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Is Abraaj Doomed as Some Institutional Investors Scatter?

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Founded in 2002 by Pakistani businessman Arif Naqvi, Dubai-based The Abraaj Group generated big waves onto the private equity scene by focusing on emerging markets and joining influential organizations such as the Emerging Market Private Equity Association (EMPEA) – they are a leadership circle member. In fact, many of their investors are EMPEA members such as a number of sovereign funds, the World Bank’s International Finance Corporation (IFC) and the Bill & Melinda Gates Foundation.

Abraaj was a fundraising machine, as the fund targeted areas such as sub-Saharan Africa and markets like Turkey. However in 2018, the private equity manager was mired in turmoil as a number of limited partners investigated the misuse of investor funds in a US$ 1 billion healthcare fund – Abraaj Growth Markets Health Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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