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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.

SWFI First Read, June 21, 2018

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PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for it’s a A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Large Public Asset Owners Commit to Goodman Brazil Logistics Partnership

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Canada Pension Plan Investment Board (CPPIB) unveiled plans to commit 500 million BRL (C$ 175 million) in equity for a 20% interest in the newly established Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Supports Two European Aquaculture Transactions

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Mubadala Investment Company is keen on growing exposure to agribusinesses whether in farming or aquaculture. With money from Mubadala and AMERRA Capital Management LLC, Andromeda Group acquired Nireus SA (at 74.34% stake) and Selonda SA at (79.62% stake), two European aquaculture companies that focus on sea bream and sea bass. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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