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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.

Japan’s GPIF Awards Nissay Asset Management with ESG Disclosure Mandate

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Increasingly asset owners across the Asia-Pacific region are studying the impacts of environmental, social, and governance factors on listed companies. As more Japanese pensions augment asset allocation to listed equities, the importance of corporate non-financial disclosures and practices becomes clear. These disclosures can have a material impression on company stock prices. In addition, Japanʼs Stewardship Code and Corporate Governance Code in 2014 and 2015 were launched, respectively. These codes helped the (environmental, social, and governance) ESG concept gain momentum in Japan.

Japan’s Government Pension Investment Fund (GPIF), the largest public pension fund in the world, awarded a research mandate to Nissay Asset Management Corporation. The mandate entails studying ESG disclosures. The study will conduct a comparable analysis on ESG standards and practices, while taking into account input from both investors and companies. With around US$ 110.5 billion in assets under management, Nissay Asset Management is owned by Japanese life insurance giant Nippon Life Insurance Company.

As GPIF boosted its allocation to domestic equities, the asset owner took a deeper look into the impact of ESG on equity investing. GPIF is keen on improving efficiencies in Japan’s capital markets. GPIF is a universal owner of stocks, similar in some aspects to what Norway’s Government Pension Fund Global (GPFG) does.

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Norges Bank Real Estate Management Buys Central Paris Property

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Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (oversees Norway Global Pension Fund Global), has signed an agreement to acquire a 100 percent interest in an office property located on 54-56 rue la Boétie in central Paris.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Schlumberger Gets Closer to Eurasia Drilling Company

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Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and American oilfield services giant Schlumberger (SLB) have planned a deal to invest in Russia’s Eurasia Drilling Company Limited. RDIF CEO Kirill Dmitriev made the announcement. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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