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Did BlackRock Move to Soon into Mexico?

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Geopolitical risk is a real concern for allocators of capital in Latin America. In November 2017, asset management giant BlackRock moved to acquire the asset management business of Citibanamex, a unit of Citigroup Inc., for US$ 350 million. Law firm Shearman & Sterling LLP and Galicia Abogados assisted Citibanamex in its sale to BlackRock. BlackRock CEO Larry Fink saw significant growth potential in the Mexican asset management market, especially with growth of afores and shifts in their asset allocation out of domestic securities. BlackRock won a wide number of institutional mandates within the Mexican afore and pension community in recent years. Marco Antonio Slim, the son of Carlos Slim Helú (Mexico’s richest man), sits on the board of BlackRock.

With regard to client money, BlackRock is invested in Mexico, whether in bonds, stocks, and infrastructure. BlackRock acquired a large stake in the second phase of the Los Ramones pipeline project in March 2015. The whole Ramones system stretches roughly 530 miles from the South Texas border to the Guanajuato state in central Mexico. The pipeline has a 25-year take-or-pay agreement with Petróleos Mexicanos (Pemex).

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Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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