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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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GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

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Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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