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Sovereign Investors and the Shifting Paradigm of Disintermediation

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Sovereign wealth funds and other long-term public investors are relying less on Wall Street and other major financial institutions for unique deals, special situations, and now even treasury auctions. The People’s Bank of China can participate in treasury auctions without placing bids through primary dealers. Financial power is shifting from the West to the East and in the next decade, it will begin to shift South.

The US$ 5 trillion investor class is poaching investment executives from leading banks and investment managers. Public investors like the Ontario Municipal Employees Retirement System (OMERS) have their own private equity deal team. Pulling this off requires long-term serious commitments from board committees, proper long-term incentive programs, and sufficient financial resources.

Increasingly, sovereign wealth funds are being approached by companies for long-term capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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