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Nigeria’s Sovereign Wealth Authority to Deploy Assets

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lagos_dtAfter some delay, the Nigerian Sovereign Investment Authority (NSIA) has begun to allocate the US$ 1 billion in seed capital to each of the sovereign funds. The Future Generation Fund and Nigeria Infrastructure Fund would each receive US$ 325 million or 32.5% of the total amount. The Stabilization Fund would receive US$ 200 million, with the remaining balance of US$ 150 million allocated to future investments.

The investment portfolio of the Stabilization Fund and Future Generation Fund would embark in early June 2013. The Stabilization Fund’s assets would be managed internally, while the Future Generation Fund would be open to external managers.

With regard to the Nigeria Infrastructure Fund which is to be managed in-house, different sectors are being discussed such as transportation, healthcare, power, water resources and housing. Infrastructure investments would be undertaken on a commercially viable basis.

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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