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RDIF and Private Equity Firm Acquire Stakes in Moscow Exchange MICEX-RTS

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Russia Direct Investment FundThe press release states, “Cartesian Capital Group, LLC, a global private equity firm and the Russian Direct Investment Fund (RDIF), Russia’s $10bn government-sponsored private equity fund have acquired stakes in the Moscow Exchange MICEX-RTS from ZAO UniCredit Bank (“UniCredit Bank”).

Following this transaction, the RDIF will own approximately 2.7% and Cartesian will own approximately 2.5% of MICEX-RTS. UniCredit Bank will reduce its stake in the exchange to 6.2%.

The investment is part of a long-term strategy to promote the development of Russian capital markets and broaden the regional and international appeal of the Moscow Exchange. This transaction follows an investment earlier this year in the exchange by the RDIF and the European Bank for Reconstruction and Development.

Kirill Dmitriev, Chief Executive Officer of RDIF, said: “We are pleased to invest alongside a leading private equity firm such as Cartesian Capital in a great Russian company. This is our second investment in the Moscow Exchange, and together with Cartesian and the EBRD we look forward to supporting the exchange as it continues to grow and develop.”

Peter Yu, Managing Partner of Cartesian, noted: “With its strong market-leading position, MICEX-RTS is both central to Russia’s continued development as a regional and global financial center and an attractive IPO candidate. Even in times of continued economic uncertainty, well-managed exchanges can thrive. RDIF is an ideal value-added partner for institutional investors entering Russia and we will work closely with them in the continued development of the exchange.”

Mikhail Alekseev, CEO of ZAO UniCredit Bank, said: ‘We are keen to remain one of the largest shareholders in MICEX-RTS and we are committed together with other shareholders, including those to whom we sold part of our stake, to foster its development and support the company on its way to the IPO.'”

Read more: Russia Direct Investment Fund Press Release

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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