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Friday SWFI News Roundup, July 1, 2016

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Indiana Public Retirement System Selects BlackRock for Industrial REIT Mandate

The Indiana Public Retirement System (IPRS) selected BlackRock for a US$ 100 million passive investment mandate to invest in industrial real estate investment trusts (REIT). BlackRock will be using the FTSE NAREIT Custom Industrial 25% Capped Index as a benchmark.

JPMorgan and Lone Star Funds Acquire Propertize BV

A joint venture between JPMorgan Chase & Co. and Lone Star Funds agreed to acquire a Dutch bad bank called Propertize BV for €895 million. The Dutch government decided to privatize Propertize in 2015. Propertize was originally SNS Reaal NV which became nationalized in 2013. Other bidders include a joint venture between Goldman Sachs and Cerberus Capital Management LP.

AP3 Invests in Swedish RE Portfolio with Fastighets AB Balder

Sweden’s AP3, also known as Tredje AP-fonden, and Fastighets AB Balder, a listed real estate company, have purchased a portfolio of 21 residential properties in Sweden from Aberdeen Asset Management for 2 billion SEK (€213 million). The massive 71,000 square meter portfolio has around 1200 apartments in Stockholm and Öresund. ”This portfolio fits very well into our long term investment in housing, together with the Third Swedish National Pension Fund,” commented Erik Selin CEO at Balder in a press release.

GIC, CPPIB, Scion JV Land $672 Million Fannie Mae Loan

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Koch Brothers Kick Big Money into ERP Cloud Software Company Infor

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New York-based Infor is an enterprise cloud software company. Infor raised US$ 1.5 billion from existing shareholders, Golden Gate Capital and Koch Equity Development LLC. Koch Equity Development is the investment and acquisition subsidiary of Koch Industries, Inc. Infor has 17,300 employees. At fiscal year 2018, Infor claims it generated over US$ 3 billion in revenue. Infor states that over 72% of all hospitals in the United States run Infor applications. Infor could be heading toward an initial public offering (IPO) or possibly be acquired by a company like Oracle Corporation or Salesforce. Charles E. Phillips is the CEO of Infor and before heading it was Co-President of Oracle from 2003 to 2010.

On February 21, 2017, Koch Equity Development invested US$ 2 billion into Infor. Koch Industries was a customer of Infor before it became an investor in the company. Golden Gate Capital made its first investment in Infor in 2002.

Matt Flamini is the President of Koch Equity Development. Jim Hannan is Koch Executive Vice President and CEO of Enterprises for Koch Industries, Inc.

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Could Australia’s Future Fund Offer a Low-Fee Superannuation for its Citizens?

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Australia’s Scott Morrison government may soon allow the country’s Future Fund to offer low-fee superannuation accounts. Aware of the proposal, Prime Minister Morrison stressed that offering Australia a low-fee, government-managed superannuation fund as a default option is not government policy.

However, many proponents of this model believe it would create competition in the country’s US$ 2.7 trillion dollar retirement system. The Future Fund Chairman, Peter Costello, and economist Nicholas Gruen, CEO of Lateral Economics, put forth the idea, and it is quickly gaining support. This comes in the wake of Australians learning that they were losing US$ 3.8 billion annually in high-fee, underperforming accounts, and many were mistakenly being charged fees with no accompanying service provided. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi and Other Gulf Country Bonds to Join JPMorgan Emerging Market Bond Index

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In a boost for Gulf-based debt, JPMorgan is adding their debt compositions to two influential emerging market bond indexes. These emerging market indexes are the most widely tracked among asset managers in the industry. Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, and Qatar are being added to the J.P. Morgan EMBI Global Diversified Index and the EMBI Global, starting January 31, 2019. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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