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Friday SWFI News Roundup, May 22, 2015

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Wealth Fund Commits to Mezzanine Fund

The Alaska Permanent Corporation (APFC) allocated US$ 50 million to Audax Mezzanine Fund IV, an alternative credit fund. The sovereign fund has a 2.5% allocation to private credit.

AIIB to Allow Non-Asian Countries to Bank’s Board

The Asian Infrastructure Investment Bank (AIIB) will have a director from Germany on the bank’s board of directors. This is according Michael Clauss, Germany’s Ambassador to China. The United States has tried to rally Western allies away from joining the AIIB. Besides the U.S., Western allies Japan and Canada have not joined the AIIB.

CPPIB Post 18.3% Return for FY 2014-2015

CPPIB earns C$ 40.6 billion in net investment income for Fiscal Year 2014-2015. Returns generated for the period are 18.3%, leaving the fund with C$ 264.6 billion in assets on March 31, 2015.

Harvard Invests in Sandalwood Plantation

Harvard Management Company, the manager of Harvard University’s endowment, has invested approximately US$ 40 million for an interest in a sandalwood plantation in Northern Territory, Australia. This was reported May 14, 2015. The 399 hectare plantation grows Indian sandalwood (Santalum album). Sandalwood has many uses such as combating the skin condition acne and for fragrances. The plantation is 150 kilometers south of the city of Darwin and is operated by Tropical Forestry Services (TFS). Tropical Forestry Services sells sandalwood oil to Nestle-owned Galderma, as the commodity price leaped to US$ 4,500 per kilogram in 2014.

Stephen Sexauer to Lead Investments at San Diego County Employees’ Retirement Association

The US$ 10.6 billion San Diego County Employees’ Retirement Association (SDCERA) has hired Stephen Sexauer as the pension’s new chief investment officer. Previously, Sexauer was Chief Investment Officer of the U.S. multi-asset team at Allianz Global Investors. Sexauer will start his new job on May 29. Before Allianz Global Investors, he was a portfolio manager at Morgan Stanley.

Khazanah Nasional Leads Round in General Fusion

On May 19, B.C.-based General Fusion raised another round, this time at US$ 27 million. Founded in 2002, General Fusion will use the capital for research purposes. The company is attempting to harness fusion power. General Fusion expects to have a large-scale prototype, needing two more years. Since 2002, General Fusion has raised over US$ 100 million. Leading the latest round is Malaysia’s Khazanah Nasional. Other investors are Chrysalix Energy Venture Capital, Bezos Expenditions, Cenovus Energy, Growthworks, and Braemar Energy Ventures.

Linzor Capital Raises US$ 621 Million for Third Fund

Linzor Capital Partners closed, Linzor Capital Partners III, for US$ 621 million. The pan-Latin American fund will target middle market companies mostly in Mexico, Chile, Colombia, Peru and Argentina. The Monument Group served as the placement agent.

CPPIB and BC Partners Agrees to Sell Major Stake in Suddenlink to Altice

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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