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Huarong Attracts Goldman Sachs and Khazanah Nasional

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China Huarong Asset Management Co. is finalizing on a deal to sell an approximate a 20% stake to a group of investors which include Goldman Sachs and Malaysia’s Khazanah Nasional for US$ 2 billion. Huarong, one of China’s four asset management firms created in 1999, is looking forward to a future initial public offering and is locking up some long-term institutional investors. China’s Cinda Asset Management, another one of China’s impaired loan buying firms, raised US$ 2.8 billion in December 2013 from investors like Norges Bank Investment Management and New York-based Och-Ziff Capital Management Group LLC. Citigroup is the advisor for the deal.

Only July 10, Huarong raised US$ 1.5 billion in a bond offering. The U.S. dollar bonds were 850% oversubscribed and offered in line with Reg-S rules.

Currently, Huarong is 98.06% owned by China’s Ministry of Finance and 1.94% owned by China Life Insurance Group Co. China’s Ministry of Finance has approved a new issue of shares to investors.

The investor group is made up of:

  • Goldman Sachs
  • Khazanah Nasional Berhad
  • Warburg Pincus LLC
  • Citic Private Equity
  • China International Capital Corporation
  • Fosun International Ltd.
  • COFCO Limited

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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