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Khazanah Creates SPV with India’s IDFC

khazanah nasionalKhazanah Nasional Berhad created a special purpose vehicle (SPV) together with a subsidiary of India’s Infrastructure Development Finance Company (IDFC). The SPV will have RM 478 million in equity capital.

The SPV will assist in financing India’s national highway construction projects.

In 2011, Khazanah Nasional and the Infrastructure Development Finance Company created a joint venture to fund an infrastructure development company honing on India’s roads. Khazanah held an 80.1% stake in that venture. The first investment in their joint venture was in Jetpur Somnath Tollways Limited.

Top Ten Equity Holders of IDFC Limited Percentage
Government of India 17.27%
Khazanah Nasional Berhad 9.99%
Life Insurance Corporation of India 4.95%
LIC Nomura Mutual Fund Asset Management Company Ltd. 3.29%
J.P. Morgan Asset Management (Hong Kong) Ltd. 3.01%
Standard Chartered PLC 2.02%
First State Investments (UK) Ltd. 1.59%
Housing Development Finance Corporation Ltd 1.32%
Vanguard Group, Inc. 1.31%
Macquarie Investment Management Ltd. 1.31%

Source: Government Filings, 6/30/2012

Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.

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