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If Size Matters, Financial Sector Most Attractive for Sovereign Wealth Funds Between 2007 to 2013

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sovereign wealth fund sector deals

Source: Sovereign Wealth Fund Transaction Database, April 2014, Billions USD

In the past decade, sovereign wealth funds produced major strides when it comes to direct investing. From the start of 2007, till the end of 2013, the top three sectors for direct sovereign wealth fund investment were financials, real estate and energy. The 2007 banking bailouts are still major contributors to the financial sector aggregate figure.

Gazing forward, 2014 and 2015 are projected to be very active years for the asset-bulky sovereign wealth funds in direct investing.

According to the proprietary Sovereign Wealth Fund Transaction Database, the financial sector led the pack with over US$ 206 billion transactions recorded from 2007 till the end of 2013. Institutional real estate totaled US$ 83.1 billion, a dramatic jump from the 2005 to 2011 figure of US$ 54.5 billion. Norway’s Government Pension Fund Global (GPFG), Singapore’s GIC Private Limited and the Abu Dhabi Investment Authority were some major sovereign wealth fund investors in properties globally.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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