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Norway’s Sovereign Wealth Fund Opens Tokyo Office

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Karsten Kallevig

Karsten Kallevig

It’s official. Norway’s sovereign wealth fund has opened its first official office in Tokyo. The Tokyo office will focus exclusively on real estate, initially targeting the property markets of Singapore and Tokyo. The wealth fund began allocating to unlisted real estate in 2011 and plans to continue a similar strategy in Asia. For example, Norway’s SWF will target office buildings in selected central areas of Tokyo and other core Asian cities.

The Tokyo office will start with three local staff. Norges Bank Investment Management (NBIM) has other Asian offices in Singapore and Shanghai.

Karsten Kallevig, CIO Real Estate of NBIM, in a press release stated, “Having a separate real estate office in Tokyo will give us that important local presence and help us build the best possible property portfolio in this market.”

Karsten Kallevig was ranked #3 on SWFI’s Public Investor 100 – 2015.

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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