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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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SWFI First Read, June 21, 2018

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PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for it’s a A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Large Public Asset Owners Commit to Goodman Brazil Logistics Partnership

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Canada Pension Plan Investment Board (CPPIB) unveiled plans to commit 500 million BRL (C$ 175 million) in equity for a 20% interest in the newly established Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Supports Two European Aquaculture Transactions

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Mubadala Investment Company is keen on growing exposure to agribusinesses whether in farming or aquaculture. With money from Mubadala and AMERRA Capital Management LLC, Andromeda Group acquired Nireus SA (at 74.34% stake) and Selonda SA at (79.62% stake), two European aquaculture companies that focus on sea bream and sea bass. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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