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Friday SWFI News Roundup, January 2, 2015

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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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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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