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MOOO: Sovereign Funds Thirst for Dairy

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The dairy sector has attracted a significant number of public investors including sovereign wealth funds. Singapore’s GIC Private Limited and Olympus Capital led a group of investors to invest US$ 106 million in China’s Huaxia Dairy Farm Ltd. The Singapore sovereign wealth fund is investing the bulk of the capital at US$ 70 million. Olympus Capital is committing US$ 30 million and smaller shareholders including Beijing-based Grand River Capital are investing US$ 6 million. However, the private equity firm Olympus Capital remains the largest shareholder of Huaxia Dairy Farm Ltd., investing a total of US$ 108 million in the company.

Founded in 2004, Huaxia Dairy Farm Ltd manages three dairy farms outside of Beijing. The company also has a retail presence in China, selling product under the Wondermilk and Wonderyoghurt titles.

Temasek Holdings

In November 2013, Singapore’s Temasek Holdings and Chinese private equity firm Hopu, along with three other investors, participated in a US$ 213 million investment in Yashili International Holdings Ltd. Yashili manufactures pediatric milk formula products and milk formula for pregnant women under the brand names of Yashily and Scient.

Johnson Controls Sells Battery Unit to Brookfield and CDPQ

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Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for in a cash valued transaction valued at approximately US$ 13.2 billion. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. Closing of the transaction remains subject to customary closing conditions including regulatory approvals. Closing is expected to occur by June 30, 2019. The seller is Johnson Controls International plc. The unit employees roughly 15,000 people.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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