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GIC Joins KKR on Debt Deal for 2 VGN Developments in Chennai

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Sovereign wealth funds are continuing debt opportunities throughout India. Private equity giant KKR and Singapore’s GIC Private Limited together invested Rs 410 crore (US$ 125.107 million) in debt financing in two luxury residential developments in Chennai. The first project called VGN Notting Hill is in Nungambakkam, in the core of the city, developing over 166 apartments. The development overlooks Nungambakkam High Road.

The other project is called VGN Stafford and is in Ambattur, on the western outskirts of Chennai, developing over 1,300 apartments.

The developer on these projects is Chennai-based VGN Property Developers Pvt Ltd.

Property Locations
VGN Notting Hill
123/2, Nungambakkam High Road
Nungambakkam Chennai-34
Nungambakkam, Chennai, Tamil Nadu 600034
India

VGN Stafford
Sudarsanam Street, Thirumalai Vasan Nagar
Tirumullaivoyal, Avadi, Sathyamurthi Nagar
Poompozhil Nagar, Chennai, Tamil Nadu 600062
India

KKR has been active in finding debt opportunities to fund Indian residential properties.

PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BlackRock and Microsoft Eye Opportunities in Retirement Space

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By getting closer to the consumer via mobile apps, New York-based BlackRock Inc. is keen on gaining market share in the U.S. retail retirement market space. BlackRock had acquired FutureAdvisor, a technology platform, while making a large investment in Envestnet. BlackRock is now partnering with Microsoft Corporation to explore creating a retirement platform.

This partnership could be developing a new platform to analyze savings and investing habits – then offering app services as lead-generation services. According to a corporate news release, BlackRock plans to offer on the platform its “investment products that it will design and manage.”

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