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Harvard Agrees, Moves RE Team to Bain Capital

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Harvard Management Company (HMC), the in-house investment unit of the endowment, agreed to spin out its real estate unit to Bain Capital. 22 HMC employees will join the new unit called Bain Capital Real Estate, which oversees Harvard’s US$ 3.4 billion real estate investments. SWFI research reported on the discussions earlier regarding this deal.

HMC has been looking to streamline operations and reduce investment staff headcount.

Harvard-Bain-Government Connections

Bain Capital has a quite a bit of Harvard alumni. Joshua Bekenstein and Stephen Pagliuca, co-Chairs of Bain Capital, are graduates of Harvard Business School. Pagliuca was a Democratic candidate for the U.S. Senate. Jonathan Lavine, co-Managing Partner of Bain Capital, is a graduate of Harvard Business School. Furthermore, Mitt Romney, the former Governor of Massachusetts and Republican presidential candidate in 2012, was a founder of Bain Capital. Former Massachusetts Governor Deval Patrick joined Bain Capital in 2015 and is a managing director of the Double Impact business. Patrick earned both his BA and JD from Harvard.

Why Bain Capital?

Why didn’t HMC seek to partner with an asset manager total focused in real estate such as Heitman, Hines or CBRE Global Investors? [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Biogen and Eisai Battered by Markets Over Alzheimer’s Trial Fail

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Cambridge, Massachusetts-based Biogen Inc. (BIIB) took a tumble of 28% in the morning of March 21st after it announced that it would cease its Phase 3 trials of Aducanumab. The therapy was intended to slow cognitive decline in patients with early onset Alzheimer’s. Biogen continued falling on March 22, 2019. Biogen and its Japanese development partner Eisai Co., Ltd. (ESALY) shared that the decision was based on results from an analysis conducted by an independent committee. The analysis determined that the trials were not going to demonstrate that Aducanumab could slow cognitive impairment. Eisai also fell 28% on the day, though it staged a relatively modest recovery on March 22nd. Some large institutional holders of Biogen include APG Asset Management (manager of Stichting Pensioenfonds ABP), Norges Bank Investment Management (manager of Norway Government Pension Fund Global), and Swiss National Bank.

The last time a treatment for Alzheimer’s made it to market was in 2003. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Italy’s CDP Inks Deals with Silk Road Fund and Bank of China

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China is building out its Belt Road Initiative (BRI) to continental Europe. On March 23, 2019, in Rome, Cassa depositi e prestiti Spa (CDP), Snam Spa (Snam) and Silk Road Fund Co., Ltd signed a Memorandum of Understanding (MoU) aiming at exploring and evaluating common business opportunities. Under the MoU, CDP and the Silk Road Fund will facilitate cooperation by focusing on the potential investment opportunities in the following sectors: financial services, agriculture, food, technology, manufacturing, infrastructure and transportation, energy and white economy (healthcare and personal care assistance).

Originally part of ENI, Snam S.p.A. is an Italian natural gas infrastructure company. The Silk Road Fund and Snam will analyze possible collaboration initiatives in the area of natural gas infrastructure (pipelines, storage facilities, LNG infrastructure and biomethane plants) in support of the growth of the natural gas and biomethane sectors in China from a decarbonisation perspective. In its capacity of a national promotion institutions, CDP will look at co-financing initiatives that are consistent with its mission also in the fields of energy and sustainability.

Bank of China

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

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Angolan Government Recovers Assets from Quantum Global Investment Management

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The State Prosecutor’s Office of Angola said that the country has control of all financial and non-financial assets. The Angolan government claims it recovered US$ 3.35 billion of assets that were under the management of Swiss-based Quantum Global Investment Management AG. Quantum Global Investment Management was essentially the sole manager of assets for the Fundo Soberano de Angola (FSDEA).[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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