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Egypt President El Sisi Directs Finalizing Measures for Sovereign Wealth Fund

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On November 10, 2018, Egyptian President Abdel Fattah El Sisi issued an order to finalize the remaining measures needed to create Egypt’s sovereign wealth fund, the Misr Fund, and have it comply with globally-recognized standards. President Sisi issued the directive at a meeting with Egyptian Prime Minister Moustafa Madbouli and Minister of Planning, Follow-up and Administrative Reform Hala El Sayed.

Somewhat similar to Saudi Arabia, Egypt has a Vision 2030 plan. Egypt seeks to leverage its elephantine pool of state-owned companies and investments to diversify the economy. Egypt is keen on boosting private sector investment, while growing the real economy with more structural reforms.

Recently, the International Monetary Fund (IMF) dispersed another US$ 2 billion to Egypt. Egypt inked a massive US$ 12 billion, 3-year IMF loan in 2016.

The increased natural gas production at Zohar gas field has helped with Egypt’s fiscal situation. At the end of October 2018, Egypt’s foreign currency reserves increase to US$ 44.501 billion versus being at US$ 44.459 billion at the end of September 2018, according to the Central Bank of Egypt (CBE).

KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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