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French Government Said to Seek Areva Financing Accord This Week

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Bloomberg reports, “The French government is seeking commitments from Mitsubishi Heavy Industries Ltd. and the sovereign funds of Qatar and Kuwait to buy new shares in nuclear company Areva SA by the time the Areva board meets on Nov. 16, two people with direct knowledge of the talks said. The state, owner of 91 percent of Areva, may sell shares in two stages to avoid a delay into 2011, said one of the people, who requested anonymity because talks are private.

The sale to sovereign wealth funds may take place this year, while a deal with industrial partners may not happen until 2011 because talks about cooperation are more complex, the person said. Areva Chief Executive Officer Anne Lauvergeon has been pushing for the capital increase to help fund spending on plants and uranium mines. The company, whose finances have been hurt by construction cost overruns at a reactor in Finland, is seeking to fend off competition and sell more reactors and fuel in Europe, China and India. Failure to seal talks with Kuwait and Qatar by next week would drag the entire stock sale into 2011, the person said.”

Read more: Bloomberg

JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BlackRock and Microsoft Eye Opportunities in Retirement Space

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By getting closer to the consumer via mobile apps, New York-based BlackRock Inc. is keen on gaining market share in the U.S. retail retirement market space. BlackRock had acquired FutureAdvisor, a technology platform, while making a large investment in Envestnet. BlackRock is now partnering with Microsoft Corporation to explore creating a retirement platform.

This partnership could be developing a new platform to analyze savings and investing habits – then offering app services as lead-generation services. According to a corporate news release, BlackRock plans to offer on the platform its “investment products that it will design and manage.”

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Ireland Strategic Investment Fund Involved in Urbeo Platform

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Dublin-based Urbeo Residential was founded in 20217 by Bill Nowlan, the founder of Hibernia REIT. Starwood Capital Group is an investment firm headquartered in Greenwich, Connecticut. Starwood Capital formed a €1 billion Irish build-to-rent (BTR) platform with Urbeo Residential and the Ireland Strategic Investment Fund (ISIF). Starwood Capital is investing capital, through Starwood Global Opportunity Fund XI, into Urbeo – the name of the BTR platform. This platform will acquire rental units in Dublin and other major Irish cities.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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