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Friday SWFI News Roundup, October 9, 2015

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TA Associates to Acquire Russell Investments

Private equity firm TA Associates is acquiring Russell Investments’ money management and investment consultant businesses from the London Stock Exchange Group (LSEG) for US$ 1.15 billion in cash. New York-based Reverence Capital Partners is partnering with TA Associates in buying Russell Investments and will take a minority position in the company. Goodwin Procter LLP is providing legal counsel services to TA Associates and Reverence Capital. Freshfields Bruckhaus Deringer LLP is serving as legal counsel to LSEG. Broadhaven Capital Partners is advising TA Associates and Reverence Capital, and J.P. Morgan and Goldman Sachs are advising LSEG and Russell Investments.

Temasek Goes After Care Hospitals

Singapore’s Temasek Holdings is in a horse race with TPG Growth and Abraaj Capital on acquiring Care Hospitals in a deal worth around US$ 270 million. Care Hospitals are a multi-specialty healthcare chain in India. The seller is Advent International, a majority owner in Care Hospitals. Advent International is being advised by Moelis & Co.

Angola SWF to Invest in Eucalyptus Forests

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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway’s GPFG Banned from Investing in 9 Companies Over Nuclear Weapons

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The recent false alarm caused by a state employee in Hawaii (who was not terminated and reassigned to a new position), triggering the Emergency Alert System message at 8:07 a.m. caused pandemonium in the state. After decades of failure in diplomacy between the United States and North Korea, the threat of a nuclear missile attack has grown since. The states of Alaska and Hawaii are the closest states to North Korea.

Besides the recent news in the world of nuclear missiles, Norges Bank oversees the management of the country’s sovereign wealth fund. The central bank has moved to ban nine companies from the Government Pension Fund Global. In addition, one company has been placed under observation. The Executive Board of Norges Bank’s decisions on exclusion were made on the basis of recommendations from the Council on Ethics. However, before moving to exclude a company, the central bank may consider other options, such as the exercise of ownership rights. In these instances of companies, the board determined that it was appropriate to use other measures in these cases.

The Council on Ethics’ recommendations to exclude:
Risk of severe environmental damage and serious or systematic violations of human rights
Evergreen Marine Corporation (Taiwan) Ltd
Korea Line Corporation
Precious Shipping PCL
Thoresen Thai Agencies PCL

Unacceptable risk of serious or systematic violations of human rights
Atal SA

Over involvement in the production of nuclear weapons
AECOM
BAE Systems
Fluor Corporation
Huntington Ingalls Industries Inc
Honeywell International Inc (already previously excluded)

Placed Under Observation
Pan Ocean Co. Ltd

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Sistema to Pledge Assets to Help Fund Settlement

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The Russian Direct Investment Fund (RDIF) is helping a settlement situation between two Russian economic powerhouses. In January 2018, Sistema, under a settlement, is mandated to pay Bashneft oil company, which is owned by energy behemoth Rosneft, 100 billion roubles (US$ 1.8 billion) by March 30, 2018.

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