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Goldman Sachs Seeks to Stimulate Chinese SWF Investment into U.S.

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Goldman Sachs Group and the China Investment Corporation (CIC) are in talks on forming a strategic catalyst multi-billion dollar fund to help CIC access opportunities in the U.S. high-tech manufacturing, infrastructure and other sectors.

The catalyst fund has a target of US$ 5 billion given the size of both China and America’s economy. Goldman Sachs and its partners will kick in US$ 2.5 billion, while the CIC and its partners will commit the other US$ 2.5 billion into the fund. The fund is being called the China-US Industrial Cooperation Partnership, L.P. Goldman Sachs, through its merchant banking unit, will be the investment manager for the fund. In addition, the fund has a mandate to assist U.S. companies expand their markets into China. The possible formation of the fund is surrounding U.S. President Donald J. Trump’s Asia tour, which makes a stop in Beijing.

According to the Sovereign Wealth Fund Institute’s transaction database, which tracks direct transactions made by public asset owners, the CIC from January 2015 till now, has directly invested less than US$ 5 billion into the United States. This is not counting fund commitments to vehicles or manager allocations. The CIC has even made strides, by shuttering its Toronto office in favor of an outpost in Manhattan.

A Congregation of Dealmakers

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Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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