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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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Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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