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Friday SWFI News Roundup, August 7, 2015

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GIC Possible Assist in Worldpay Bid

Private equity giants Blackstone Group and Hellman & Friedman are teaming up to acquire U.K.-based Worldpay, a payments processing company that is trying to float £6 billion onto the London stock exchange. The private equity group may include Singapore’s GIC Private Limited to have additional financial firepower in the deal. Worldpay is currently owned by private equity firms Bain Capital and Advent who acquired the company from the Royal Bank of Scotland (RBS).

New York State Teachers’ Retirement System Awards Grosvenor RE Debt Mandate

The New York State Teachers’ Retirement System (NYSTRS) hired Grosvenor Capital Management to manage a US$ 100 million separate account. The allocation will target real estate debt, placing money with emerging real estate debt managers. The money will target a net IRR of around 9% to 10%.

Furthermore, NYSTRS extended its contract one year starting in September with Cohen & Steers Capital Management on a separate account REIT mandate. NYSTRS invested with Cohen & Steers back in 2007 with a US$ 100 million allocation. As of June 30, 2015, the market value of the account is US$ 165.6 million.

GIC Bets on East Germany Real Estate

In early August, Singapore’s GIC Private Limited acquired a more than 10% shareholding in Berlin-based TLG IMMOBILIEN, a real estate company that targets commercial property in east Germany.

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Oman Antimony JV Slightly Alters Capital Structure to Favor Debt

London-based Tri-Star Resources PLC, a mining company, basically agreed in principle to change the capital structure of its holding joint venture company which is building a 20,000 ton per year antimony processing facility in Oman. The development is part of the greater the Oman Antimony Roaster project. The joint venture company is called Strategic and Precious Metals Processing LLC and Tri-Star Resources owns a 40% stake in it. Other investors in the JV are the Oman Investment Fund and DNR Industries Ltd, which was formerly known as Castell Investments Ltd. Total funding for the project had not been modified from US$ 70 million. What is changing is the mix of funding, using more debt and less equity. Under the amended terms, US$ 15 million in equity is being provided by the JV partners versus the previous US$ 20 million. This is while a US$ 15 million mezzanine loan is being used over the previous US$ 10 million mezzanine loan.

Qatari Diar and JV Partner Unloads 2 London Buildings

The joint venture between Qatari Diar Real Estate Investment Co., a unit of the Qatar Investment Authority (QIA) and Canary Wharf Group (controlled now by QIA and Brookfield Property Partners LP), agreed to sell two London office buildings located in South Bank district to Almacantar SA for more than £550 million pounds. Almacantar is headed by Land Securities Plc executive Mike Hussey.

Origin Energy Lists Stake in Contact Energy for Sale

Macquarie Capital has been hired to sell Origin Energy’s NZ$ 1.81 billion stake in Contact Energy. Possible investors include Australia investors and Asian sovereign wealth funds.

Saudi Arabia’s Foreign Reserves Keep Falling

Saudi Arabia’s net foreign reserves dropped to 2.492 trillion riyals (US$ 664.5 billion) in June. This is down 1.2% from May 2015. Reserves are at their lowest levels since March 2013. In June, SAMA sold US$ 32.4 billion of securities, while boosting deposits to US$ 22.9 billion.

NZ Super Names Three New Board Members

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New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

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AIMCo Names Former Talisman Energy Executive to Board

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The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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