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Sovereign Wealth Fund Direct Transactions Update June 2012

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Globally, sovereign wealth funds have been diversifying into new geographies and sectors. According to the Sovereign Wealth Fund Direct Transaction Database (SWFTD), around US$ 29.29 billion (trailing four quarters starting at Q1 Year 2012) has been directly invested in the financial sector by sovereign funds. In fact, financial sector direct investments consisted of 36% of total expenditure of all SWF direct transactions(not investment frequency). In that time period, sovereign wealth funds participated in several major investments in European and Asian financial institutions. Another major trend is the growth of sovereign wealth funds directly investing in institutional real estate. Trailing four quarters, starting from Q1 Y2012, direct real estate investments totaled US$ 9.55 billion.

In calendar year 2011, sovereign wealth funds made 612 significant direct investments, valued at US$ 89.2 billion, according to data from the Sovereign Wealth Fund Transaction Database. A 12.1% increase in transaction value from 2010.

This is followed by US$ 9.488 billion in the energy sector. Developed infrastructure and energy assets were of mounting importance to sovereign funds. In addition, we acknowledge increased real estate direct transactions by sovereign wealth funds this year, but total amounts are undercounted due to the non-transparent market.

The Sovereign Wealth Fund Transaction Database is now available online for subscribers. Transaction data can now be accessed on a more frequent basis. The SWFTD now contains over 3,000 recorded transactions.

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Saudi Aramco Contemplates SABIC Stake from PIF

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Oil giant Saudi Aramco is in early discussions on whether to pursue an ownership stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). At the moment, Saudi Aramco has no plans to buy publicly-held shares of SABIC. SABIC was founded in 1976 by Saudi royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

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SWFI First Read, July 19, 2018

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GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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