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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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SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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