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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.

Passive Investing aka Fund Investing

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CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

Transaction

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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