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Friday SWFI News Roundup, April 24, 2015

Qatar Sovereign Wealth Capital Backs North African Resorts

Bangkok-based Minor Group is working with Qatari Diar Real Estate Investment Company, a sovereign wealth enterprise of the Qatar Investment Authority (QIA), to construct two new resorts in North Africa. The resorts will be Anantara resorts. One of the resorts, Anantara Tozeur Resort, will be based in southwest Tunisia in the city of Tozeur. The other resort, Anantara Al Houara Tangier Resort, will be based in northern Morocco.

Law Enables Addition of Second Executive Managing Director

On April 24, a law was enacted to add another executive managing director at Government Pension Investment Fund – Japan (GPIF). The law expanded the position from 1 to 2, to strengthen oversight of the massive pool of public capital. Hiromichi Mizuno is leading the investment side as executive managing director, while the other executive managing director will most likely deal with general affairs. The second position will most likely be chosen from Japan’s Health, Labor and Welfare Ministry.

CalPERS’ Purges Stake in Health Evolution Partners Fund

The California Public Employees’ Retirement System (CalPERS) sold its stake in Health Evolution Partners’ growth fund to secondaries firm HarbourVest Partners. CalPERS was the only limited partner in funds managed by the firm. CalPERS is no longer backing single-LP funds. San Francisco-based Health Evolution Partners was founded by David Brailer, a former National Coordinator for Health Information Technology under the U.S. Department of Health and Human Services during the George W. Bush administration. Brailer also founded CareScience as a spinout from The Wharton School. Health Evolution Partners plans to raise a future fund and managed US$ 547.9 million as of December 31, 2014.

Evercore’s secondaries team assisted in the deal.

Singapore’s GIC Leads Series C Round in Indian Local Services Classified Startup

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Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.

Plans

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