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Friday SWFI News Roundup, February 13, 2015

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Temasek Holdings Invests in E-Commerce Platform Jet

Founded by Marc Lore, Jet raised US$ 140 million in new funding. Lore was the founder of Diapers.com which sold to Amazon for US$ 545 million. Bain Capital Ventures was the lead investor in the round. Other investors were: General Catalyst Partners, Goldman Sachs, New Enterprise Associates, Norwest Venture Partners, Coatue Management, Accel Partners, Thrive Capital, Silicon Valley Bank and Singapore’s Temasek Holdings.

Dallas Fed Reserve Head Fisher Says Saudi Arabia “Engineered” Oil Crisis

Dallas Federal Reserve Head Richard Fisher spoke at the Economic Club of New York, saying “the Saudis have engineered” the oil crisis. In November 2014, Saudi Arabia and the rest of OPEC decided not to lower oil production.

Salient Partners to Buy Forward Management

Houston-based Salient Partners L.P. has agreed to purchase San Francisco-based Forward Management, LLC. Salient Partners has US$ 21.5 billion in assets under management. The deal will add approximately US$ 5.5 billion from the acquisition of Forward Management. Both portfolio management teams will report to Lee Partridge.

Hassad Food Invests in Oman Poultry Project

Hassad Food, a sovereign wealth enterprise of Qatar’s sovereign wealth fund, has purchased a large minority equity interest in Oman-based A’Saffa poultry project. The project has over 40 square kilometers of farmland in Thumrit, located in the Southern area of Oman. A’Saffa Food, previously known as A’Saffa Poultry Farms, is the biggest integrated poultry project in Oman.

University of British Columbia Drops BlackRock for Balanced Fund Option for Performance Reasons

The University of British Columbia has removed BlackRock as an investment manager for its balanced fund option in its defined contribution plan. The removal was for underperformance. The allocation of the balanced fund option is being split by MFS Investment Management and JP Morgan Asset Management. As of November 30, 2014, the balanced fund for the university had C$ 1.6 billion in assets.

Khazanah Nasional Hires Investment Banking Executive Lau

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US Becomes the Largest Crude Oil Producer in the World

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With the onset of fracking technology and a flood of capital entering the Texas energy market over the past decade, the United States is now the largest producer of crude oil. According to the U.S. Energy Information Administration, on September 12th, they revealed, “The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.”

Light sweet crude oil grades have rapidly expanded since 2011.

With two months remaining before U.S. sanctions go into effect against Iran, Iran’s crude exports are falling fast. European oil companies are exiting Tehran fearful of the repercussions of sanction violations, coupled with the country’s currency crisis. Iran’s influence over global oil prices have dwindled.

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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