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RDIF and Mubadala Agree to $2 Billion Co-Investment Fund

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russia1At the St. Petersburg International Economic Forum 2013, the CEO of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, and the CEO of the Mubadala Development Company, Khaldoon Al Mubarak, announced the creation of a US$ 2 billion co-investment fund. Each partner is committing US$ 1 billion to the fund that will target opportunities in Russia. The Russian Direct Investment Fund has been successful attracting Gulf and Chinese sovereign funds to co-invest in unique deals in Russia.

According to an RDIF press release, Khaldoon Al Mubarak, Mubadala’s Chief Executive Officer, commented, “A partnership approach is at the heart of Mubadala’s business philosophy, and given the track record and caliber of the RDIF team we are confident that our collaboration will deliver long-term financial returns and development opportunities.”

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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