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Friday SWFI News Roundup, July 31, 2015

GIC a Cornerstone Investor in Syngene International

Singapore’s GIC Private Limited became a cornerstone investor in Syngene International Ltd, the research and development subsidiary of Indian pharmaceutical company Biocon Ltd. Essentially, Syngene is a contract research organization. GIC kicked in Rs 25 crore, other investors such as funds managed by Morgan Stanley, Deutsche Bank and Goldman Sachs invested the rest. A few Indian funds invested in Syngene as well. Syngene put out 6 million equity shares at a price of Rs 250 per share. Axis Capital, Credit Suisse Securities and Jefferies India are the financial advisors for the proposed initial public offering for Syngene.

Modi’s Cabinet Approves National Infrastructure and Investment Fund

The Indian government is moving forward on a new fund called the National Infrastructure and Investment Fund (NIIF) to fund new projects and stimulate foreign investment. The fund will target investments where the private sector may not have the appetite to invest. The fund could have initial capital of Rs 20,000 crore. India’s cabinet which is chaired by Indian Prime Minister Narendra Modi approved the creation of the NIIF.

Papua New Guinea Parliament Passes Sovereign Wealth Fund Bill

Papua New Guinea’s parliament has passed legislation that establishes a sovereign wealth fund for the country. The fund will help manage revenue generated by liquified natural gas (LNG) and other resource projects. The fund will be split into two funds, a stabilization fund and a savings fund.

Mumtalakat Holdings to Consolidate Aviation Assets

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Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.

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