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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. ]

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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