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Qatar Holding to Take 20% Stake in UK Airport Operator

Qatar Holding LLC, the sovereign wealth enterprise of the Qatar Investment Authority (QIA), is purchasing a 20% indirect stake in Heathrow owner BAA Ltd. The Qatar sovereign fund has been a major institutional investor in the United Kingdom and believes the British economy holds great long-term prospects. Qatar Holding is buying 10.62% of the stake from Spanish conglomerate, Ferrovial, S.A. for £478 million. The other 9.38% is coming from two other shareholders, Britannia Airport Partners LP (5.63%) and GIC Special Investments (3.75%). Britannia Airport Partners LP is controlled by Canada’s Caisse de dépôt et placement du Québec (CDPQ).

The total value of the deal was £900 million. The deal is pending regulatory approval.

Ferrovial is the indirect owner of 49.99% of BAA Ltd. The holding company which owns BAA Limited is FGP Topco Ltd. Some owners in FGP Topco Ltd include Ferrovial, Caisse de dépôt et placement du Québec, and GIC Special Investments. After this transaction, Ferrovial will have a 39.37% indirect stake in BAA.

“The sale of this stake in BAA is part of Ferrovial’s strategy of establishing a market valuation of our assets and improving the structure of our investment portfolio,” Ferrovial CEO Inigo Meiras said in a statement.

Ferrovial is selling the stake to finance its agenda to invest more into Latin America. Ferrovial is bidding for airports in Puerto Rico and Brazil. In 2006, the firm bought BAA for £10.3 billion using a significant amount of leverage.

Former U.S. Treasury Secretary Jacob Lew Joins Lindsay Goldberg

New York-based buyout firm Lindsay Goldberg LLC has announced that Former U.S. Treasury Secretary Jacob J. Lew will join the company as a partner focusing on investments across sectors, institutional relationships, and firm management, according to an announcement released on Monday, November 20. Lindsay Goldberg is a private equity firm co-founded by Alan E. Goldberg and Robert D. Lindsey, both veterans of Morgan Stanley in which they worked in the Transaction Development Group.

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San Diego City Employees Retirement System to Reduce PE and Infrastructure for FY 2018

The San Diego City Employees’ Retirement System plans to reduce annual commitments to private equity and infrastructure down to US$ 75 million for fiscal year 2018. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Institutional Investors Remain Skeptical as Bitcoin Continues to Rise

Bitcoin has continued to rally over the past month – hitting a record US$ 8,224 in the early hours of November 20 – and institutional investors are beginning to take notice of the cryptocurrency’s increasing popularity. With a market value of more than US$ 130 billion, the digital currency has seen unprecedented growth of over 700% over the past year. But Bitcoin’s rise has also been marked by a number of volatile slumps, leaving institutional investors divided over its durability as a long-term store of value and wondering whether to get in on the action. Despite these headwinds, more than 100 hedge funds have been formed to trade in digital currencies.

Split Consensus on Wall Street

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