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Sovereign Wealth Money in Latest Airbnb Round



Screenshot of Airbnb Website - June 27, 2015

Screenshot of Airbnb Website – June 27, 2015

Sovereign wealth funds are not afraid of investing in billion-dollar startups. Venture capital insiders call some of these startups unicorns – essentially when a startup has exceeded an arbitrary equity valuation amount of US$ 1 billion through capital raises. Sovereign funds have allocated to startups such as Flipkart, VANCL, Square, Spotify and – yes, taxi cab service Uber Technologies. The Qatar Investment Authority (QIA) is an investor in Uber. The wealth fund is reportedly in the works of opening a New York office.

Over the years, Asian sovereign wealth funds like GIC, Temasek and the China Investment Corporation (CIC) have built informal networks and pipelines for major venture deal flow. This is why sovereign wealth investors are spending more time in the San Francisco Bay Area, building bridges with Silicon Valley’s in-crowd. Analyzing 2003 to current 2015 data from SWFI’s Sovereign Wealth Fund Transaction Database, sovereign funds are investing in higher frequency and amounts in Silicon Valley and Asia technology startups. The last major wave of sovereign wealth-backed venture capital investment was between 1997-2001, led by Temasek Holdings and GIC.

View Deals and Raises – Sovereign Wealth Fund Transaction Database

Slosh of Money for Airbnb

San Francisco-based Airbnb Inc., an online home-rental service, raised an astonishing US$ 1.5 billion, valuing the company at US$ 25.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Matt Whineray Officially Named CEO of NZ Super Fund



On June 19, 2018, the Board of the Guardians of New Zealand Superannuation (NZ Super Fund) officially appointed Matt Whineray as chief executive officer. He has been acting CEO of the sovereign wealth fund since March 2018. Whineray joined the organization in 2008 as general manager, private markets and in 2014 became chief investment officer. The appointment is effective July 1, 2018.

An executive search was conducted when Adrian Orr decided to take the governor job at New Zealand’s central bank.

Here is an interview SWFI conducted with Matt Whineray.

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SWFI First Read, June 19, 2018



Tronc to Revert to Original Name – Tribune Publishing

Publishing company Tronc will go back to its current name Tribune Publishing. Tronc is the parent company of the New York Daily News and Chicago Tribune. Tronc stood for Tribune Online Content, but received vast ridicule from the U.S. media community.

Denholm to Lead as CIO of Solutions Unit at Aviva Investors

Al Denholm was named Chief Investment Officer for the new solutions unit at Aviva Investors. This is a new position and Denholm is based in London. He will report to Aviva Investors CEO Euan Munro. Denholm was Chief Executive Officer at Prudential Portfolio Management Group.

Hostetter Gets Fresh Start at Russell Investments

Robert Hostetter was named Global Head of Product at Russell Investments. He will report to Michelle Seitz, CEO and Chair of Russell Investments. Previously, Hostetter was Managing Director and Global Head of Product Strategy at AllianceBernstein.

President Trump Wants a Space Force Branch

U.S. President Donald Trump revealed plans at directing the Pentagon to form a new space force branch of the military.

Greenpeace Occupied AP3’s Offices Last Week

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Reveals More of New Private Equity Model



The California Public Employees’ Retirement System (CalPERS) is a major U.S. pension player in private equity.

CalPERS is keen on using this direct model to better source and take advantage in private equity to meet its goal of a 10% target, while lowering fees. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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