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LONG GAME: Private Equity Energy Funds Continue to Raise Capital

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private equity

Energy-focused private equity funds are still raising capital from pensions, insurance companies and sovereign funds, despite the precipitous fall in oil prices. Founded by Kenneth A. Hersh, NGP Energy Capital Management (NGP) recently closed US$ 5.33 billion for NGP Natural Resources XI, a fund that will target oil and gas production, oil field services and energy midstream sectors. NGP Natural Resources X had a close of US$ 3.59 billion in 2012. The Carlyle Group owns 55% of NGP’s revenue.

Five Point Capital Partners LLC

Energy investor David Capobianco, managing partner of Texas-based Five Point Capital Partners LLC, has raised capital for a fund that focuses on midstream energy infrastructure. Five Point Capital Midstream Fund I and II L.P. recently closed at US$ 450 million. Capobianco was previously co-head and co-founder of Paul Allen’s private equity unit at Vulcan which earned a handsome profit from the buyout of Plains Resources Inc., a company that owns pipelines throughout North America. The deal was lucrative, and after an acrimonious departure with Vulcan, followed by several lawsuits, he founded Five Point in 2011.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

SWFI First Read, January 16, 2018

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BP Plans to Take $1.7 Billion Charge to End Legal Claims on Deepwater Horizon

BP Plc is planning to take a US$ 1.7 billion charge to end legal claims regarding the disastrous 2010 Deepwater Horizon spill in the Gulf of Mexico.

Ethereum Co-Founder Leaves Fenbushi Capital

Vitalik Buterin, a co-founder of Ethereum, which is a cryptocurrency, exited China-based Fenbushi Capital. Fenbushi Capital was formed in 2015. Buterin is retaining his role as an advisor of Fenbushi Capital. Buterin dropped out of the University of Waterloo in 2014 when he got a Thiel Fellowship. This permitted him to work on Ethereum full time.

Kingdom Holding Sells Four Seasons Beirut Hotel Stake

Saudi Arabia’s Kingdom Holding sold its position in the Four Seasons Hotel in Beirut for roughly US$ 100 million. Blominvest, a unit of Blom Bank, advised on the transaction. The Four Seasons will continue to manage the property.

Mercer Signs Deal to Buy BFC

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Deutsche Bundesbank to Slowly Add Renminbi into Foreign Reserve Mix

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Deutsche Bundesbank’s executive board made a decision to invest in Chinese renminbi in the summer of 2017 as part of its foreign currency reserves. The German central bank on January 15, 2018, confirmed it will start investing in Chinese renminbi and also consider investing in additional foreign currencies. The move mimics the European Central Bank (ECB), which already considers the Chinese renminbi as a reserve currency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Bpifrance, CDB and Cathay Capital Launch Third Cross Border Fund

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Bpifrance, China Development Bank Capital Co., Ltd. (CDB Capital) and Cathay Capital agreed to launch Sino French Midcap Fund II. This is the second fund the group is launching after the €500 million Sino French Midcap Fund I from June 27, 2014. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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