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Friday SWFI News Roundup, December 26, 2014

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Pension Protection Fund Allocated $400 Million to Energy PE Funds

More pension funds are committing to energy private equity funds. London-based Pension Protection Fund has given mandates to three private equity managers to run energy plays. The £16 billion pension fund allocated up to US$ 400 million to be divided among, EV Energy Partners (EnerVest), NGP Energy Capital Management and ArcLight Capital Partners. The Pension Protection Fund boosted its allocation to alternatives from 20% to 22.5%. The fund has a private equity allocation of 4%.

GIC Buys Controlling Position in Nirlon

GIC Private Limited, through a sovereign wealth enterprise called Reco Berry Pvt. Ltd, has taken a controlling interest in Nirlon Ltd. Nirlon is a listed Indian realty company. Reco Berry is taking a 39.2% stake in Nirlon, and announced an open offer for an additional 28.4% in the company. HSBC Securities and Kotak Mahindra were joint managers on GIC’s offer. The final transaction value is Rs1392 crore. Nirlon owns Nirlon Knowledge Park, a huge commercial office spread in Goregaon, a locality of Mumbai.

Ohio State Teachers Terminates AllianceBernstein International Blend Equity

Columbus-based Ohio State Teachers’ Retirement System terminated a US$ 900 million active international blend equity portfolio being managed by New York-based AllianceBernstein. The key reason for the termination was underperformance. The US$ 900 million in assets are being divided between MFS Investment Management’s active international equity portfolio and AllianceBernstein’s active international value equity portfolio.

Former Singapore SWF Real Estate Executive Joins Harrison Street Real Estate Capital

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Deutsche Bundesbank to Slowly Add Renminbi into Foreign Reserve Mix

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Deutsche Bundesbank’s executive board made a decision to invest in Chinese renminbi in the summer of 2017 as part of its foreign currency reserves. The German central bank on January 15, 2018, confirmed it will start investing in Chinese renminbi and also consider investing in additional foreign currencies. The move mimics the European Central Bank (ECB), which already considers the Chinese renminbi as a reserve currency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Bpifrance, CDB and Cathay Capital Launch Third Cross Border Fund

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Bpifrance, China Development Bank Capital Co., Ltd. (CDB Capital) and Cathay Capital agreed to launch Sino French Midcap Fund II. This is the second fund the group is launching after the €500 million Sino French Midcap Fund I from June 27, 2014. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Carillion Falls into Compulsory Liquidation

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U.K.-based Carillion plc, a construction and facilities management giant, has fallen into compulsory liquidation on January 15, 2018. In July 2017, the listed company issued a warning on its profits, while its CEO quit at the time. The company warned it was near a breach of debt covenants and was in need of a fresh capital injection. Carillion faced a downturn in new business, while dealing with expensive contract delays. U.K. lenders such as the Royal Bank of Scotland (RBS), Lloyds Banking Group and Barclays are facing the news of having hundreds of millions of pounds default.

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