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Friday SWFI News Roundup, May 22, 2015

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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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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