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Mubadala May Divest From Some Legacy Chemical or Petrol Assets

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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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CPPIB Tries Out CLO Equity Tranche Investing with Sound Point Capital

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Canada Pension Plan Investment Board (CPPIB) through its wholly-owned subsidiary, CPPIB Credit Investments Inc. (CPPIB Credit), is broadening its portfolio through new investments in equity tranches of collateralized loan obligations (CLOs) alongside experienced CLO asset managers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Names Yu Ben Meng as Chief Investment Officer

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The California Public Employees’ Retirement System (CalPERS) announced that Yu Ben Meng has been selected as the pension fund’s new chief investment officer (CIO). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ontario Nonprofit Network Awards Mandate to OPTrust

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The Ontario Nonprofit Network (ONN), a nonprofit network for the 58,000 nonprofits in Ontario, selected OPTrust to manage defined benefit assets. ONN selected OPTrust Select, the new defined benefit solution from OPTrust. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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