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Pension and SWF Money Fund Greystar Acquisition of Monogram Residential Trust

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Greystar Growth and Income Fund, LP, a newly formed perpetual life fund, overseen by Greystar Real Estate Partners is buying out Plano, Texas-based Monogram Residential Trust, Inc., an owner, operator and developer of luxury apartment communities. The founding capital partners of Greystar Growth and Income Fund include affiliates of APG Asset Management N.V., GIC Private Limited, and Ivanhoé Cambridge (the real estate arm of CDPQ). The transaction is being valued at approximately US$ 3.0 billion, including debt to be assumed or refinanced. Essentially this REIT is becoming the seed portfolio for the Greystar Growth and Income Fund. With a focus on core coastal markets, as of March 31, 2017, Monogram’s portfolio includes investments in 49 multifamily communities in 10 states comprising 13,674 apartment homes. Some notable portfolio properties include: Nouvelle (Tysons Corner, VA), Zinc (Cambridge, MA), and The Alexas (Dallas, TX).

New York-based Snow Park Capital Partners LP, an activist investor, had pushed the Monogram Residential Trust to explore a sale.

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Ping An Good Doctor Lures Big Public Asset Owners

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Ping An Good Doctor, formerly known as Ping An HealthCare and Technology Company, is a Chinese online healthcare platform that is part of Ping An Insurance (Group) Company. This unit is planning to be offered in a Hong Kong initial public offering that could raise as much as 8.8 billion HKD in shares at 50.80 or 54.80 HKD per share.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek and Schneider Electric Eye L&T Electrical Unit

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Singapore’s Temasek Holdings and France-based Schneider Electric are in talks to acquire Larsen & Tourbo’s electrical and automation business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Allocates $1 Billion Internally to a Global ESG Strategy

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In February 2018, the California Public Employees’ Retirement System (CalPERS) allocated US$ 1 billion to an internally-managed QSI Global ESG strategy. The internally-managed strategy was developed by New York-based QS Investors, LLC, a subsidiary of Legg Mason. CalPERS entered into a 5-year contract with QS Investors, with a possible spend of over US$ 1 million per annum.

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