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Japan’s GPIF Pursues Feasibility Studies on Alternative Assets

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Japan’s aging population and low birth rate are mounting pressure on the pension system to generate higher returns. A Japanese government agency showed a survey that said by 2060, the population of Japan will fall by 30%, down to 90 million people. Historically, the GPIF has been one of the largest purchasers of Japanese government debt. Japan’s US$ 1.3 trillion Government Pension Investment Fund (GPIF) has chosen four companies to conduct feasibility studies on conceivable future investments in alternative assets. These assets include private equity, real estate, and infrastructure investments. The chairman of the GPIF, Takahiro Mitani has ruled out hedge funds as a possible asset class.

The GPIF is contemplating private equity style investment programs.

The solicitation went out in August 2012. These studies will be due by the end of March 2013. The feasibility study results will be presented to the Japanese public and to the members of fund’s investment committee for review in the future.

The firms selected are the following:

  • Brightrust PE Japan Co., Ltd.
  • Atsumi & Sakai, Japanese legal firm
  • Capital Dynamics
  • T&D Asset Management

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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