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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.

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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