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First Quarter 2013 – Resilient Start for Direct SWF Transactions



First quarter data of 2013 from the Sovereign Wealth Fund Transaction Database (SWFTD) has been tabulated. During the first quarter of 2013, direct sovereign fund transactions totaled US$ 14.8 billion. This is an incremental increase of 2.06% compared to the first quarter of 2012. As 2013 progresses, the first quarter number should experience a positive revision. Sovereign wealth funds entered a high number of direct market transactions stemming from the fourth quarter of 2012 till the end of the first quarter of 2013.

This illustrates sovereign funds played a role in the increased price growth in global public equity markets.

Total Direct Sovereign Wealth Fund Investment Activity Per Quarter Click on image to enlarge
Source: Sovereign Wealth Fund Transaction Database – Latest database statistics of 5/19/2013

Direct investments in U.K. public equities increased from the fourth quarter of 2012. There continues to be stable investment in U.S. equities, directly from sovereign funds over the past six quarters.

Core real estate is a popular direct investment choice for sovereign funds. Some notable first quarter 2013 deals include Norway’s Government Pension Fund Global (GPFG) buying a 49.9% stake in five office properties in the United States through a joint venture with TIAA-CREFF. The real assets were valued at US$ 1.2 billion. The Abu Dhabi Investment Authority purchased an office at 90 boulevard Pasteur owned by Credit Agricole for € 250 million.

Direct Investments by Notable Sectors – Billions USD

Period Financials Real Estate and Infrastructure Information Technology
Q3 Y2012 1.09 5.16 1.68
Q4 Y2012 4.68 8.92 0.77
Q1 Y2013 1.63 4.50 0.72

Source: Sovereign Wealth Fund Transaction Database – Latest database statistics of 5/19/2013

Data for the second quarter of 2013 presents an increase in sovereign fund participation in private equity buyouts and initial public offerings.

The Sovereign Wealth Fund Transaction Database is available online for database subscribers. Transaction data can now be accessed on a more frequent basis. The SWFTD now contains over 5,000 recorded transactions.

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Access Online Website – SWFTD

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US Becomes the Largest Crude Oil Producer in the World



With the onset of fracking technology and a flood of capital entering the Texas energy market over the past decade, the United States is now the largest producer of crude oil. According to the U.S. Energy Information Administration, on September 12th, they revealed, “The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.”

Light sweet crude oil grades have rapidly expanded since 2011.

With two months remaining before U.S. sanctions go into effect against Iran, Iran’s crude exports are falling fast. European oil companies are exiting Tehran fearful of the repercussions of sanction violations, coupled with the country’s currency crisis. Iran’s influence over global oil prices have dwindled.

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board



U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties



Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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