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LEAGUE TABLES: Goldman Sachs Takes the Iron Throne for 2016



SWFI_LeagueTables_CY2016_Jan2017_cover-sqThe Sovereign Wealth Fund Institute (SWFI), through its proprietary database, tracks direct transactions by sovereign wealth funds, pensions and other public funds. The database has a bias toward equity, real estate and infrastructure transactions and a much lower emphasis on bond deals. Combining all public investors, for calendar year 2016, transactions amounted to US$ 205.25 billion versus US$ 237.18 billion in 2015. 2015 ended up being a record year for public investor direct investments. When it comes to sovereign wealth funds, the 2016 transaction figure amounted to US$ 96.31 billion versus US$ 120.76 billion in 2015. 2016 follows the trend of a three-year decline in direct sovereign investor transactions from 2013. To be clear, 2013 was an outlier sovereign wealth fund direct transaction year, with a bias toward Norway’s Government Pension Global Fund (GPFG) acquiring many open market positions in listed equities. In addition, sovereign wealth funds expanded direct investments into the United States in 2016 by closing at US$ 30.39 billion versus US$ 24.58 billion in 2015. Drastic drops in direct transactions by sovereign investors incurred in major markets such as China and the United Kingdom.

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The report details trends on direct deals, sectors and countries.

Top Financial Advisors for 2016

For 2016, Goldman Sachs reclaimed the iron throne as the number one financial advisor for public investor direct transactions. Morgan Stanley, which placed #1 in 2015, plummeted to fifth place in 2016. JPMorgan, another financial advisor which placed #1 in 2015, dropped to #3 in 2016. Taking second place in 2016 was Credit Suisse. Other notable mentions for the year are CBRE, Barclays, Deutsche Bank, Macquarie, Citigroup, Bank of America Merrill Lynch, Eastdil Secured and HSBC.

Legal Advisors

For calendar year 2016, the top legal advisor for public fund transactions was Linklaters, displacing the previous top contenders, Clifford Chance and Torys. Torys did not even rank in the top four for 2016. Clifford Chance fell to third in 2016, being tied with Weil Gotshal & Manges and White & Case. Tied for second place are Kirkland & Ellis and Herbert Smith Freehills.

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Sample Graphic – League Table Report

Source: SWFI – Sovereign Wealth Fund Transaction Database –, January 16, 2017

Blackstone Invests in Minority Stake in Kohlberg & Co.



The Blackstone Group’s Strategic Capital Holdings Fund purchased a passive, minority equity interest in private equity firm Kohlberg & Company, L.P. The Strategic Capital Holdings Fund is part of Blackstone’s alternative assets group.

Kohlberg & Co. is based in Mt. Kisco, New York and has a strong focus towards the middle market in private equity. The private equity firm was founded by Jerome Kohlberg, Jr. (passed away July 30, 2015). Jerome Kohlberg, Jr. co-founded KKR and then started his own operation Kohlberg & Co. in 1987 with a preference towards the private equity middle market versus large buyouts.


Evercore served as financial advisor to Kohlberg. Ropes & Gray served as legal counsel to Kohlberg and Simpson Thacher served as legal counsel to Blackstone.

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Mubadala Inches Toward $1.2 Billion Deal for Brazilian Energy



Abu Dhabi-based Mubadala Investment Company is in the final stages of negotiation on a deal to buy Queiroz Galvão Energia SA (QGE) – the renewable energy division of Brazilian oil and natural gas company Queiroz Galvão Participacaoes – at a valuation of nearly 4 billion BRL (US$ 1.2 billion), according to a report from local financial newspaper Valor Econômico. Valor reports that the buyout-centric arm of Abu Dhabi’s overarching Mubadala Investment Company has teamed up with Castlerock Asset Management Inc. on the acquisition, although neither party could be reached for comment at time of writing.

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ADIC Sells Interest in Shiba Park Building



A group of Japanese investors led by Kansai Electric Power (Kepco) and Tokyo Gas acquired the Shiba Park Building, also known as the Gunkan (or warship) building, for a reported 150 billion JPY (US$ 1.4 billion) from a consortium of investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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