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RDIF and Korea Investment Corporation Create Investment Platform

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Russia continues to build and stimulate economic ties with its Eastern and Southern neighbors through their national co-investment vehicle. On November 13, 2013, the Russia Direct Investment Fund and the Korea Investment Corporation (KIC) agreed to a memorandum to create the Russian-Korean Investment Platform – a similar type of vehicle the RDIF developed with the China Investment Corporation. Major dignitaries were at the signing including Russian President Vladimir Putin and Korean President Park Geun-hye.

The US$ 500 million investment platform will assist cross-border investment activity between Russia and Korea. The platform is intended to foster greater trade between the nations and encourage investment cooperation.

According to the RDIF press release, Lee Dong-Ik, CIO of KIC, said: “Today Russia is the 11th largest trade partner of the Republic of Korea with a proportion of about 2.1% of our trade. There are over 1,200 Korean companies with capital invested in Russia. The launch of this joint investment platform will provide additional opportunities for businesses from both Korea and Russia to further develop these relationships.”

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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