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Former Facebook Veteran Leads Sovereign Wealth Backed Venture Capital

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Asian sovereign wealth funds are becoming larger players in Silicon Valley, as sovereign wealth centers on popular technologies such as cloud computing and the share economy. Temasek Holdings (through a sovereign wealth enterprise), Khazanah Nasional and Singapore’s GIC Private Limited, all have offices in the San Francisco Bay Area. With sovereign wealth capital funding U.S. startups like Uber, Square and MongoDB, more serial entrepreneurs are looking to engage this patient pool of capital. Vertex Ventures, a wholly-owned subsidiary of Singapore sovereign wealth fund Temasek Holdings, focuses on making venture capital investments. Vertex Ventures has invested in U.S. startups such as PayPal, QuickLogic, Vastera, Aurum Software and R2 Technology Inc. Startup executives, from companies such as Facebook, are being lured toward sovereign wealth funds.

He is known in startup circles as Facebook’s “cloud fixer” and was the social networking giant’s vice president of technical operations.

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Vertex Ventures

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HSBC and CIC Hold Talks on Bilateral Investment Fund

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Taking a page from the Goldman Sachs cooperative fund deal, banking giant HSBC and the China Investment Corporation (CIC) are in talks to form a £1 billion fund to invest in U.K. companies that have linkages to the Chinese economy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Raises Stake in China Oilfield Services

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On November 14 2018, Singapore’s GIC Private Limited acquired 2,982,000 H- shares in China Oilfield Services Ltd at an average price of HK$ 6.9883. GIC increased its ownership in China Oilfield Services to 9.07% from 8.91%. China Oilfield Services is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group.

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Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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