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GM considering SWFs to participate in IPO

General Motors needs to drive up excitement on its upcoming IPO. They are seeking cornerstone investors to shore up demand for the deal which is a common practice.  SWFs are financing sources for many corporations whether it’s a follow-on, PIPE or IPO.  The last IPO that a significant number of large SWFs participated in was Beijing based Agricultural Bank of China IPO.  The Agricultural Bank of China was the last of the big four Chinese state-owned banks to go public.  The total deal value was around US$ 22.1 billion, making it the biggest IPO ever, another milestone of the growth of the Chinese economy. The IPO of GM is expected to raise between US$15 – 20 billion in capital.

Why would a sovereign wealth fund want to participate in the GM IPO? [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

CIC Sells 10% Logicor Stake to Blackstone Fund

The China Investment Corporation (CIC) is selling a 10% stake of in European warehouse firm Logicor Ltd to a real estate fund managed by The Blackstone Group. Furthermore, CIC also hired Blackstone to oversee and manage Logicor’s warehouses and logistic properties portfolio.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Fintech Affirm Raises $200 Million in Series E Led By Singapore’s GIC

Affirm Inc., a financial technology firm which provides instant loans to consumers as an alternative to credit cards for their online shopping, has raised US$ 200 million in a Series E round lead by Singapore’s GIC Private Limited, with participation from Khosla Ventures, Lightspeed Venture Partners, Spark Capital, Caffeinated Capital, and Ribbit Capital. The new infusion of capital brings the San Francisco-based company’s total funding to US$ 450 million and a reported valuation of US$ 2 billion.

The company is founded by Max Levchin, a co-founder of PayPal (part of the PayPal mafia, dubbed by the tech press). Max Levchin is also an advisory board member of the Consumer Financial Protection Bureau (CFSB) in the United States.

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CHANGE: Saudi Arabia to Re-Open Movie Theaters, PIF Inks MoU with AMC

The Saudi Arabian government is ending its 35-year ban on cinemas. Next year, the government will allow cinemas to open. This watershed moment provides opportunities for entertainment companies to invest in Saudi Arabia and the surrounding region.

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