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Korea’s NPS Commits 375 Million to Natural Resource and Power PE Fund

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Toronto-based Sprott Consulting LP, the private equity unit of Sprott Inc., has been awarded a mandate to co-manage a 10-year US$ 375 million private equity fund by Korea’s National Pension Service (NPS). The NPS has more than US$ 380 billion in assets, making it the third largest pension fund on the planet. The other asset manager will be Woori Asset Management, the asset manager of Korea’s biggest bank. The fund mandate will target private equity investments in global natural resources and power sectors.

A matching US$ 375 million co-investment commitment will be provided by state-owned Korean Electrical Power Company (KEPCO). KEPCO is the principal electric utility on the Korean peninsula, responsible for 93% of all of South Korea’s electricity generation.

Saudi Aramco and PIF See Opportunities in Russia

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Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HNA Group Aims to Shrink and Sell

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Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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