and Asia. Ali Ijaz Ahmad, the CEO of Makara Capital, is a board director of the Intellectual Property Office of Singapore (IPOS). Ali Ijaz Ahmad served as an adviser to Morgan Stanley and The Carlyle Group. He also had stints at the World bank and Goldman Sachs. Makara Capital was founded in 2005 as a joint venture with Credit Suisse AG and made independent by its founding partners in 2008.

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SVB Financial Group to Acquire Leerink Holdings

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Linking Boston to the San Francisco Bay Area in the world of pharmaceuticals, SVB Financial Group (SVB) announced that it has entered into a merger agreement to acquire Leerink Holdings LLC, the Boston-based parent company of Leerink Partners LLC, an investment bank focused on the healthcare and life science industries. Jeffrey A. Leerink formed Leerink in 1995. Santa Clara, California-based SVB Financial Group is the parent company of Silicon Valley Bank. SVB is big into life sciences and provides services to many healthcare companies and startups.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Digital Currencies Gaining Steam Among Central Banks

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At the Singapore Fintech Festival, International Monetary Fund head Christine Lagarde noted that central banks should consider issuing digital currency, as non-cash payments increased over the years – especially in developed markets. Digital currencies, also known as cryptocurrencies, such as bitcoin have lost tremendous value in recent months. Lagarde is referring to having the central bank issue digital currencies. Lagarde argued that a digital currency would be the liability of the state and not a private company. Saudi Arabia, China, Canada, Sweden, and even Uruguay have tinkered with possibly having digital currencies or some form. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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