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Friday SWFI News Roundup, December 5, 2014

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QIA and Brookfield Up the Bid for Songbird Estates

The Qatar Investment Authority (QIA) and Brookfield Property Partners have raised their joint bid for Songbird Estates, the entity that majority owns the Canary Wharf estate. The QIA and Brookfield displayed their new all-cash offer of 350 pence per share straight to shareholders. Both are current shareholders of Songbird Estates.

Testing the Waters for a Mega UK Pension Fund

Preston-based Lancashire County Council Pension Fund and the London Pensions Fund Authority on December 2, 2014 announced a partnership to pool approximately £10 billion of assets to save on costs, boost performance and have greater access to illiquid opportunities. Larger institutional investors typically are able to access higher quartile private investment funds. Eventually, the partnership could involve other parts of managing a pension system including administration.

RDIF and Turkey’s Renaissance Holding Seal Deal

On December 1, 2014, the Russian Direct Investment Fund (RDIF) and Turkish conglomerate Renaissance Holding agreed to jointly invest capital into projects across Russia. Both entities will target infrastructure and healthcare opportunities utilizing public private partnership (PPP) models. In addition, the capital will target shopping centers in the region. Increasingly, Russia is working with its neighboring countries to attract capital into the country. The deal was signed during Russian President Vladimir Putin’s state visit to Turkey.

Victory Capital Looks to Profit From Smart Beta Trend

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Norway SWF Votes Down Paris Climate Targets at Shell Shareholder Meeting

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Norges Bank Investment Management (NBIM), which oversees Norway Government Pension Fund Global, voted down a proposal put forward by some investors at Royal Dutch Shell’s annual general meeting calling on the company to set emissions targets in line with the Paris climate accords of 2015. The challenge was shot down by 94.5% of Shell shareholders at Tuesday’s proceedings. Its defeat was followed by a statement from the oil giant calling the resolution “unnecessary” in light of the firm’s plans revealed in November to halve its carbon footprint by 2050. Some investors believe Shell would be in a better position to set their own goals on addressing issues like climate change.

The US$ 1.1 trillion sovereign wealth fund – which is itself reliant on cash-streams from Norway’s hydrocarbon stores – announced last July it would be asking the banks in which it invests nearly a quarter of its equity assets to disclose how their lending contributes to greenhouse emissions, and is currently considering whether to drop its exposures in oil and gas companies constituting roughly 6% of its overall portfolio ahead of a parliamentary vote on the proposed policy change later this year.

The climate change motion was featured by 60 long-term institutional investors representing more than US$ 10 trillion in assets – including HSBC, BNP Paribas, Fidelity, Swedish buffer fund AP7, France’s ERAFP, and the United Kingdom’s National Employment Savings Trust (NEST) – in an open letter published during the week of May 16th by The Financial Times urging fossil fuel companies to “clarify how they see their future in a low-carbon world,” without going so far as to openly support its approval.

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PSP Investments Finished Deal on Equity Stakes in AEA and AELO in Portugal

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On May 11, 2018, ROADIS, which is owned by PSP Investments, finalized the purchase of equity interests in Portugal´s Auto Estradas do Atlantico (AEA) for 50% ownership and Auto Estradas do Litoral Oeste (AELO) for 60% ownership from MSF Group (Moniz da Maia, Serra & Fortunato, Empreiteiros) and Lena Group (known locally as Grupo Lena). This is ROADIS’ first investment into Portugal.

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USS Backs Rental Housing Platform Managed by PfP Capital

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The £60 billion Universities Superannuation Scheme (USS) is providing the majority of the funding toward a joint venture to invest in the U.K. private rented sector.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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