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Fall Surprise: Direct Lending Funds Attract US Pensions

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Direct lending funds are continually attracting U.S. pension fund investors. These pension funds are searching for yield and in effect, the committed capital can be perceived as high-risk bank lending. These commitments are falling under many pensions’ high-yield allocation. For example, in late October, the Orange County Employees’ Retirement System (OCERS) committed up to US$ 60 million to OCP Asia’s Orchard Landmark direct lending fund. Formed in September 2009, OCP was created by Stu Wilson and Teall Edds, both from Stark Investments. Essentially, OCP was a spin-off of Stark Investments’ Asian investment operations.

Tighter financial regulation and banks retreating from the frontlines have spurred a decrease in traditional financing choices for mid-sized business in the US.

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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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