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RDIF and Turkey Wealth Fund to Commit Capital to Russian-Turkish Investment Fund

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The Russian Direct Investment Fund (RDIF) and the Turkey Wealth Fund (Türkiye Varlık Fonu) negotiated terms to form the Russian-Turkish Investment Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CFIUS Pilot Program Casting Shadow over Crossborder Asian Deals

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The Trump administration has announced plans to increase government reviews of foreign investments in U.S. companies. CFIUS, the Committee on Foreign Investment in the United States, is currently tasked with reviewing ownership deals. CFIUS blocked Singapore’s Broadcom from taking over chip manufacturer Qualcomm this year. However, new rules will establish the jurisdiction of CFIUS to screen even non-controlling investments coming from abroad. CFIUS will be especially interested in deals that involve technology companies, which have national security implications. When a foreign investor would be on track to have access to nonpublic technical information, a director on the board, or place a representative in any key decision-making role, CFIUS could step in. Industries impacted would include telecommunications, semiconductors, and computer manufacturing. The program is applied to critical technologies in 27 industries.

There is ongoing concern among U.S. government leaders that China may surreptitiously gain access to emerging technologies that will provide it with competitive advantages, while violating fair trade practices at the same time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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