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Mubadala Partners With Greece’s Taneo on €400M Co-Investment Platform

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Abu Dhabi-based Mubadala Investment Company has signed a Memorandum of Understanding (MoU) with the New Economy Development Fund S.A. (Taneo), Greece government’s venture capital-focused fund-of-funds, to form a €400 million co-investment platform. Under the agreement, both parties will contribute an equal €200 million to the vehicle, which will focus on the growth of promising companies in key sectors of the Greek economy, and share knowledge that will strengthen trade and diplomatic ties between the two nations.

Founded in 2001 by the Greek government, Taneo has made early and expansion stage indirect investments in some 50 small and medium-sized enterprises in Greece’s telecommunications, information technology, e-commerce, biotechnology, and material sciences sectors through over 10 venture capital funds.

Deutsche Trustee Company Limited is the trustee of the New Economy Development Fund. KPMG is an advisor to the New Economy Development Fund.

The United Arab Emirate’s US$ 127 billion sovereign investor announced last week that it would be absorbing its sister organization, the Abu Dhabi Investment Council (ADIC), to operate together under the umbrella of the Mubadala Group. The structural change comes under the direction of a new law issued by President Sheikh Khalifa bin Zayed Al Nahyan, which will see Mubadala’s directors take over as board of the ADIC, with the ADIC’s management remaining on to help run the council.

Abu Dhabi began bundling its state-owned entities together early in 2017, when the Mubadala Development Company merged with the International Petroleum Investment Company (IPIC), in an effort to create economies of scale and diversify the country away from its reliance on hydrocarbon revenues.

KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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