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Friday SWFI News Roundup, November 28, 2014

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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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SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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