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Friday SWFI News Roundup, August 8, 2014

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Nigeria Sovereign Investment Authority to Manage US$ 350 Million for NBET

On July 24, the Nigeria Sovereign Investment Authority (NSIA) and Nigerian Bulk Electricity Trading Plc (NBET) signed a funds management agreement. US$ 350 million is being allocated to the NBET from the US$ 1 billion Eurobond issued by the Nigerian government in July 2013. NSIA will manage the NBET’s Eurobond facility.

China Life Insurance to Invest $250 million in TPG

Beijing-based insurer China Life Insurance (Overseas) is going to invest US$ 250 million directly in U.S. private equity player TPG. The Chinese insurer joins sovereign wealth funds, GIC Private Limited and Kuwait Investment Authority (both investing in TPG in 2011), as direct investors in the private equity firm. Private equity firms are greasing their hands to gather assets to manage from growing Chinese insurance companies.

CICC Selects Joint Sponsors for Hong Kong IPO

Founded in 1995, Beijing-based China International Capital Corporation (CICC), China’s first investment bank, has selected ABC International Holdings Ltd. and CCB International (Holdings) Ltd. as joint sponsors for an initial public offering in Hong Kong. CICC will be the leading sponsor in the IPO.

In 1995, Morgan Stanley assisted in the creation of CICC with China Construction Bank. Morgan Stanley sold its stake in CICC to investors which include Singapore’s sovereign wealth fund GIC Private Limited, KKR and TPG.

Asian Sovereign Wealth Funds Invest in Prestige Estates’ Placement

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Emirates NBD Acquires Turkey’s Denizbank in $3.2 Billion Deal with Sberbank

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In a bid to establish itself as one of the region’s leading providers of financial services, Emirates NBD – Dubai’s largest bank – has entered into a deal to acquire a 99.99% stake in Turkey’s DenizBank A.Ş. for a bargain price of US$ 3.2 billion from Russian state-owned lender Sberbank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Brazilian President Michel Temer Orders Liquidation of Sovereign Wealth Fund

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Brazilian President Michel Temer signed an executive order to shut down the country’s sovereign wealth fund. The money in the sovereign fund will go toward repayment of foreign debt.

The Sovereign Fund of Brazil, also known as Fundo Soberano do Brasil, was formed in 2008.

The formation of the Fundo Soberano do Brasil was authorized by then Brazilian President Luiz Inacio Lula da Silva.

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CDPQ Boosts Stake in Invenergy Renewables

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Caisse de dépôt et placement du Québec (CDPQ) boosted its ownership stake in Chicago-based Invenergy Renewables LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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