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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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Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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