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Possible Major Org and Strategy Changes at TPSF

The US$ 24 billion Texas Permanent School Fund (TPSF) is currently under the Texas State Board of Education. This means all major policy, personnel and management decisions have to be made by the Texas commissioner on education. There are heavy talks to streamline bureaucracy and efficiency of having the fund be managed by a non-profit corporation.

The fund was created in 1854 expressly for the benefit of the public schools of Texas.

This non-profit corporation would have administrative and investment management control over the fund. One proposed name for the non-profit corporation is Texas Permanent Fund Investment Management Co. It would be expected the members of the Texas State Board of Education would have board seats.

In fact, this would enable the fund to operate similarly like the University of Texas Investment Management Co. (UTIMCO) which manages the endowment for the University of Texas System. In Canada and Australia, many public funds are managed by a professional public investment corporations like AIMCo (Canada) and the Queensland Investment Corporation (Australia).[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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