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SWFI First Read, April 16, 2017

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Starwood Capital Group to Acquire Forestar Group

Affiliates of Starwood Capital Group inked a deal to buy Austin-based Forestar Group Inc. for US$ 605 million in equity value. Forestar Group is a residential and mixed-use real estate development company – owning around 4,600 acres of real estate across 10 states in the U.S. Forestar Group owns around 11,100 acres of forestland in Georgia. Starwood Capital is buying all the outstanding shares of Forestar Group at US$ 14.25 per share in cash. JMP Securities LLC was the financial advisor for Forestar Group, while Skadden, Arps, Slate, Meagher & Flom LLP was the legal advisor for the target company. Kirkland & Ellis LLP was the legal advisor for Starwood Capital Group.

Kern County Employees’ Retirement Association Terminates Four Managers, Adds Two

The Kern County Employees’ Retirement Association, which is located in Bakersfield, California, awarded two equity mandates. One mandate was given to Stamford, Connecticut-based Sustainable Growth Advisers to oversee US$ 100 million in active global equities strategy. The other mandate was given to San Francisco-based Dodge & Cox to oversee US$ 100 million in active global equities strategy. The California pension investor had terminated two U.S. equity managers which are Fidelity Institutional Asset Management and T. Rowe Price Group. The investor also ended two international equity mandates with J.P. Morgan Asset Management and PanAgora Asset Management.

Former Sachem Head Capital Hedge Funder Joins GIC

Ernesto Cruz had joined Singapore’s GIC Private Limited as a portfolio manager. Previously, he was a partner at New York-based Sachem Head Capital Management LP. Cruz is based in New York. Cruz also had a stint as an Analyst at Highline Capital. Sachem Head Capital was formed in 2013 by Scott Ferguson, a former partner and day-one analyst at Bill Ackman’s Pershing Square Capital Management.

Vendanta Founder Becomes Number 2 Shareholder in Anglo American

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Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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