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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

Demo video: Sovereign Wealth Fund Transaction Database

DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing around a 7% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million. Ari Emanuel is the CEO of Endeavor. PIF’s financial advisor for this deal is Michael Klein & Co. Endeavor is being advised by Ares Holdings.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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