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New CFIUS Could Impact Private Equity Raising and Profits

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The White House signaled that it supports the reconciled bill from the U.S. House and Senate regarding the reformation of the CFIUS’s review process for foreign direct investment in the United States. The creation of the Foreign Investment Risk Review Modernization Act of 2017 (FIRMMA) was mostly driven by Chinese companies and state-owned entities buying advanced U.S. technologies and other strategic assets. The legislation could have a meaningful impact on private equity funds and the capital base of the industry. Sovereign funds and large foreign pensions, like the Abu Dhabi Investment Authority (ADIA), make up a significant portion of the American private equity fund limited partner base. FIRMMA could impact the profitability of these PE fee-generating giants, as well as technology-focused private equity firms trying to find exits for their holdings. Tech private equity could have a harder time selling off portfolio companies to foreign players.

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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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