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Libya Wealth Fund To Disclose Details On Invest – Fund Head

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The State-run Libyan Investment Authority will disclose details about its investment strategy in coming months to allay concerns in the U.S. and European about its intentions, the fund’s Executive Director Mohamed Layas said Sunday. The Libyan state investment vehicle, or sovereign wealth fund, will also open a London office this year after months of consideration and is eyeing investments in some distressed banking and real estate assets in the U.S. and Europe, Layas said, declining to provide specifics.

“We will soon publish a report soon about our investments and intentions. We will show our purpose to be transparent and that we are a long-term investor,” Layas told Dow Jones Newswires in an interview by telephone from the Libyan capital, Tripoli. He declined to provide any details about what type of investment principles the LIA will commit to and said the report could be disclosed before spring. By laying out its investment philosophy in some form, the LIA wants to assure lawmakers in foreign countries its intentions are purely commercial and not for political advantage, said Layas, a former chairman of the Libyan Arab Foreign Bank.

“Any deals we pursue will be about commerce only,” he said. The LIA currently has about $70 billion on hand to deploy, Layas said, up from around $40 billion when the fund was launched in late 2007 with the aim of investing big chunks of the North African oil-rich nation’s growing cash pile from record crude prices into overseas assets. Government-controlled investment funds have snapped up foreign companies in recent years, sparking calls in the U.S. and Europe for more transparency about the funds’ purposes.

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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