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Friday SWFI News Roundup, April 17, 2015

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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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SWFI First Read, May 25, 2018

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MedInvestGroup Pushes Investment into Russian High-Tech Oncology Centers

The Russian Direct Investment Fund (RDIF) and Mubadala Investment Company have attracted MedInvestGroup, which manages a network of the PET Technology regional oncology and radiological centers, as a strategic investor in the joint management and development of a network of cancer diagnosis and treatment centers. The deal aims to significantly improve the efficiency of the already functional centers in Podolsk and Balashikha. The corresponding agreement was announced today at the St. Petersburg International Economic Forum.

Southern Satellite City and RDIF Reach a Financing Agreement

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French Industrial Giants Find Opportunity with RDIF

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A number of French industrial companies continue to invest within Russia, finding opportunities within the mega country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CPPIB Targets 33% in Emerging Markets by 2025

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The Canada Pension Plan Investment Board (CPPIB) generated a net return after expenses and pension contributions of 11.6% for the fiscal year ended March 31, 2018, versus its reference portfolio of 9.8%. For the reported fiscal year, CPPIB grew its net assets to a new high of C$ 356.1 billion (US$ 277.2 billion), compared to C$ 316.7 from the year previous.

Mark Machin, President and Chief Executive Officer at CPPIB, attributed the performance to the rising tide in public equity markets across most geographies, whose volatility in recent months was buoyed by significant fourth quarter earnings in the fund’s private holdings. Public and private equities, CPPIB’s first and third largest asset classes by exposure at 38.8% and 20.3%, saw estimated returns of 11.4% and 16.1%, respectively. Machin joined CPPIB in 2012 and was moved to the top in June 2016, following the departure of Mark Wiseman. Machin has a knack for the Asian region, being CPPIB’s first president for Asia and also spent nearly 20 years in Asia, working at Goldman Sachs. CPPIB plans to continue heavily investing in the APAC region, along with India.

Emerging Markets

“By 2025, we will invest up to a third of the Fund in emerging markets, which by that time are anticipated to account for 47% of global GDP,” said Machin in his section of the annual report outlining the pension’s updated strategic plan. CPPIB currently has C$ 56.1 billion invested in emerging markets, C$ 22.4 billion of which is wrapped up in China.

Foreign and emerging markets continued to dominate in CPPIB’s private equity investments with returns of 16.0% and 19.5%, compared to 1.8% for their Canadian counterparts. Asia was a standout market for the pensioner, which raised its exposure to private equity deals in the region by nearly 28% from C$ 13.4 billion to 17.1 billion, closed six direct investments worth C$ 1.6 billion, committed C$ 1.7 billion towards eight funds, and completed three secondary transactions for C$ 400 million.

With 275 global transactions completed over the fiscal year, CPPIB’s geographic exposure places 15.1% of its assets at home in Canada, 37.9% in the neighboring United States, 13.2% in continental Europe, 5.6% in the United Kingdom, 3.1% in Australia, and a whopping 20.4% in Asia.

Public Equities

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