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Kazakhstan, Hong Kong Billionaires Li, Cheng, Yung Plan Fund, Premier Says

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Bloomberg reports, “Kazakhstan has joined Hong Kong billionaires Li Ka-shing, Larry Yung and Cheng Yu Tung to form a $400 million private equity fund that will help Kazakh companies list in the city, Prime Minister Karim Massimov said. Kazyna Capital Management JSC, a unit of the country’s sovereign wealth fund, will initially contribute $100 million and four Hong Kong partners, including Li’s Cheung Kong (Holdings) Ltd., will provide $300 million, the prime minister said in an interview yesterday.

“In Hong Kong, guanxi is very, very important,” he said. “We have trust in them, they are very serious partners, and they have trust in the government of Kazakhstan.”

“Guanxi” is a Chinese term that refers to personal relationships. Kazakhstan, the largest energy producer in Central Asia, has the world’s 11th-biggest proven oil reserves and is becoming an increasingly important source of natural resources for China, as well as Russia. Getting the nation’s supply of minerals, including coal, iron ore, nickel, gold and uranium, to market requires billions of dollars of investment in infrastructure, Massimov said. “This is just initial; $400 million for these type of businesses is peanuts,” he said.”

Read more: Bloomberg

Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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