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LOW IMPACT: CA Gov Forces CalSTRS and CalPERS to Drop Coal

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On October 8th, 2015, California Governor Jerry Brown signed into law State Bill 185. This bill requires the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) to divest from thermal coal companies by July 1, 2017.

The bill was authored by California State Senator Kevin De León. Both pension giants in investment committee meetings did not take official positions on the legislation when it was being debated. Before the law was moved forward, CalPERS at first pushed back. CalPERS has a long history and preference of engaging corporate boards to fight for change in practices, before divesting from a company. In many circumstances in recent history, California state lawmakers prefer divestment – whether its coal, Iran-sanctions, or munitions. The State of California has decided to take an avoidance strategy of coal companies versus what many European asset owners prefer to engage these companies in practices (through board votes).

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SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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