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Quebec’s Caisse Supports Natural Resource SMEs

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miningOn June 20, 2013, the Caisse de dépôt et placement du Québec (Caisse) announced the creation of Sodémex Développement. The $250 million Sodémex Développement Fund will allocate investments in the range of $5 to $20 million to developmental Québec companies in the natural resources sector. With the creation of the Sodémex Développement Fund, the Caisse will be active in all stages of natural resource extraction in exploration, development and production. Public investors in Québec have a long history of supporting mining companies in the province. In 1996, the Caisse began actively investing in Québec exploration companies through Sodémex Fund vehicles – also called Société de développement des entreprises minières et d’exploration. Investments in these junior exploration companies were small minority stakes.

The concept of a strategic development fund is not new to the Caisse.

The Sodémex Développement Fund will invest in a variety of structures including debenture, convertible debenture and equity. At times faced with insufficient capital, many Canadian developmental companies in the energy sector that show promise are quickly gobbled up by large corporations or foreign institutional investors.

“The current business climate in the natural resources sector can present attractive long-term investment opportunities,” said Normand Provost, Executive Vice-President, Equity at the Caisse in a press release. “This represents a critical entry point for the Caisse in projects that are in the development stage.”

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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