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NPRF May Propose JV Fund to Fund SMEs

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European governments are seeking domestic and foreign sources of capital to jumpstart economic growth. Public pension assets are now being utilized as a potential source. Governmental authorities want pensions to invest in developmental infrastructure which can take years before generating steady cash flows, while public investors prefer operating assets. Public projects also bear a greater risk in cost overruns.

Ireland’s National Pension Reserve Fund (NPRF) is applying an inward focus to investing after the global financial crisis. First, the NPRF’s domestic focus was infrastructure, partly to stimulate domestic demand and prevent further job losses. Now, they are getting into the business of lending money to small business. The NPRF is in talks with BlueBay Asset Management LLP, part of the Royal Bank of Canada’s investment side, to establish an entity to fund small and medium enterprises (SMEs). The proposed fund would begin with senior secured lending.

The Irish government wants the NPRF to provide equity and credit investments to the SME sector.

In 2011, BlueBay Asset Management pushed forward a private lending business to move credit toward small and medium enterprises in Europe.

Kuala Lumpur to Singapore Highway Delayed

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The Malaysian government under Prime Minister Mahathir bin Mohamad has been reprioritizing its large-scale infrastructure developments. The highly anticipated railway from Kuala Lumpur to Singapore has been delayed by another five years. The governments of Malaysia and Singapore signed a formal agreement on September 5, 2018. The previous ruling party in Malaysia had set the railway in motion, but the current administration is seeking time for further review. A joint statement suggested that the railway was still a certainty.

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Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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