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Friday SWFI News Roundup, May 20, 2016

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MOODY’S: U.S. Tech Giants Hold Massive Pools of Cash

Ratings agency Moody’s Investors Service put out a study showing that Apple, Microsoft, Alphabet (formerly called Google), Cisco Systems and Oracle are sitting on US$ 504 billion, or 30%, of the US$ 1.7 trillion in cash and cash equivalents held by U.S. non-financial companies in 2015. The cash concentration is higher in 2015 compared to 2014, in which the companies mentioned held 27% of cash and 25% of cash in 2013.

December 2015 – Financial Data – Cash in Billions

    Apple, AAPL, US$ 215.7
    Microsoft, MSFT, US$ 102.6
    Alphabet, GOOGL, US$ 73.1
    Cisco Systems, CSCO, US$ 60.4
    Oracle, ORCL, US$ 52.3

Source: Moody’s Investors Service

CPPIB Posts Lowest Return Since Great Recession

The Canada Pension Plan Investment Board (CPPIB) posted an annual return of 3.4%. This is its lowest rate of return since the Great Recession. CPPIB released its latest annual report.

Korean Investors Buy IZD Tower in Vienna

CBRE Global Investors acquired IZD Tower in Vienna, Austria for Korean separate account institutional clients. The office tower is located in the district of Donau City. The seller is a fund managed by Vienna-based Signa Real Estate Capital Partners.

QIA Interested in Asia Square Tower I

Another sovereign wealth fund is taking a crack at a large Singapore office property. The Qatar Investment Authority (QIA) has expressed interest in the Asia Square Tower 1 in Singapore. The seller is BlackRock.

Hermes Investment Management Buys Out Future Fund’s Stake in Southern Water

Hermes Investment Management, owned by the U.K.’s BT Pension Scheme, acquired a 17% stake in British utility Southern Water that was owned by Australia’s Future Fund. The Future Fund indicated it was looking to dispose of its position in Southern Water. Hermes Investment Management now owns 21% of Southern Water.

STT Buys Large Stake in Data Center from Tata

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SWFI First Read, January 19, 2018

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NY Governor Cuomo Seeks to Treat Carried Interest as Ordinary Income for State Taxes

On January 18, 2018, New York Governor Andrew Cuomo revealed he had submitted a bill to the New York State Legislature that seeks to treat carried interest as ordinary income rather than capital gains in regard to state taxes. Governor Cuomo in his press release said that the federal carried interest tax provision costs New York roughly US$ 100 million per year.

William Bain – Bain Founder Passes Away

Dated January 18, 2018, William Bain Jr. passed away at his home in Naples, Florida at the age of 80. Bain started at the Boston Consulting Group and left in 1973 to form Boston-based Bain & Co. By 1984, Bain formed Bain Capital alongside a number of colleagues including former 2012 Republican presidential nominee Mitt Romney. In a statement to the Boston Globe, Romney said, ” It’s hard for me to imagine my life and career without Bill Bain’s mentoring.”

Prostar Capital Gets Controlling Stake in Socar Aurora Fujairah Terminal

Prostar Capital now has a 90% control stake in Socar Aurora Fujairah Terminal FZC by purchasing 100% of the shares of Socar Aurora Terminals S.A. The Prostar Capital entities investing in the asset are Prostar Asia-Pacific Energy Infrastructure Fund and a co-investment fund managed by Prostar Capital for a large U.S. state pension plan. The storage terminals acquired in the Port of Fujairah in the United Arab Emirates.

Socar Aurora Fujairah Terminal FZC is a joint venture between State Oil Company of Azerbaijan Republic (SOCAR), Swiss-based commodity trader AURORA Progress, and the Government of Fujairah.

Prostar Capital started buying the terminal back in 2013 at 18.6%. The private equity firm eventually moved its ownership up to 40% on August 14, 2015.

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ISIF Plans to Back 20 Solar Farms in Ireland

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The Ireland Strategic Investment Fund (ISIF) and Hamburg-based Capital Stage, a solar and wind park operator, are financially backing the development of 20 solar farms in Ireland which has an estimated cost at €140 million. ISIF is funding 25% of the costs, with Capital Stage providing 75% of the costs.

The generation capacity is estimated at 140 MW, with each farm ranging between 5 MW to 25 MW. The majority of the solar farms will be located along the east and south-west coasts of Ireland. Power Capital, a Dublin-based energy company formed by Peter Duff and Justin Brown in 2011, is overseeing the developments.

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PNB to Buy Stake from Malaysian Developers in Battersea Power Station Project

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Malaysia-based Permodalan Nasional Bhd (PNB) inked plans to acquire a stake in the Battersea Power Station from Malaysian developers Sime Darby Property and SP Setia, which between them own 80 percent of the site located on the south bank of the Thames. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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