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Mubadala May Divest From Some Legacy Chemical or Petrol Assets

Now that Mubadala and the International Petroleum Investment Co. (IPIC) are integrated as one entity, the state-owned giant is continually reviewing its holdings and investments, especially in petrochemicals. Petrochemicals remain a significant portion of Mubadala’s investment portfolio. Some of these assets that were brought in from IPIC include Cosmo Oil Company, Limited, Nova Chemicals Corporation and Borealis AG. In April 2017, Nova Chemicals spent US$ 2.1 billion in cash to acquire an 88.46% stake in the Geismar Olefins plant in Louisiana from Tulsa, Oklohama-based pipeline operator Williams Partners LP. In addition, Nova Chemicals inked a long-term feedstock supply and transportation agreement with Williams Partners’ subsidiaries.

Divestitures, Mergers or Spin-offs

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Tony Tan Named Director and Special Advisor of GIC

Singapore’s GIC Private Limited named Dr Tony Tan Keng Yam (Tony Tan) as director and special advisor to the wealth fund, effective January 1, 2018. Tan was the former Deputy Chairman and Executive Director of GIC from September 2005 to June 2011. In 2011, He went on to serve as the 7th President of Singapore until August 31, 2017.

In a press release, Lim Chow Kiat, Chief Executive Officer of GIC, said, “As Special Advisor, Dr Tan will provide much value in broadening and strengthening GIC’s network of senior statesmen and leaders of corporations and institutions who may be constructive in advancing the business and interests of GIC. We will also benefit from his extensive knowledge and perspectives on global matters.”

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Former U.S. Treasury Secretary Jacob Lew Joins Lindsay Goldberg

New York-based buyout firm Lindsay Goldberg LLC has announced that Former U.S. Treasury Secretary Jacob J. Lew will join the company as a partner focusing on investments across sectors, institutional relationships, and firm management, according to an announcement released on Monday, November 20. Lindsay Goldberg is a private equity firm co-founded by Alan E. Goldberg and Robert D. Lindsey, both veterans of Morgan Stanley in which they worked in the Transaction Development Group.

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San Diego City Employees Retirement System to Reduce PE and Infrastructure for FY 2018

The San Diego City Employees’ Retirement System plans to reduce annual commitments to private equity and infrastructure down to US$ 75 million for fiscal year 2018. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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