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GIC Private Limited Lines up for Rothesay Life

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One of Singapore’s sovereign wealth funds, GIC Private Limited, is planning to take a 30% stake in Rothesay Life. Rothesay Life is an insurance company that is wholly-owned by the Goldman Sachs Group. They are in the pension risk transfer business. In early 2013 and thanks to Basel III regulation requirements, Goldman Sachs has been looking to unload a large portion of its European insurance business. Singapore’s GIC has been an avid buyer of financial companies particularly in the insurance space.

In May 2013, Goldman Sachs sold around 80% of its Bermuda reinsurance business called Global Atlantic Financial Group (formerly the Goldman Sachs Reinsurance Group).

Another 30% stake is rumored to be going to the Blackstone Group, a private equity firm. Massachusetts Mutual is looking to pick up a 6% stake, a U.S.-based life insurer.

CPPIB Tries Out CLO Equity Tranche Investing with Sound Point Capital

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Canada Pension Plan Investment Board (CPPIB) through its wholly-owned subsidiary, CPPIB Credit Investments Inc. (CPPIB Credit), is broadening its portfolio through new investments in equity tranches of collateralized loan obligations (CLOs) alongside experienced CLO asset managers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Names Yu Ben Meng as Chief Investment Officer

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The California Public Employees’ Retirement System (CalPERS) announced that Yu Ben Meng has been selected as the pension fund’s new chief investment officer (CIO). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ontario Nonprofit Network Awards Mandate to OPTrust

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The Ontario Nonprofit Network (ONN), a nonprofit network for the 58,000 nonprofits in Ontario, selected OPTrust to manage defined benefit assets. ONN selected OPTrust Select, the new defined benefit solution from OPTrust. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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