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Friday SWFI News Roundup, December 16, 2016

U.S. President Barack Obama - Dec 16, 2016, Year-End Press Conference

U.S. President Barack Obama – Dec 16, 2016, Year-End Press Conference

FRR to Exclude Tobacco and Thermal Coal from Bond and Equity Portfolios

Paris-based Fonds de Réserve pour les Retraites (FRR) will now have to exclude tobacco companies and companies that derive more than 20% of their revenue from thermal coal extraction from the fund’s equity and bond portfolios. This decision was made by FRR’s supervisory board.

Korean Teachers’ Credit Union Invests in Distressed Euro Credit Fund

The Korean Teachers’ Credit Union (KTCU) is kicking in €50 million toward the European Special Situations (ESS) Fund II, a fund managed by Cross Ocean Partners, that will target discounted senior secured loans from European banks. KTCU invested €30 million in European Special Situations (ESS) Fund I in 2013.

Centrica Touts Gas Flowing from Cygnus Field

According to Centrica plc, the first gas has flowed from the Cygnus field. This field could possibly be the biggest producing natural gas field in the U.K.’s part of the North Sea. The company projects at peak the gas field could contribute up to 5% of the U.K.’s total gas production.

Gulf Wealth Participates in JetSmarter Series C Round

JetSmarter, an app for private jet services, raised US$ 105 million in a Series C round at a reported US$ 1.5 billion pre-money valuation. New investors participating in this round include London-based KZ Capital, a Qatar private equity fund, JetEdge, and an Abu Dhabi-based equity fund. Existing investors and backers such as Shawn “Jay-Z” Carter and members of the Saudi royal family participated in the Series C round as well. XOJET President and CEO Bradley Stewart joined JetSmarter’s board in connection with the Series C round.

PKA Sells German Windfarm Stake to ITOCHU-Led Investor Group

An investor consortium led by Japan’s ITOCHU Group purchased Denmark’s PKA 22.5% ownership stake in the Butendiek German offshore windfarm. The windfarm is close to the border of Denmark and Germany, close to the island of Sylt. PKA typically holds on to these types of investments for 25 years, but they had the opportunity to make a timely profit for its members. PKA had invested in the windfarm in 2013, together with Industriens Pension.

Mirae Asset Financial Group Eyes Charles Schwab SF Building

Mirae Asset Financial Group indicated interest to acquire the headquarters of Charles Schwab in San Francisco. The prospective seller is CIM Group, which bought the building in January 2010. The 18-storey property, located at 211 Main Street, is apparently worth about US$ 300 million. Charles Schwab’s building lease expires in May 2018. The building was constructed in 1973.

Merseyside Pension, West Yorkshire Pension and Lancashire County Pension Joining GLIL Infrastructure

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Concerns Raised at Potential BlackRock Takeover of CalPERS’ Private Equity

The California Public Employees’ Retirement System (CalPERS) has been analyzing options on what to do with its massive US$ 26 billion private equity program. The pension system has embraced the mantra of reducing cost, reducing complexity and reducing risk, the hallmark of its program called “INVO 2020”. CalPERS also wants less, but more strategic relationships with external money managers. At one point, CalPERS was contemplating increasing its direct investment staff to model Canadian pension funds such as Canada Pension Plan Investment Board (CPPIB), OMERS and the Ontario Teachers’ Pension plan. The pendulum has begun to swing the other way as reported earlier by SWFI research staff.

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CDP Signs €1.7 Billion Infrastructure Loan Agreement with Atlantia Group

Cassa depositi e prestiti S.p.A. (CDP) and Atlantia Group’s Autostrade per l’Italia (ASPI) have signed a €1.7 billion loan contract dedicated to upgrading motorways in Italy under concession to ASPI. €1.1 billion will come in the form of a term loan with a 10-year tenure, with the remaining €600 million wrapped up in a five-year revolving loan.

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Sovereign Funds Commit to Integrating Climate-Related Risks at One Planet Summit

Representatives from a number of sovereign wealth funds who collectively govern over US$ 2 trillion in assets came together at the One Planet Summit at the Élysée Palace in Paris in order to discuss what public asset owners can do to incorporate climate change-related risks and opportunities into investment considerations.

The newly formed committee – called the One Planet Sovereign Wealth Fund Working Group – includes as its founding members the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qatar Investment Authority (QIA), Norges Bank Investment Management (manager of Norway’s Government Pension Fund Global), Saudi Arabia’s Public Investment Fund (PIF), and the New Zealand Superannuation Fund.

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