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South African Reserve Bank Increases Rate for the First Time Since 2016

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The South African Reserve Bank agreed to increase its benchmark interest rate to 6.75% from 6.5% on November 22, 2018. The decision was conducted by the bank’s Monetary Policy Committee. This was the first benchmark interest rate increase in more than two years. South African Reserve Bank Governor Lesetja Kganyago believes that the weaker exchange rate and higher oil prices have contributed to inflation since March 2018.

The committee was initially split on the decision, with three members wanting to hold the rate at the current level and three voting for an increase in rates.

In addition, South Africa’s net foreign exchange reserves dropped to US$ 42.194 billion in October 2018 from US$ 42.227 billion in September 2018. When looking at gross reserves, the figures for October 2018 were US$ 50.166 billion compared to September 2018’s US$ 50.394 billion.

Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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