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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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Chuck Grassley Leaves Judiciary for Senate Finance Chair

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U.S. Senator Chuck Grassley, age 85, is leaving the Senate Judiciary Committee as chair. He will become Chairman of the Senate Finance Committee next year. The Iowa Republican has served as chairman of the Judiciary Committee since January 2015. Chuck Grassley served as Chair of the Senate Finance Committee in 2001 and from 2003 to 2007.

Grassley is replacing Senator Orrin Hatch (from Utah) who is retiring from the Senate. Replacing Orrin Hatch in Utah as Senator, is former Republican Presidential candidate Mitt Romney, who lost the 2012 election to Barack Obama.

“Looking ahead, at the Finance Committee, I want to continue to work to make sure that as many Americans as possible get to experience this good economy for themselves,” said Senator Grassley in a statement. “That means working to provide Americans with additional tax relief and tax fairness so they can spend more of their hard-earned money on what’s important to them.”

The Committee on Finance is one of the original committees established in the Senate and was first created on December 11, 1815. The committee deals with a whole matter of issues including taxation, revenue, customs, trade agreements, Social Security and more. It is considered to be one of the most powerful committees in Congress. In addition, the Committee on Finance has jurisdiction over both Medicare and Medicaid.

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Liberty Mutual Inks $1 Billion Risk Sharing Agreement with OPIC

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Liberty Mutual Insurance inked a special deal with the Overseas Private Investment Corporation (OPIC), the U.S government’s development finance institution, to help facilitate investment in challenging markets. The deal entails forming a US$ 1 billion risk-sharing agreement to facilitate private sector investment in developing markets. OPIC recently received a new mandate from Washington D.C., armed with more capital and flexibility.

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Keppel Infrastructure to Acquire Ixom from Blackstone

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Keppel Infrastructure Fund Management Pte Ltd, in its capacity as trustee-manager of Keppel Infrastructure Trust, through its wholly-owned subsidiary, has entered into a share sale agreement with certain funds managed by Blackstone and certain management sellers for the proposed acquisition of a 100% interest in Ixom HoldCo Pty Ltd (Ixom). The enterprise value for Ixom is A$ 1,100 million. The equity value for Ixom is A$ 777 million.

Ixom is an industrial infrastructure business in Australia and New Zealand. The company supplies and distributes water treatment chemicals. The Ixom Group is the sole manufacturer of liquefied chlorine in Australia, as well as a major provider of manufactured caustic soda.

The proposed transaction will be initially funded via debt.

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