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NEXT PHASE: QIA and CITIC Form $10 Billion JV Fund

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Ahmad Al-Sayed

Ahmad Al-Sayed, Chief Executive Officer,
Qatar Investment Authority

For years, Qatar has demonstrated significant interest investing in China whether applying for a quota under China’s QFII scheme, being a cornerstone investor in the Agricultural Bank of China’s IPO or opening an office in Beijing. The Qatar Investment Authority (QIA) penned an agreement with state-owned CITIC Group Corporation to form a US$ 10 billion fund for Asia. The 50:50 joint venture investment fund will help the QIA diversify from excess exposure to European portfolio holdings. This deal follows the central banks of China and Qatar signing a major currency swap deal. In addition, according to the People’s Bank of China, one of China’s 4 major banks, Industrial and Commercial Bank of China has been chosen to clear all yuan trades in Qatar.

View the Institutional Investor Profile of the Qatar Investment Authority

CEO Ahmed Al-Sayed of the QAIA told reporters at an investment conference in Beijing, ” We’ve just done a deal in Europe, and we’ll continue doing deals in Europe.”

He then added, ” But as a global fund, also we need to diversify asset allocations and geographical location but we will continue in Europe, of course.”

The QIA is seeking to invest between US$ 15 billion to US$ 20 billion in Asia over the next 5 years. The QIA is growing its Beijing office, and is looking at investments in real estate, infrastructure and healthcare in China. By partnering with state-backed Chinese investment companies, the QIA will be exposed to greater deal flow.

In August 2012, Qatar Holding, a sovereign wealth enterprise of the QIA, acquired a 22% stake in CITIC Capital Holdings. Qatar is looking for greater exposure in the Chinese alternative space.

Johnson Controls Sells Battery Unit to Brookfield and CDPQ

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Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for in a cash valued transaction valued at approximately US$ 13.2 billion. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. Closing of the transaction remains subject to customary closing conditions including regulatory approvals. Closing is expected to occur by June 30, 2019. The seller is Johnson Controls International plc. The unit employees roughly 15,000 people.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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