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NZ Super’s Expansion Capital Strategy Revealed

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In the latest “How We Invest” white paper from the New Zealand Superannuation Fund (NZ Super), Nathan Tuck and Fiona Mackenzie (she exited NZ Super in 2017) reveal how expansion capital has become an attractive source of meaningful returns since the NZ$ 37.4 billion (US$ 26.8 billion) fund first began deploying capital to such enterprises in 2005.

Strategic Development – Expansion Capital

Defined by the authors as the provision of funds to small and fast-growing domestic companies with established business models, organic revenue growth in excess of 10% per annum, and enterprise values between NZ$ 5 million and NZ$ 100 million, NZ Super’s expansion capital investments have been relatively small, totaling some NZ$ 450 million spread across 9 funds and 47 companies to date. That’s barely over one fifth of the fund’s 5.5 % exposure to private equity as of December 31, 2017. However, many pensions and wealth funds have mandates to invest domestically ranging from the California Public Employees’ Retirement System (CalPERS) backing state businesses private equity program to Saudi Arabia’s Public Investment Fund (PIF) supporting Saudi national enterprises through capital investments.

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Follow the Money – Episode 45

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This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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CalPERS Board Elects Priya Mathur as Board President

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The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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