Connect with us

Friday SWFI News Roundup, February 20, 2015

NAMA Awards Cushman & Wakefield Corporate Finance NPL Sales Mandate

Ireland’s National Asset Management Agency (NAMA) has awarded Cushman & Wakefield Corporate Finance the mandate to sell a portfolio of non-performing loans with a face value of €8.4 billion. The portfolio of non-performing loans consists of approximately 500 borrowers in both residential and commercial properties. On behalf of NAMA, Capital Asset Services and Allied Irish Bank are managing the loans.

Actis and Mainstream Renewable Power Form Renewable Energy Platform for Africa

Mainstream Renewable Power and private equity firm Actis have agreed to build a US$ 1.9 billion energy platform to back wind and solar power projects in sub-Saharan Africa. The platform is called Lekela Power which is being funded through a combination of debt and equity. Actis will own 60% of Lekela Power. The two parties have worked together in Chile and South Africa. Actis has created similar platforms in India and Latin America.

Central Bank of Nigeria Ditches Weekly FX Auctions

Central Bank of Nigeria is ditching its weekly foreign exchange auctions. Essentially, this is an effective devaluation of Nigeria’s currency, the naira. The central bank commented that the US dollar sales at auctions were sucking away foreign exchange reserves. As of February 16, 2015, Nigeria’s foreign reserves totaled US$ 32.7 billion.

Samruk-Kazyna Looks to Borrow US$ 2 to US$ 2.5 Billion in 2015

Samruk-Kazyna, one of Kazakhstan’s sovereign wealth funds, is thinking about borrowing US$ 2 billion to US$ 2.5 billion. In 2014, Samruk-Kazyna formed a three year transformation plans for all of its portfolio companies.

ADIA Buys Future Madison Square Park Edition Hotel from Marriott International

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

SWFI First Read, December 15, 2017

Gaw Capital Sells Cross Tower Shanghai Building

Hong Kong-based Gaw Capital Partners has agreed to sell the Cross Tower, a 24-storey commercial building in Shanghai, to World Union Investment Management, for 2.66 billion RMB (US$ 402 million). The tower is located in the Huangpu district.

RDIF Portfolio Company Geopharm Plans to Increase Insulin Production

Russia-based Geopharm is a portfolio company of the Russian Direct Investment Fund (RDIF). Geopharm signed a special investment agreement with the City of St. Petersburg, Russia. Geopharm plans to invest more than 3.3 billion rubles in building a complex to meet insulin production demands.

Norway’s KLP to Exclude Companies with Oil Sands Extraction via Revenue Threshold

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

NZ Super Resumes Government Contributions

The New Zealand Superannuation Fund (NZ Super) has resumed receiving contributions from the New Zealand government in the face of rising obligations as an increasing proportion of the country’s population approaches retirement. According to a statement released by the fund’s managing Board of Guardians, the government plans on investing US$ 5.3 billion into NZ Super between now and June of 2022, with the first payment scheduled for December 15, 2017.

Policymakers believe the resumption of government contributions, which were halted in July of 2009, is expected to ease the burden on the country’s current taxpayers and future generations. Withdrawals from NZ Super are expected to peak in 2078, at which point the fund will be covering 12.8% of New Zealand’s pension obligations. The new wave of contributions will initially be invested in passive, low cost equity and bond investments, according to Catherine Savage, Chair of the Guardians.

Recent Performance & Leadership Change

NZ Super has enjoyed one of its best annual performances since its founding in 2001, with a reported return of 20.7% before tax for a 12-month trailing period ended June 30, 2017, up 5 billion NZD (US$ 3.6 billion) compared to 2016. NZ Super generated 21.85% annual return in its global equities, developed market portfolio, according to its 2017 annual report.

NZ Super faces a changing of leadership in the coming year with the exit of chief executive Adrian Orr, who will leave the Fund officially in March of 2018 to serve a five-year term as Governor of the Reserve Bank of New Zealand. Mr. Orr has earned a spot numerous times in the Sovereign Wealth Fund Institute’s Public Investor 100 annual ranking over the years, most recently in 2017 at #3.

Continue Reading

iZettle Raises US$ 47 Million in Series E, Prepares for 2018 Listing

Card transaction platform iZettle AB has raised another US$ 47 million in Series E funding, this time with new backing from Sweden’s AP4 and early-stage venture capital firm Dawn Capital. Previous investors in the Stockholm-based payments business include American Express, MasterCard, Intel, and Spain’s Santander Group. With US$ 235 million in equity to date, iZettle is quickly approaching an estimated valuation of US$ 1 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2017 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.