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New Zealand Superannuation Fund Purchases 35% Stake in Datacom

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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

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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