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Russia-China Investment Fund Buys Nearly 42% Stake in RFP Group

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The Russia-China Investment Fund (RCIF), a private equity vehicle funded by the China Investment Corporation (CIC) and the Russian Direct Investment Fund (RDIF), bought nearly a 42% stake in RFP Group (Russian Forest Products Group). RFP Group is a forestry holding company in Russia’s Far East. It is the number #2 company in Russia for forest area under management. The RFP Group manages 5 million hectares of forest – about 80% the size of the state of West Virginia.

According to the RDIF’s press release, Hu Bing, Co-CEO of the Russia-China Investment Fund (RCIF), said:

“Investment in the forestry industry of the Far East fits well with the fund’s strategy to generate strong returns. RCIF is also committed to improve RFP Group’s operation, financing, and corporate governance. Both economies of Russia and China may benefit from cross-border synergies created by RCIF’s investment.”

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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