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Friday SWFI News Roundup, April 17, 2015

Ola Raises Money from Hedge Funds and Singapore Sovereign Wealth Fund

Singapore’s GIC Private Limited invested in a US$ 400 million round in Ola, an Indian cab service. Ola is owned by ANI Technologies. Some other investors in the round are DST Global and hedge fund Falcon Capital Edge LP.

QIA to Play Role in Possible Leadership Change at Volkswagen

UPDATE: On April 17, 2015, Volkswagen CEO Martin Winterkorn won the backing of shareholders and directors and will remain as CEO.

Volkswagen Chairman Ferdinand Piëch is meeting with other supervisory board members to discuss the future of VW CEO Martin Winterkorn’s leadership. On April 10th, Piëch withdrew his support for Winterkorn. The Piëch and Porsche families together control 51% of the voting shares of Volkswagen. The Qatar Investment Authority (QIA) controls 17% of the voting shares in Volkswagen. According to Handelsblatt, QIA believes sticking with Winterkorn will be challenging.

Angola’s Sovereign Wealth Fund Commits $1.4 Billion to Five Funds

Fundo Soberano de Angola (FSDEA) is allocating US$ 1.4 billion to five new investment vehicles. The vehicles will target sectors in mining, timber, agriculture, and healthcare within Angola and across Africa. The mining, timber and agricultural funds will each be allocated US$ 250 million. The healthcare fund will be given US$ 400 million. The fifth fund, which will receive US$ 250 million, is a mezzanine investment fund that will provide capital to entrepreneurs who cannot access traditional debt funding. In 2014, FSDEA launched two similar funds with a US$ 1.6 billion commitment, one backing hotels and the other backing infrastructure.

Temasek CEO Ho Ching Takes Sabbatical

Temasek Holdings Chief Executive Officer Ho Ching is taking a part-time sabbatical leave” for three months. Her leave is effective April 15, 2015. According to a statement from Temasek, “She will continue with her Board duties and specific stewardship duties.

Summit Bridge Capital Leads Round in Chip Sensor Design Company Movidius

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Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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