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UPDATE: Lexington Partners Purchases NPRF’s Private Equity Interests

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UPDATE – Jan 21

Ireland’s National Pensions Reserve Fund (NPRF) has agreed to sell approximately around €800m of international private equity fund interests to Lexington Partners. These interests include investments and commitments to 24 distinct private equity funds.

Jan 3

Lexington Partners Inc., a private equity secondaries firm, is in exclusive talks of acquiring a €600 million portfolio of interests in U.S. and European private equity funds from Ireland’s National Pensions Reserve Fund (NPRF).

In early December 2013, the Sovereign Wealth Fund Institute reported the NPRF was looking to shed all overseas private equity assets. UBS AG was hired to help sell the portfolio of private equity interests. Other suitors at the time included Ardian, AlpInvest Partners and Coller Capital.

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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