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Greater Presence for China’s SAFE in U.S.

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waterrunsEmbracing a risk-on perspective, a miniscule but growing portion of China’s foreign currency reserves are being allocated toward illiquid assets. China’s State Administration of Foreign Exchange (SAFE) has created subsidiaries to invest reserve assets in a variety of investments including public equity, private equity and real estate.

SAFE has opened up a New York office on Fifth Avenue in Manhattan to focus on alternative investments in the United States. Core real estate can add value to a long-term investment portfolio due to its asset class characteristics such as rental income. This new office is separate from the initial U.S. office that concentrates on fixed income instruments such as government bonds, corporate bonds and asset-backed securities. With regard to alternative assets, in 2012, SAFE invested US$ 500 million in a private real estate fund managed by the Blackstone Group LP. SAFE’s counterpart in China, the China Investment Corporation, back in 2007 purchased a sizable stake in the Blackstone Group LP.

SAFE has the largest pool of foreign exchange holdings and is under pressure to diversify away from U.S. government debt.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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Marsh & McLennan Companies to Acquire JLT Group

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Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT), a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the Board of Directors of each of MMC and JLT. JLT’s largest shareholder, Jardine Matheson Holdings, and JLT directors who collectively represent 40.5% of the issued and outstanding JLT shares in support of the transaction.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Indigo Ag Raises Series E Round

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Indigo Ag, Inc. raised US$ 250 million in a Series E funding round. The company is focused on creating innovative microbial products that increase crop yields in the face of environmental, disease, and pest stress. The investors in this round include Baillie Gifford, Investment Corporation of Dubai, the Alaska Permanent Fund Corporation, and the company’s founder, Flagship Pioneering. After the Series E, in total, Indigo has raised over US$ 650 million.

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