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GIC Participates in Massive Equity Infusion into FirstEnergy

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A group of investors invested US$ 2.5 billion into Akron, Ohio-based FirstEnergy Corporation, a distressed Midwestern utility, which includes US$ 1.62 billion in mandatory convertible preferred equity and US$ 850 million of common equity. These investors include Singapore’s GIC Private Limited (through Cheyne Walk Investment Pte. Ltd.), affiliates of Paul Singer’s Elliott Management Corporation, private equity firm Bluescape Resources Company LLC (through BRC Special Situations III LLC), Cove Key Master Fund LP and New York-based Zimmer Partners, LP. FirstEnergy’s unregulated wholesale power subsidiary has had a hard time competing and was expected to seek bankruptcy protection in future months.

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Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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