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Friday SWFI News Roundup, September 19, 2014

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Scotland Votes “No” for Independence

According to the BBC, results for Scottish independence from the United Kingdom show that 55.3% of the people voted “NO”. 44.7% of people voted “YES” for Scottish independence. The question remains if there will ever be a Scottish sovereign wealth fund.

Institutional Capital Moves into Mexico for Energy

Sierra Oil & Gas S. de R.L. de C.V. , Mexico’s first independent exploration and production, has raised equity commitments of US$ 525 million. The Mexico City based company raised money from EnCap Investments and firms Riverstone Holdings LLC, each committing US$ 225 million. Infraestructura Institucional (I2), Mexico’s largest infrastructure private equity firm has committed US$ 75 million. The company is headed by Ivan Sandrea and has assembled a team of executives from Statoil, BP, OPEC and Energy Intelligence.

Texas Teacher Retirement System Allocates US$ 765 Million to Real Asset Opportunities

Real Estate and Infrastructure Allocations

Fund/Vehicle Name Manager Allocation
Morgan Stanley (MS) Infrastructure II Morgan Stanley Infrastructure US$ 250 million
Morgan Stanley Infrastructure Sidecar II Morgan Stanley Infrastructure US$ 100 million
CBRE Strategic Partners U.S. Value 7 CBRE Global Investors US$ 200 million
Grosvenor 2014-2 RE Investment Series Grosvenor Capital Management US$ 100 million
U.K. Co-Invest Starwood Capital Group US$ 50 million
Meadow Real Estate Fund III Meadow Partners US$ 40 million
Savanna Real Estate Fund III   US$ 25 million

 

Texas Teacher Retirement System Allocates US$ 1.1 Billion to 9 PE Opportunities

The Texas Teacher Retirement System has allocated US$ 1.1 billion to 9 private equity opportunities.

Private Equity Allocations[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Japan’s GPIF Awards Nissay Asset Management with ESG Disclosure Mandate

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Increasingly asset owners across the Asia-Pacific region are studying the impacts of environmental, social, and governance factors on listed companies. As more Japanese pensions augment asset allocation to listed equities, the importance of corporate non-financial disclosures and practices becomes clear. These disclosures can have a material impression on company stock prices. In addition, Japanʼs Stewardship Code and Corporate Governance Code in 2014 and 2015 were launched, respectively. These codes helped the (environmental, social, and governance) ESG concept gain momentum in Japan.

Japan’s Government Pension Investment Fund (GPIF), the largest public pension fund in the world, awarded a research mandate to Nissay Asset Management Corporation. The mandate entails studying ESG disclosures. The study will conduct a comparable analysis on ESG standards and practices, while taking into account input from both investors and companies. With around US$ 110.5 billion in assets under management, Nissay Asset Management is owned by Japanese life insurance giant Nippon Life Insurance Company.

As GPIF boosted its allocation to domestic equities, the asset owner took a deeper look into the impact of ESG on equity investing. GPIF is keen on improving efficiencies in Japan’s capital markets. GPIF is a universal owner of stocks, similar in some aspects to what Norway’s Government Pension Fund Global (GPFG) does.

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Norges Bank Real Estate Management Buys Central Paris Property

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Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (oversees Norway Global Pension Fund Global), has signed an agreement to acquire a 100 percent interest in an office property located on 54-56 rue la Boétie in central Paris.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Schlumberger Gets Closer to Eurasia Drilling Company

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Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and American oilfield services giant Schlumberger (SLB) have planned a deal to invest in Russia’s Eurasia Drilling Company Limited. RDIF CEO Kirill Dmitriev made the announcement. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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