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New Zealand Superannuation Fund Purchases 35% Stake in Datacom

The press release states, “The New Zealand Superannuation Fund has reached a conditional agreement to purchase New Zealand Post’s 35% stake in technology services company Datacom for $142 million. GM Investments Matt Whineray said Datacom was a New Zealand success story with further growth potential both locally and overseas.

“Datacom’s conservative balance sheet and long-term investment focus are well suited to the Fund’s approach as a long-term, growth-oriented investor,” Mr Whineray said.

“We have also been impressed by Datacom’s strong management team, deep, long-term customer relationships and track record of earnings growth.”

Mr Whineray said a wide range of investment options were open to the Fund. “It’s pleasing to be able to secure a sizeable New Zealand investment that stacks up against the best in the world.”

“We look forward to working with Datacom’s major shareholder, the Holdsworth family, to continue Datacom’s success.”

The $20 billion New Zealand Superannuation Fund, which was established to help pre-fund universal superannuation entitlements, has returned 7.6% p.a. since inception in 2003. The Fund has $3.7 billion of its investments in New Zealand, up from $2.4 billion as at 30 June 2009.*

Recent New Zealand investments include a 50% share of Z Energy, a one-third share in Scales Corporation and a $110 million portfolio of rural dairy farms.

The Fund will manage its shareholding in Datacom, a privately-held company with 4,000 staff and sales of more than $785 million annually, in-house.

The agreement is expected to become unconditional in early 2013.”

Read more: New Zealand Superannuation Fund Press Release

CIC Sells 10% Logicor Stake to Blackstone Fund

The China Investment Corporation (CIC) is selling a 10% stake of in European warehouse firm Logicor Ltd to a real estate fund managed by The Blackstone Group. Furthermore, CIC also hired Blackstone to oversee and manage Logicor’s warehouses and logistic properties portfolio.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Fintech Affirm Raises $200 Million in Series E Led By Singapore’s GIC

Affirm Inc., a financial technology firm which provides instant loans to consumers as an alternative to credit cards for their online shopping, has raised US$ 200 million in a Series E round lead by Singapore’s GIC Private Limited, with participation from Khosla Ventures, Lightspeed Venture Partners, Spark Capital, Caffeinated Capital, and Ribbit Capital. The new infusion of capital brings the San Francisco-based company’s total funding to US$ 450 million and a reported valuation of US$ 2 billion.

The company is founded by Max Levchin, a co-founder of PayPal (part of the PayPal mafia, dubbed by the tech press). Max Levchin is also an advisory board member of the Consumer Financial Protection Bureau (CFSB) in the United States.

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CHANGE: Saudi Arabia to Re-Open Movie Theaters, PIF Inks MoU with AMC

The Saudi Arabian government is ending its 35-year ban on cinemas. Next year, the government will allow cinemas to open. This watershed moment provides opportunities for entertainment companies to invest in Saudi Arabia and the surrounding region.

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