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Friday SWFI News Roundup, January 2, 2015

WCAS Closes on 12th Flagship Fund

New York-based Welsh, Carson, Anderson & Stowe (WCAS) raised US$ 1.7 billion on December 29th for its first close on Welsh, Carson, Anderson & Stowe XII. This is the private equity firm’s 12th flagship fund. The fund plans for additional closes in 2015. WCAS Co-Founder Welsh worked at Citicorp for 8 years in the bank’s venture capital group before forming the private equity firm in 1979.

Masdar Begins PV Projects in the Pacific

Masdar, also known as the Abu Dhabi Future Energy Company and owned by Mubadala Development Co., initiated its US$ 50 million worth of photovoltaic (PV) projects in Kiribati, Fiji, Tuvalu and Vanuatu. These four solar PV plants plan to deliver 1.8 MW of renewable energy to the island countries. The PV developments are being financed from the Abu Dhabi Fund for Development’s US$ 50 million UAE-Pacific Partnership Fund. In November 2013, Masdar completed the La’a Lahi “Big Sun” solar plant in Tonga.

Temasek Weighs Options on Standard Chartered

Temasek Holdings controls an 18% equity interest in Standard Chartered. The bank has struggled in the markets. Industrial and Commercial Bank of China (ICBC) and Bank of China have approached Temasek about acquiring the sovereign wealth fund’s share in the bank. Another option is Standard Chartered merging with Singapore-based DBS Bank Ltd.

CalPERS Hires Two Lobbyists in DC

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Ardian Auctions Off €1 Billion in Infrastructure Assets to APG

French private equity giant Ardian has auctioned off an undisclosed stake in a portfolio of European infrastructure assets valued at €1 billion to Dutch asset owner manager APG Investments. APG, which first invested in the portfolio in 2006, plans on buying out partnership interests in the portfolio held by other investors. French multinational insurance firm AXA SA will retain its stake as a co-owner of the portfolio alongside APG, with Ardian staying on as asset manager and advisor. The transaction remains subject to regulatory approval.

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Tribal Council Approves Cherokee Nation Sovereign Wealth Fund Act

Tahlequah, Oklahoma-based Cherokee Nation Tribal Council approved the creation of the Cherokee Nation Sovereign Wealth Fund Act to establish a fund to ensure the continuation of tribal operations and the general welfare of tribal citizens.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Participates in Series D Round in Chinese Mafengwo Travel Platform

Image Source: Screenshot from Website – December 12, 2017

Chinese social travel platform Mafengwo has raised US$ 133 million in a Series D funding round with aid from new investors, including private equity investor General Atlantic, tourism-centric Ocean Link, the Yuantai Changqing venture capital fund, Hopu Investment Management, and Singapore’s Temasek Holdings. Existing investors Capital Today, Qiming Venture Partners, and Hillhouse Capital also participated in the latest funding round.

Founded in 2010 by chief executive Gang Chen and chief operations officer Gang Lv in 2010, Mafengwo is popular among the Chinese millennial demographic, who use the app to look up travel information and booking services for nearly 60,000 destinations around the world. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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