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Sovereign Wealth Themes: The Sun Never Sets on Sovereign Wealth II

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sovereign wealth fund reportThis brief 3-page report is available for download for SWFI subscribers. This report gives a concise overview on the proliferation of sovereign wealth funds.

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April 2014 – The Sun Never Sets on Sovereign Wealth II

The financial economy has become more complex and interconnected, especially with the proliferation of sovereign wealth funds, rivaling other asset owners in size and sophistication. For example, according to the Investment Company Institute, the size of U.S. defined benefit public plans amounted to US$ 5.6 billion from December 2013. As of April 2014, sovereign wealth funds as an investor class totals US$ 6.4 trillion.

Part II – Sample
Sovereign wealth funds can be economic anchors for a society. The reason why many sovereign wealth funds are created and maintained is economic in nature. Countries fearful of Dutch Disease, hastened the use of overseas investment vehicles to sterilize natural resource government inflows. Sovereign wealth funds can have a strong fiscal stabilizing influence as well.

Norway SWF Votes Down Paris Climate Targets at Shell Shareholder Meeting

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Norges Bank Investment Management (NBIM), which oversees Norway Government Pension Fund Global, voted down a proposal put forward by some investors at Royal Dutch Shell’s annual general meeting calling on the company to set emissions targets in line with the Paris climate accords of 2015. The challenge was shot down by 94.5% of Shell shareholders at Tuesday’s proceedings. Its defeat was followed by a statement from the oil giant calling the resolution “unnecessary” in light of the firm’s plans revealed in November to halve its carbon footprint by 2050. Some investors believe Shell would be in a better position to set their own goals on addressing issues like climate change.

The US$ 1.1 trillion sovereign wealth fund – which is itself reliant on cash-streams from Norway’s hydrocarbon stores – announced last July it would be asking the banks in which it invests nearly a quarter of its equity assets to disclose how their lending contributes to greenhouse emissions, and is currently considering whether to drop its exposures in oil and gas companies constituting roughly 6% of its overall portfolio ahead of a parliamentary vote on the proposed policy change later this year.

The climate change motion was featured by 60 long-term institutional investors representing more than US$ 10 trillion in assets – including HSBC, BNP Paribas, Fidelity, Swedish buffer fund AP7, France’s ERAFP, and the United Kingdom’s National Employment Savings Trust (NEST) – in an open letter published during the week of May 16th by The Financial Times urging fossil fuel companies to “clarify how they see their future in a low-carbon world,” without going so far as to openly support its approval.

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PSP Investments Finished Deal on Equity Stakes in AEA and AELO in Portugal

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On May 11, 2018, ROADIS, which is owned by PSP Investments, finalized the purchase of equity interests in Portugal´s Auto Estradas do Atlantico (AEA) for 50% ownership and Auto Estradas do Litoral Oeste (AELO) for 60% ownership from MSF Group (Moniz da Maia, Serra & Fortunato, Empreiteiros) and Lena Group (known locally as Grupo Lena). This is ROADIS’ first investment into Portugal.

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USS Backs Rental Housing Platform Managed by PfP Capital

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The £60 billion Universities Superannuation Scheme (USS) is providing the majority of the funding toward a joint venture to invest in the U.K. private rented sector.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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