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Italy and the Gulf States Reinforce Economic Ties

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The Kuwait Investment Authority (KIA), a major sovereign wealth fund in the Gulf, will invest €500 million into the Italian Strategic Fund (FSI), and through the fund into Italian companies. Specifically, the governments of Kuwait and Italy will create a company with a capital commitment of €2.5 billion, giving the FSI 80% control and the KIA 20%. The deal is earmarked for signatures in March 2014.

On February 4, 2014, in Kuwait City, Italian Prime Minister Enrico Letta announced the deal to the press. The committed capital will be used to assist and boost Italian enterprises.
To combat rising unemployment in Italy, public officials are courting Gulf investors to invest in Italy, to spur domestic economic growth and decrease government liabilities. Other major sovereign investors in Italy include the Qatar Investment Authority and the Russian Direct Investment Fund.

Qatar

The government of Qatar is planning on continuing making major investments in Italy – especially in the sectors of tourism, energy and healthcare. A delegation from the Qatar Investment Authority will visit Italy to analyze investment opportunities.

Italian Prime Minister Enrico Letta indicated Qatar could possibly invest in state-backed energy giant Eni SpA. There could be a possible capital injection for Eni to expand energy production. The mountainous Basilicata region of Italy is home to the Val’d Agri oil field, one of the biggest in Western Europe. The field is located in the Southern Apennines; Eni began production in 1996.

The Qatar Investment Authority invested a significant amount of capital in Spanish energy firm Repsol SA.

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

Transaction

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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