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How Hurricane Harvey Will Impact Sovereign Funds?

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As of August 30, 2017, more than 30,000 Americans remain homeless from the disastrous effects of Hurricane Harvey. An estimated 100,000 homes are thought to have been destroyed or severely damaged by the hurricane and floods. The City of Houston and outlying towns remain impacted, while Texas Governor Greg Abbott commented that the disaster was “far larger” than Hurricane Katrina and Hurricane Sandy. One Moody’s analyst projected the total economic cost to be up to US$ 75 billion – a preliminary figure.

Sovereign wealth funds with exposures to the insurance sector and insurance-related assets are likely to be affected. Sovereign funds have public equity exposure to reinsurance companies. For example, Norway’s Government Pension Fund Global (GPFG) has owns 0.85% of Swiss Re at the end of December 2016. The Norwegian wealth fund also has exposure to logistics properties in Houston with its partnership with Prologis. These properties are: 14931 North Freeway, Houston, TX 77090, 9020 Jackrabbit Rd, Houston, TX 77095, and 9010 W Little York Rd, Houston, TX 77040.

Other investors in Houston real estate include Canada Pension Plan Investment Board (CPPIB). In late June, CPPIB closed a major deal to acquire 100% of Parkway, Inc., a Houston-based real estate investment trust, for US$ 1.2 billion.

Oil Prices

A significant portion of sovereign wealth capital is derived from fossil fuels, thus the price of oil has a direct impact on the growth of sovereign wealth assets. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Scatec Solar Places Big Solar Bet in Bangladesh

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Oslo-based Scatec Solar ASA, a publicly-traded independent power producer operating in the emerging market solar development space, plans to construct and own a 800 mega watt photovoltaic solar power plant in Chandpur, Bangladesh. Scatec Solar has solar assets scattered across numerous emerging markets such as South Africa, Rwanda, Honduras, Egypt, Jordan and the Czech Republic.

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APFC Sells $1.4 Billion Stake in Simpson Housing

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The Alaska Permanent Fund Corporation (APFC) embarked on a major shift in its real estate portfolio by selling a 50% ownership stake in Denver-based Simpson Housing LLLP for US$ 1.4 billion. Simpson Housing had made up roughly 24.7% of APFC’s US$ 5.6 billion real estate portfolio. The other owner of Simpson Housing is that State of Michigan Retirement Systems.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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ISIF Invests in Cybersecurity Firm Vectra

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The Ireland Strategic Investment Fund (ISIF) committed €10 million to Vectra Networks, Inc., a San Jose, U.S.-based cybersecurity company. The investment capital will assist Vectra in creating a research and development center in Dublin.

ISIF is part of a larger funding round of €30 million. These other investors include Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures.

Kevin Dillon, who is the former Head of Microsoft Ireland and a Managing Partner at Atlantic Bridge, will join the board of directors at Vectra.

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