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Nippon Life Reaches Agreement on TCW Minority Stake

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Nippon Life Insurance Company has agreed to buy a 24.75% minority stake in TCW Group Inc, a Los Angeles-based fixed income shop, from The Carlyle Group LP. The Japanese life insurer has been in months-long negotiation for the ownership interest that was originally at 20%. Carlyle Group owns the TCW stake through two funds, Carlyle Global Financial Services Partners and Carlyle Partners V. In February 2013, Carlyle Group acquired a 60% stake in TCW for approximately US$ 700 million from Société Générale SA.

The transaction is subject to certain required approvals and expected to close by the end of 2017. Post-deal, TCW employee ownership in TCW will be increased from 40% to 44.07%. Carlyle Global Financial Services Partners will maintain a 31.18% stake in TCW.

Mauritius Aims to Sell Citizenship and Passports to Bolster National Wealth Fund

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The island country of Mauritius plans to offer foreigners a chance to obtain country citizenship in exchange for a non-refundable contribution of US$ 1 million to the national sovereign wealth fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CapitaLand Aims to be a Real Estate Funding Machine

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CapitaLand Investment Management, a real estate investment management arm of Singapore-based CapitaLand, hired Caleb Shen as managing director for fund management. CapitaLand is keen on growing its real estate fund management business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Treasurer Perrottet Reveals the NSW Generations Fund

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New South Wales wants its own Future Fund.

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