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CPPIB Initially Commits 200 Million Toward Sharpooji Venture

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Following the footsteps of Asian sovereign wealth funds like GIC Private Limited, the Canada Pension Plan Investment Board (CPPIB) is targeting core-like Indian office real estate. To capture the emerging market growth theme, the CPPIB is being advised by Vikram Gandhi, founder of VSG Capital Advisors Pvt. Ltd. Vikram Gandhi and his firm were retained on March 1, 2012, to advise and facilitate long-term investment deals for the CPPIB on India’s massive sub-continent. Gandhi, a Baker Scholar, brushed elbows with the elites on Wall Street including Vikram Pandit during his Morgan Stanley stint.

The CPPIB inked a strategic alliance with the Sharpooji Pallonji Group, an Indian conglomerate that has expertise in real estate, to buy foreign direct investment-compliant, stabilized offices in select metropolitan areas in India. The CPPIB will own 80 percent of the venture – putting in a US$ 200 million equity commitment.

“We are delighted to be partnering with Shapoorji Pallonji to launch our first real estate venture in India focusing on stabilized office properties in major urban centres,” stated in a CPPIB press release by Mark Wiseman, President & and CEO, CPPIB. “India is a key growth market for CPPIB and, as a long-term investor, we believe there are attractive investment opportunities across various sectors. We look forward to working alongside Shapoorji Pallonji, a well-aligned and experienced operator/developer in India.”

SA FinMin: PIC CEO Plans to Resign

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Dr Dan Matjila, the Chief Executive Officer of the Public Investment Corporation (PIC) of South Africa, plans to resign according to South Africa’s finance ministry, which oversees the organization. The finance ministry commented that PIC’s board was dealing with Matjila’s intentions. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Goldman Sachs Sued by Abu Dhabi SWF Unit

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International Petroleum Investment Company (IPIC), which is now wrapped up into Abu Dhabi-based Mubadala Investment Company, is suing Goldman Sachs over its role in the 1MBD international corruption scandal. IPIC, through its unit Aabar Investments, was once an investment partner of 1Malaysia Development Berhad (IMDB). In the lawsuit, Aabar believes Goldman Sachs conspired with others to bribe both IPIC and Aabar Investment former executives. SWFI and other media outlets have written extensively on the matter.

In the fall, the U.S. Department of Justice (DOJ) already unsealed criminal charges against key players in the massive fraudulent scheme, while Malaysian government officials have jailed its former prime minister Najib Razak.

Lloyd Blankfein, the recent former CEO of Goldman Sachs, attended a 2009 meeting with Malaysian financier Jho Low (name: Low Taek Jho). According to various media sources, Blankfein is the unidentified Goldman executive who attended the 2009 meeting in New York in the U.S. court documents.

Goldman Sachs faces a plethora of lawsuits and regulatory probes stemming from its involvement in the 1MDB scandal.

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EXPORT DREAMS: American Reliance on World Oil at an Inflection Point

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Remember the days of experts talking about peak oil. The peak oil concept is the point in which the global petroleum production rate starts its inevitable historic decline. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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