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Disintermediation: CPPIB to Buy Antares Capital from GE

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Mark Wiseman

Mark Wiseman, CEO and President, CPPIB

Canada Pension Plan Investment Board (CPPIB) made it official today, through CPPIB Credit Investments Inc., of a signed agreement with GE Capital to acquire 100% of GE’s U.S. sponsor lending portfolio, Chicago-based Antares Capital, alongside Antares management for a total consideration of US$ 12 billion. Antares Capital is the largest lender to middle-market private equity sponsors in the United States. Over the past five years, Antares has provided more than US$ 120 billion in financing. Essentially, CPPIB is becoming a direct lender for all sorts of deals, but in this case, getting massive exposure to the U.S. private equity middle-market sponsor space. This turn-key deal gives Antares Capital a source of permanent capital.

Twitter Screenshot Capture, June 9, 2015, Click to Enlarge

Twitter Screenshot Capture, June 9, 2015, Click to Enlarge

The deal is expected to close during the 3rd quarter of 2015 and plans are to have Antares Capital operating as a standalone business, governed by its own board of directors. The deal expands CPPIB’s existing Principal Credit Investments portfolio. CPPIB Credit Investments will be working with Antares’ seasoned team as well. Antares’ Founding Managing Partners David Brackett and John Martin are to stay on board.

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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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