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Friday SWFI News Roundup, June 26, 2015

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Caisse des Dépôts et Consignations Invests in Kingdom Holdings

Saudi Arabia has been making moves to open up its listed equity market to foreign investors. French public institutional investor Caisse des Dépôts et Consignations, AXA and Orange SA invested US$ 150 million in Kingdom Holding Company (KHC). Furthermore, Caisse des Dépôts et Consignations and Kingdom Holding partnered to form a US$ 400 million fund to invest in small and medium-sized Saudi Arabian companies.

Singapore’s GIC Boosts Investment in Greek Retailer

Singapore’s GIC Private Limited boosted its investment in Greek duty free retailer Folli Follie Commercial Manufacturing and Technical Group from 4.86% to 5.07%, according to filings, after a transaction on June 22nd.

Neuberger Berman to Buy Management of Private Equity Fund Of Funds from Merrill Lynch

Neuberger Berman is buying the management rights to certain Merrill Lynch traditional non-registered and 40-Act-registered private equity fund of funds from Merrill Lynch Alternative Investments LLC, the alternative investment business of Bank of America. Merrill Lynch chose Neuberger Berman after a due diligence process focused on private equity investment expertise, 40-Act capabilities and client service capabilities. Key private equity professionals from Merrill Lynch will be joining Neuberger Berman concurrent with the deal. The transaction is expected to close in August 2015.

CDPQ and Goldman Sachs Acquired Background Screening Company

Caisse de dépôt et placement du Québec (CDPQ) and the merchant banking arm of Goldman Sachs have acquired a majority interest in SterlingBackcheck from San Francisco-based Calera Capital on June 8th. Calera Capital, a private equity firm, is exiting its investment in the background screening company. Goldman Sachs and Nomura Securities International were financial advisers on the deal. Fried, Frank, Harris, Shriver & Jacobson acted as legal counsel for Goldman Sachs. Gibson, Dunn & Crutcher acted as legal counsel for SterlingBackcheck.

LoanCore Realty Trust Gets Closer to IPO

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Trump’s First Year Cements M&A Boom, Will it Last?

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Despite a recent downdraft in the stock market, economic signs suggest that the nation has prospered since U.S. President Donald Trump was elected. His first year was marked by mega mergers and acquisitions, and renewed hopes for deregulation and tax relief. M&A deals totaled US$ 1.2 trillion in the year since Trump was elected in a stunning upset, which compelled former U.S. Secretary of State Hillary Clinton to pen the book, “What Happened.” The total number of deals also set a record. In sum, nearly 13,000 deals have been made between the election and the end of the 2017 calendar year. Business sentiment was clearly buoyed by Trump’s election, with investors and organizations cheering the business-friendly environment to come. Unemployment dropped to a low of 4.1% in 2017, before further falling to 3.7% in 2018. This has been described as “full employment.” The unemployment rate will only fall to a certain level because there are always employees looking for something new and leaving jobs they hold. The stock market has also done well under Trump. Not since the 1960’s was volatility as low as it was during the early part of his presidency. Even with the swoon over the last several weeks, the market is still up substantially since Trump’s election. Despite consistent pessimistic headlines on major financial news sites, Amazon is still moving ahead with its massive #2 headquarters, while Google is planning a gigantic development in his core home of Mountain View, California.

Yet, controversy swirls as former U.S. President Barack Obama declared, “When you hear how great the economy is doing right now, let’s just remember when this recovery started.” [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ayatollah Khamenei Orders Central Bank Governor to Increase Value of the Rial

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Iran Supreme Leader Ayatollah Ali Hosseini Khamenei requested the Central Bank of Iran to boost the value of the Iranian rial, according to the central bank’s governor. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, December 8, 2018

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UBS Trumbull Property Fund Faces Redemption, MassPRIM Benefits

Massachusetts Pension Reserves Investment Management Board (Mass PRIM) Allianz Real Estate, and Beacon Capital Partners acquired the Exchange Place skyscraper in Boston has been sold for US$ 845 million from UBS Realty Investors. UBS Realty, part of UBS Group AG, acquired the 53 State Street office tower in December 2011 from Brookfield Office Properties for US$ 610 million. Tenants of the property include Morgan Stanley, The Boston Globe, Hill Holliday, and Nixon Peabody. The property was a major holding of the open-ended fund called UBS Trumbull Property Fund.

MassPRIM will own 49% of the property.

Tower Hamlets Pension Fund Awards Equity Protection Mandate to Schroders

In September 2018, Tower Hamlets Pension Fund awarded Schroders with a mandate for a risk management solution for £700 million in an equity protection strategy. This covers about half of the fund’s portfolio of £1.4 billion. The pension fund’s consultant is Mercer.

Ebola Spreads in the Congo

The second-largest Ebola outbreak in world history has spread to Butembo, a city in eastern Congo with more than 1 million inhabitants.

NZSF Board Member Joins Board of NZX

The NZX (New Zealand Stock Exchange) board of directors named Lindsay Wright as lead independent director. She is Deputy Chair of the Board of the Guardians of the New Zealand Superannuation Fund.

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