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MODI STORY: Temasek Looks to Invest in ICICI Prudential Life Insurance

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India dealsSingapore’s Temasek Holdings, an Asian sovereign wealth fund, and Paris-based investment manager Carmignac Gestion are in key discussions of possibly acquiring a stake in an insurance joint venture partly owned by Mumbai-based ICICI Bank Ltd. The other owner of the joint venture is U.K.-based Prudential Plc. The joint venture was formed in December 2000. The deal to sell a 5% stake of private insurer ICICI Prudential Life Insurance Co. to Temasek and Carmignac Gestion could materialize by the end of March. ICICI Prudential Life Insurance in late February passed the Rs 1 trillion mark in assets under management.

Increasingly, sovereign wealth funds and large Canadian pensions are allocating capital to India, betting on the investment reforms initiated by Indian Prime Minister Narendra Modi such as opening the country’s insurance industry to foreign investors.

Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Korea NPS Co-Invested in Delaware Basin Assets with Morgan Stanley

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The Delaware Basin is a geologic depositional and structural basin in West Texas and southern New Mexico. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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