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Oman Explores Idea of GCC Peers to Deposit Dollars into Central Bank

Oman’s Ministry of Finance is working with its Gulf Arab counterparts on receiving a multi-billion dollar deposit into its central bank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Harvard Agrees, Moves RE Team to Bain Capital

Harvard Management Company (HMC), the in-house investment unit of the endowment, agreed to spin out its real estate unit to Bain Capital. 22 HMC employees will join the new unit called Bain Capital Real Estate, which oversees Harvard’s US$ 3.4 billion real estate investments. SWFI research reported on the discussions earlier regarding this deal.

HMC has been looking to streamline operations and reduce investment staff headcount.

Harvard-Bain-Government Connections

Bain Capital has a quite a bit of Harvard alumni. Joshua Bekenstein and Stephen Pagliuca, co-Chairs of Bain Capital, are graduates of Harvard Business School. Pagliuca was a Democratic candidate for the U.S. Senate. Jonathan Lavine, co-Managing Partner of Bain Capital, is a graduate of Harvard Business School. Furthermore, Mitt Romney, the former Governor of Massachusetts and Republican presidential candidate in 2012, was a founder of Bain Capital. Former Massachusetts Governor Deval Patrick joined Bain Capital in 2015 and is a managing director of the Double Impact business. Patrick earned both his BA and JD from Harvard.

Why Bain Capital?

Why didn’t HMC seek to partner with an asset manager total focused in real estate such as Heitman, Hines or CBRE Global Investors? [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CPPIB Gets Direct Exposure to Brazilian Renewables with Votorantim Energia

The Canada Pension Plan Investment Board (CPPIB) and São Paulo-based Votorantim Energia Ltda., the energy subsidiary of Brazil’s Votorantim Group, inked a deal to create a new joint venture focusing on investments and developments in the Brazilian power generation sector. CPPIB is making a bet on the Brazilian power generation market with a focus on renewable energy. Votorantim Energia has been trying to find institutional investor partners to expand its efforts, aiming to reach out to sovereign funds like GIC Private Limited and other large asset owners in North America.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Danica Pension Eyes Market Leader PFA with US$ 1 Billion SEB Takeover

Danica Pension, Denmark’s second largest commercial pension fund, has struck a deal to take over the Danish pension assets of Sweden’s SEB, putting itself in position to challenge current market leader PFA. Set to close in the first half of 2018 upon regulatory approval, the transaction will bring the Danske Bank subsidiary some 200,000 new pensioners for a customer base of 800,000, and raise its total assets under management to around US$ 86.8 billion. These figures put it nearly on par with PFA, which manages approximately US$ 96.3 billion in assets for some 1.2 million Danish pensioners.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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