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Khazanah Creates SPV with India’s IDFC

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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

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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