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Friday SWFI News Roundup, January 15, 2016

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State Street to Pay SEC Fine for Pay-to-Play

State Street was accused by the U.S. Securities and Exchange Commission (SEC) of engaging in pay-to-play tactics in exchange for Ohio pension fund contracts. State Street will pay US$ 12 million to settle charges. An SEC investigation revealed that Vincent DeBaggis, a senior vice president at State Street, funded “illicit cash payments and political campaign contributions” to Ohio’s former deputy treasurer, Amer Ahmad. In return, State Street won 3 contracts to watch over the state pension funds’ investment assets and also effect the settlement of their securities transactions.

Citi Adds New Tranche for Petco Buyout Loan

Due to an investor request, Citigroup added a new tranche to the US$ 2.5 billion term loan package that is backing the leveraged buyout of pet supplier Petco by CVC Capital Partners and Canada Pension Plan Investment Board (CPPIB). The new tranche will not have a LIBOR floor. LIBOR floors are used to guarantee minimum returns for loan investors; however, they impact the returns for the riskiest slices of the collaterized loan obligation (CLO).

CNP Assurances Eyes BTG Pactual Assets

French insurer CNP Assurances is in key talks with BTG Pactual on a deal to acquire 51% of its subsidiaries PAN Seguros and PAN Corretora. In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d’Epargne, as well as through its own network: Amétis. Brazil is CNP Assurances second biggest market. CNP Assurances partner in the Brazil is Caixa Econômica Federal. Major shareholders in CNP Assurances are Caisse des Dépôts, La Banque Postale, Groupe BPCE and the French State.

CalPERS Sells Two Northern California Vineyards

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KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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