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Sovereign Wealth Funds Betted on Tax Inversions and Emerging Pharma

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Increasingly, sovereign wealth funds and long-term public pensions are investing more directly into healthcare investments. A number of institutional investor trends had emerged in 2015 such as tax inversion opportunities, emerging pharmaceutical companies and medical practices. For instance, asset heavy Canadian pensions are investing in medical practices across America in a number of fields, perceiving the U.S. as a profligate spender on healthcare services. For example, OMERS PE, the private equity arm of the Ontario Municipal Employees’ Retirement System, acquired Wisconsin-based Forefront Management Holdings, a physician management company focused on the dermatology sector in January 2016. The seller was Varsity Healthcare Partners, a healthcare-focused private equity investment firm. Other Canadian pensions keen on these buyouts are Caisse de dépôt et placement du Québec (CDPQ) and the Ontario Teachers’ Pension Plan (OTPP). According to data from the Sovereign Wealth Fund Transaction Database, sovereign wealth funds spent directly US$ 4.04 billion in the healthcare sector in 2014 and US$ 6.26 billion in 2015. Including all public investors in the database, the total in direct healthcare adds to US$ 7.73 billion in 2014 and US$ 10.68 billion in 2015.

Asian asset owners had moved in on pharmaceutical companies on the open market, while securing deals with biotech firms needing strategic, patient capital.

Asian SWFs Seek Emerging Pharmaceuticals

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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