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Friday SWFI News Roundup, November 28, 2014

Khazanah Eyes Spanish Infrastructure

Malaysian sovereign wealth fund Khazanah Nasional is in talks to acquire a company, 50% owned by Spanish construction group Fomento de Construcciones y Contratas (FCC) and 50% owned by Bankia, a nationalized Spanish savings bank. The joint venture company is Madrid-based Globalvia Infraestructuras S.A.

Nice Hedge Fund: Tepper Gives Money Back to Investors

David Tepper, hedge fund manager of New Jersey-based Appaloosa Management LP, is planning to return around US$ 2 or US$ 4 billion, 10% to 20% of client assets, back to his investors by the end of 2014. Appaloosa has approximately US$ 20 billion in assets under management. The flagship fund is called the Palomino Fund. In some circumstances, in a low-yield world, hedge funds return money back to investors to boost return rates.

Direct Lending Fund Raises €850 Million

Alcentra has raised €850 million for its first pan-European lending fund, Alcentra European Direct Lending Fund. Alcentra, part of BNY Mellon, is seeking to provide capital to mid-market European companies. European banks face balance sheet constraints and the growth of non-bank lenders in Europe is increasing.

OTPP and PSP Investments Try to Complete Telesat Deal

Ontario Teachers’ Pension Plan (OTPP) and Public Sector Pension Investment Board (PSP Investments) are close to a US$ 7 billion deal for Canadian satellite company Telesat Holdings Inc. The pension funds are seeking to acquire Loral Space & Communications Inc. which owns 63% of Telesat for around US$ 85 per share. PSP Investments already owns 37% of Telesat.

APG and Aberdeen Buy Mega European Portfolio of Real Assets

APG and Aberdeen Asset Management have bought a portfolio of assets in the United Kingdom and Europe. There are 16 operational properties in the portfolio. These were sold by infrastructure fund manager DIF. Aberdeen will manage the assets for APG. Pinsent Masons was the legal advisor for Aberdeen Asset Management.

Healthpoint and Manchester City Strike a Deal

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UNICEF and NBIM to Host Meetings on Children’s Human Rights

The United Nations Children’s Fund (UNICEF), a United Nations programme headquartered in New York City, has partnered with Norges Bank Investment Management (NBIM) to facilitate a series of meetings between companies to discuss issues surrounding children’s human rights.

According to the news release, “the network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.”

NBIM is invested in many listed companies and have invited them to join a network to tackle these issues. Over the next two years, the organizations plan to hold three workshops as well as quarterly meetings surrounding these issues.

“Over time, we hope and expect that the network will contribute to improved market practices among companies and greater respect for children’s rights,” says Carine Smith Ihenacho, Global Head of Ownership Strategies, in a NBIM press release.

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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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