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Friday SWFI News Roundup, April 10, 2015

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tibblesDoes this cute cat have your attention? Here are the roundups for April 10th.

Investment Corporation of Dubai Invests in 3 Luxury Hotels

Gulf sovereign wealth funds are betting big on luxury hotel properties. The Investment Corporation of Dubai (ICD) invested in three luxury hotels – two in the United States and one in South Africa. ICD acquired the W Hotel in Washington D.C. In addition, ICD acquired a majority position in the Mandarin Oriental in New York City and a minority interest in the One & Only resort in Cape Town, South Africa. In 2014, ICD invested in a large stake in Kerzner International, founded by South African Solomon (Sol) Kerzner. ICD owns the Atlantis resort on the Palm Jumeirah, paying US$ 250 million in 2014 for the remaining 50% holding from a unit of Dubai World. Furthermore, ICD is constructing a US$ 1.5 billion luxury resort on Palm Jumeirah with Kezner International called Royal Atlantis Resort and Residences.

From a press release, ICD CEO Mohammed Al Shaibani stated, “Building on our strong domestic growth in the hospitality and tourism sectors, this strategic move reinforces ICD as a serious contender in the global luxury hospitality space.”

Serco Capital Raise, GIC Participates

Singapore’s sovereign wealth fund GIC Private Limited is subscribing to a £555 million capital raise in British outsourcing firm Serco Group plc. The sovereign fund has a 6.4% ownership interest in Serco, about 35.17 million ordinary shares. The other larger shareholder is Invesco, controlling about 9.98% of ownership. JP Morgan Cazenove and Bank of America Merrill Lynch International are joint sponsors and bookrunners. Barclays Bank and HSBC are co-bookrunners. Credit Agricole is the lead manager. Rothschild is the financial advisor for Serco.

Apax Partners Seek Permanent Financing Solution

Apax Partners, a European private equity firm, is prepping for an initial public offering for its Permanent Capital Vehicle to be traded in London. In fact, the Permanent Capital Vehicle is the single largest investor in Apax funds. This vehicle is a company that was setup six years ago. It sold stakes to sovereign wealth funds. Sovereign wealth funds GIC Private Limited, Australia’s Future Fund and China Investment Corporation do not plan to sell their interests in the Apax vehicle.

Credit Suisse and Jeffries are financial advisors to Apax Partners.

EnCap Investments Raises $6.5 Billion for Latest Fund

This week Houston-based EnCap Investments L.P. closed on EnCap Energy Capital Fund X, L.P. raising US$ 6.5 billion of limited partner capital commitments. This fund will target control equity investments in oil and gas exploration and production companies in the United States and Canada. EnCap Investments was founded in 1988. This is EnCap Investments’ 19th institutional fund.

Mubadala Petroleum Serves Notice of Default to Northern Gulf Petroleum

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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DOL Fiduciary Role is Struck Down by Fifth Circuit Court of Appeals

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The U.S. Court of Appeal, Fifth Circuit, confirmed a March 15th decision to strike down the U.S. Department of Labor’s (DOL) fiduciary rule. The fiduciary rule is a series of seven different rules that broadly interpret the term “investment advice fiduciary” and redefine exemptions to provisions concerning fiduciaries that appear in the Employee Retirement Income Security Act of 1974 (ERISA). The 5th U.S. Circuit Court of Appeals overturned a decision by a Dallas federal court that had upheld the DOL fiduciary rule.

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Supreme Court Ruling on Online Shoppers Sales Tax Could Impact SWF Investing

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In a 5-4 ruling, the U.S. Supreme Court ruled that U.S. states could mandate online shoppers to pay sales tax when they make online purchases. This new ruling overturns a ruling from 1992.

Sovereign wealth funds directly invested at least US$ 9 billion in internet-related retail businesses from January 1, 2015 to March 31, 2018, according to SWFI transaction data. This is not counting fund commitments or funds invested. Sovereign funds have been plowing capital into online mega giants such as Amazon and Expedia, while spending big on e-commerce startups in the United States.

“Each year the physical presence rule becomes further removed from economic reality and results in significant revenue losses to the States. These critiques underscore that the physical presence rule, both as first formulated and as applied today, is an incorrect interpretation of the Commerce Clause,” Justice Anthony Kennedy penned in an opinion joined by Justices Clarence Thomas, Samuel Alito, Ruth Bader Ginsburg, and Neil Gorsuch.

“Retailers have been waiting for this day for more than two decades,” the National Retail Federation said in a statement.

Already a number of U.S. states enacted laws mandating online marketplaces to collect sales taxes on behalf of third-party sellers.

The case is South Dakota v. Wayfair, 17-494.

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