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QIC Grows North America & Europe Infrastructure Business

The Queensland Investment Corporation (QIC), an Australian government-owned asset manager, is ramping up its infrastructure investing program. The Brisbane-based organization, which caters to the institutional investor community, has opened a new office in New York City and appointed Vittorio Lacagnina as director to head up infrastructure capital formation efforts throughout North America and Europe.

“Vittorio’s appointment reflects our upbeat outlook for infrastructure investing. An increasing number of governments around the world are encouraging private sector infrastructure investment and Australia is poised for an estimated A$135 billion wave of energy and transport infrastructure privatisations over the next three to five years,” said Brian Delaney, QIC’s head of global clients and marketing, in a press release. “Institutional investors are thinking beyond traditional listed assets and expressing growing interest in global infrastructure. Vittorio will be pivotal to deepening our US and European relationships and driving our business development efforts.”

Prior to joining QIC, Lacagnina was an investment director for SteelRiver Infrastructure Partners where he oversaw global fundraising and co-investment. While working as a senior originator for Babcock & Brown, he became involved in a management buyout that led to the formation of SteelRiver. At Babcock & Brown, Lacagnina spearheaded infrastructure co-investment in North America. He started his career in Goldman Sachs’ Investment Banking division and now has over 15 years of experience.

QIC’s track record in global infrastructure investing spans 8 years. The firm currently holds 11 global direct investments across transport, utilities and public-private partnership assets, totaling A$ 5.1 billion (US$ 4.5 billion) in infrastructure investments, as of 30 June 2014. It manages more than A$ 70 billion (US$ 61.1 billion) of assets for over 90 clients across Australia, Europe, Asia, Middle East and the US, including sovereign wealth funds, pensions and insurance companies.

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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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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