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SWFI First Read, April 2, 2018

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SoftBank Vision Fund Backs Indian Solar Venture with GCL System

Japan-based SoftBank Group inked a deal with China-based GCL System Integration Technology Co Ltd to form a US$ 930 million Indian joint solar venture. GCL is contributing the technology to the venture, while SoftBank is focusing on buying land and working through legal hurdles. SoftBank will control 60% of the Indian venture, with GCL owning the other 40%. SoftBank Group will use the Vision Fund’s capital for the venture.

Sequoia Capital Leads Investment Round into Cobalt Robotics

Sequoia Capital led a US$ 13 million Series A funding round into Cobalt Robotics, a startup focused on developing robotic security guards for office buildings. Other investors in the round include Founders Fund, Storm Ventures and Bloomberg Beta.

PSP Investments Commits to D-Wave Systems

On March 5, 2018, Public Sector Pension Investment Board (PSP Investments) committed US$ 20 million to invest into D-Wave Systems Inc., a quantum computing systems and software company.

Alibaba Solidifies Ownership of Ele.me

Alibaba Group Holding Limited moved to acquire China-based Ele.me, a local delivery company. Alibaba Group is buying out all the shares of Ele.me that it does not already own. The transaction gives Ele.me an enterprise valuation of US$ 9.5 billion, according to Alibaba Group. At the moment, Alibaba Group and its affiliate Ant Small and Micro Financial Services Group own approximately 43% of Ele.me’s outstanding voting shares.

South Korean Handbag Maker’s Investment Unit Likes Mezzanine Debt

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OTPP Anticipates Money from Cushman Wakefield IPO

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The Ontario Teachers’ Pension Plan (OTPP) participated with TPG and PAG Asia on the buyout of DTZ a while back. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Tom Gores Wants Some Credit Game

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Traditional buyout firms are looking at building credit platforms to enhance revenue. Recently, Platinum Equity, a buyout firm run by Tom Gores that was formed in 1995, hired Michael Fabiano to help spur the formation of a credit investing division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi Arabian Military Industries Forms Venture with Navantia

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State-owned Saudi Arabian Military Industries (SAMI) signed a deal with Navantia, a Spanish state-owned shipbuilding company, to form a joint venture to construct five warships – the building of five Avante 2200 Corvettes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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