Connect with us

QIC Grows North America & Europe Infrastructure Business

Published

on

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.

SWFI First Read, June 22, 2018

Published

on

JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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

Continue Reading

DOL Fiduciary Role is Struck Down by Fifth Circuit Court of Appeals

Published

on

The U.S. Court of Appeal, Fifth Circuit, confirmed a March 15th decision to strike down the U.S. Department of Labor’s (DOL) fiduciary rule. The fiduciary rule is a series of seven different rules that broadly interpret the term “investment advice fiduciary” and redefine exemptions to provisions concerning fiduciaries that appear in the Employee Retirement Income Security Act of 1974 (ERISA). The 5th U.S. Circuit Court of Appeals overturned a decision by a Dallas federal court that had upheld the DOL fiduciary rule.

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

Continue Reading

Supreme Court Ruling on Online Shoppers Sales Tax Could Impact SWF Investing

Published

on

In a 5-4 ruling, the U.S. Supreme Court ruled that U.S. states could mandate online shoppers to pay sales tax when they make online purchases. This new ruling overturns a ruling from 1992.

Sovereign wealth funds directly invested at least US$ 9 billion in internet-related retail businesses from January 1, 2015 to March 31, 2018, according to SWFI transaction data. This is not counting fund commitments or funds invested. Sovereign funds have been plowing capital into online mega giants such as Amazon and Expedia, while spending big on e-commerce startups in the United States.

“Each year the physical presence rule becomes further removed from economic reality and results in significant revenue losses to the States. These critiques underscore that the physical presence rule, both as first formulated and as applied today, is an incorrect interpretation of the Commerce Clause,” Justice Anthony Kennedy penned in an opinion joined by Justices Clarence Thomas, Samuel Alito, Ruth Bader Ginsburg, and Neil Gorsuch.

“Retailers have been waiting for this day for more than two decades,” the National Retail Federation said in a statement.

Already a number of U.S. states enacted laws mandating online marketplaces to collect sales taxes on behalf of third-party sellers.

The case is South Dakota v. Wayfair, 17-494.

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.