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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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SWFI First Read, June 21, 2018

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PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for it’s a A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Large Public Asset Owners Commit to Goodman Brazil Logistics Partnership

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Canada Pension Plan Investment Board (CPPIB) unveiled plans to commit 500 million BRL (C$ 175 million) in equity for a 20% interest in the newly established Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Supports Two European Aquaculture Transactions

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Mubadala Investment Company is keen on growing exposure to agribusinesses whether in farming or aquaculture. With money from Mubadala and AMERRA Capital Management LLC, Andromeda Group acquired Nireus SA (at 74.34% stake) and Selonda SA at (79.62% stake), two European aquaculture companies that focus on sea bream and sea bass. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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