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Florida’s State Pension System Purchases Stake in Providence Equity

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Increasingly, private equity firms are selling teaser stakes to large public investors, whether public pension funds or sovereign wealth funds. Providence Equity Partners Inc sold a combined stake of less than 10% to the Florida Retirement System Pension Plan and a sovereign wealth fund who are limited partners in their funds.

The stake for the Florida state pension system was US$ 150 million. Since 2007, the pension system invested around US$ 450 million in Providence Equity funds.

The Florida state pension system made the purchase through their US$ 6.4 billion private equity allocation. In 2010, the Florida State Board of Administration purchased a stake in Lexington Partners for US$ 41.25 million.

Why Did Virtus Investment Partners Buy Sustainable Growth Advisers?

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On February 2, 2018, Virtus Investment Partners, Inc. revealed they acquired a 70% interest in Stamford, CT-based Sustainable Growth Advisers, LP, a high-conviction U.S. and global growth equity portfolio management company, from private equity firm Estancia Capital Management and a portion of equity held by the asset manager’s partners (including Sustainable Growth Advisers’ three co-founders). Scottsdale, Arizona-based Estancia Capital Management bought a minority interest in Sustainable Growth Advisers in August 2013 when it had US$ 5.3 billion in assets. Estancia Capital Management is noted for having a number of partners being from Lovell Minnick Partners LLC, a private equity firm specializing in asset management company buyouts.

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HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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