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Singapore’s Sovereign Wealth Centers on Asia

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trees_sovereign_wealthSingapore’s GIC Private Limited’s investment portfolio is currently 28% allocated to Asia, but recent investments committed by the sovereign fund, as well as announcements made by QFII, a quota program in mainland China, could skew that number higher.

In conjunction with Philippine-based Ayala Corp., the Singaporean sovereign wealth fund purchased DBS Group Holdings’ 9.9% stake in the Bank of the Philippine Islands (BPI), according to a release issued by the institutional investor. According to the report, the total transaction value was ₱29.6 billion (US$ 680.1 million), and the GIC and Ayala took 5.6% and 4.3% stakes, respectively.

Earlier in the day, reports were issued that a GIC backed company Greenko Group Plc. just finished a 51-megawatt wind project. The GIC invested £100 million (US$ 150 million) in the Hyderabad-based owner/operator of clean energy projects in May of this year. Greenko’s goal is to build about 2,000 megawatts of hydropower and wind energy by 2018.

Lastly, reports from Chinese news agencies have stated that the investment quota under the QFII program will rise from 1.5% of mainland China’s total market capitalization to 10%. The GIC already enjoys one of the highest quotas at US$ 1 billion. According to the Sovereign Wealth Fund Transaction Database, among countless investments in China, their investments include US$ 30 million in sports equipment manufacturer and retailer Li Ning.

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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