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Friday SWFI News Roundup, July 31, 2015

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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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CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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