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EXCEPTIONALLY HIGH RETURN: NBIM CEO Presents Before Norway’s Standing Committee

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Yngve Slyngstad

Yngve Slyngstad, the CEO of Norges Bank Investment Management (NBIM), gave a speech to Norway’s Standing Committee on Finance and Economic Affairs of the Storting. He started off by mentioning the country’s sovereign wealth fund had its value surpass 8 trillion NOK. First quarter returns for Norway’s Government Pension Fund Global (GPFG) stood at 3.8%, the third best quarter for the fund since its inception.

Norway’s GPFG pivoted and increased its long-term target equity share from 60% to 62.5%. In addition, the total real estate allocation for the fund has a 7% limit.

Slyngstad stated, “We have seen exceptionally high return over the past five years. Looking ahead, we must be prepared for periods of substantial declines in value.”

Here is the speech.

APFC Sells $1.4 Billion Stake in Simpson Housing

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The Alaska Permanent Fund Corporation (APFC) embarked on a major shift in its real estate portfolio by selling a 50% ownership stake in Denver-based Simpson Housing LLLP for US$ 1.4 billion. Simpson Housing had made up roughly 24.7% of APFC’s US$ 5.6 billion real estate portfolio. The other owner of Simpson Housing is that State of Michigan Retirement Systems.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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ISIF Invests in Cybersecurity Firm Vectra

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The Ireland Strategic Investment Fund (ISIF) committed €10 million to Vectra Networks, Inc., a San Jose, U.S.-based cybersecurity company. The investment capital will assist Vectra in creating a research and development center in Dublin.

ISIF is part of a larger funding round of €30 million. These other investors include Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures.

Kevin Dillon, who is the former Head of Microsoft Ireland and a Managing Partner at Atlantic Bridge, will join the board of directors at Vectra.

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NZ Super Generates 19.8% Return for 2017 Calendar Year

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The New Zealand Superannuation Fund (NZ Super) generated a 19.8% annual return for the 2017 calendar year. The return was calculated after costs and before New Zealand tax. Catherine Savage, Chair of the Guardians of New Zealand Superannuation, commented in a press release that, “We remain focused on identifying attractive active investments in New Zealand, with recent highlights including a $100m investment in New Zealand insurer Fidelity Life.”

Savage concluded, “Returns are likely to normalise and over the long term we expect the Fund will deliver average returns of approximately 8% a year, based on current portfolio settings.”

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