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Friday SWFI News Roundup, January 23, 2015



Korea’s NPS Selects Singapore for Third Overseas Office

Korea’s National Pension Service (NPS) is opening its third overseas office. The NPS has overseas offices in New York and London. The third office overseas will be in Singapore and commence operations in 2015.

Punj Lloyd Sells Global Health Stake to Temasek Holdings

Indian engineering company Punj Lloyd has sold its entire 17.74% stake in New Delhi-based Global Health Pvt. Ltd for around Rs 700 crore (US$ 113.54 million) to Dunearn Investments (Mauritius) Pte Limited, a sovereign wealth enterprise of Singapore’s Temasek Holdings. Global Health Pvt. Ltd owns and manages Medanta hospital in Gurgaon.

Big Raise for Bitcoin-Related Company

Coinbase, a bitcoin startup, has raised US$ 75 million in Series C funding. The lead investor was DFJ Growth. Other investors include: USAA, NTT Docomo (Japan), Valar Capital, BBVA, The New York Stock Exchange, Vikram Pandit (former CEO of Citigroup), Tom Glocer (former CEO of Thomson Reuters) and Carlos Rodriguez Pastor. Returning investors in the round are Reddit Capital, Union Square Ventures and Andreesen Horowitz.

Ameriprise Financial Rebrands, Combines Columbia Management and Threadneedle Investments

Columbia Management, a subsidiary of Ameriprise Financial, Inc., is rebranding its business as Columbia Threadneedle Investments in the first half of 2015. Threadneedle Investments has a strong presence in the United Kingdom, being one of the largest retail asset managers in the country. Both Columbia and Threadneedle are owned by Ameriprise Financial. Combined, the new group will have about US$ 505 billion in assets under management.

Landmark Partners Raises US$ 3.25 Billion for Landmark Equity Partners XV

Landmark Partners closed Landmark Equity Partners XV with US$ 3.25 billion, US$ 1.8 billion has already been invested. The last fund, Landmark Equity Partners XIV, closed at US$ 2 billion in 2010. The secondaries fund is targeting private equity fund interests and stakes in private companies. Some pension investors are St. Louis Public School Retirement System, Louisiana Firefighters’ Retirement System, Kentucky Teachers’ Retirement System and Connecticut Retirement Plans & Trust Funds. Kirkland & Ellis advised Landmark Partners on the latest fundraise.

Temasek Led Series D Round in Pluribus Networks

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Citing Improving Economy, Federal Reserve to Raise Rates



Jerome H. Powell made his debut by expressing optimism in the United States economy. The Federal Reserve agreed to increase interest rates by a quarter of a percentage point – benchmark interest rate from1.5% to 1.75%. This is the sixth time the Federal Reserve raised rates since the global financial crisis. The central bank also signaled a possible two more rate raises in 2018 and three rate increases in 2019.

At the press conference, Powell commented that the U.S. economy was healthier than it had been in 10 years.


Voting for the FOMC monetary policy action were Jerome H. Powell, Chairman; William C. Dudley, Vice Chairman; Thomas I. Barkin; Raphael W. Bostic; Lael Brainard; Loretta J. Mester; Randal K. Quarles; and John C. Williams.

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Temasek Leads Series E in 17ZUOYE



17ZUOYE (also known as Homework Together) is an online education platform that is owned by Beijing-based Sunny Education Inc. 17ZUOYE was founded by Liu Chang and Xiao Dun in October 2011. The company raised US$ 250 million in a Series E round in funding led by Singapore’s Temasek Holdings. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Abu Dhabi Investment Council to Consolidate into Mubadala



UAE President Sheikh Khalifa bin Zayed Al Nahyan issued a groundbreaking law that restructures the Abu Dhabi Investment Council (ADIC) to be under the Mubadala Investment Company group. Under the new law, the Mubadala Investment Company Board of Directors will now become the Board of Directors for the Abu Dhabi Investment Council. Furthermore, ADIC management will continue to run the council. Eissa Mohammed al Suwaidi will continue to lead ADIC as its Chief Executive Officer, and will report to Mubadala Group CEO and Managing Director Khaldoon Khalifa al Mubarak.

In a release, he commented, ADIC becoming part of the Mubadala Group is yet another step in Abu Dhabi’s efforts to accelerate the diversification of the UAE’s economy. With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position.”

Earlier in 2017, Mubadala Development Company merged with International Petroleum Investment Company (IPIC). This is a trend in Abu Dhabi to create economies of scale within these large state-owned entities.

In 2007, ADIC started operations after it splintered off from the Abu Dhabi Investment Authority (ADIA). A significant portion of ADIC’s holdings include stakes in large financial institutions in the UAE.

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