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SWFI First Read, April 27, 2018

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Image Credit: KBS, April 27, 2018

A Historic Moment

North Korean leader Kim Jong Un crossed the border into South Korea and in a landmark meeting met with South Korean President Moon Jae-in. Then, Moon Jae-in and Kim Jong Un signed an agreement pledging to end the Korean War. Both sides publicly agreed to denuclearisation of the peninsula. These moves were conducted by back channeling from the U.S. and China. U.S. President Donald Trump when coming into office practiced an unorthodox approach to North Korean relations (different from the last Democrat and Republican administrations), but his tactics brought together a move for both sides to end the Korean War.

South Korea is home to large amounts of institutional capital, including the Korea Investment Corporation (KIC).

More to follow…….

Innovent Biologics Raises Series E Round

Innovent Biologics, Inc. raised US$ 150 million in a Series E round. Leading the round was U.S.-based Capital Group Companies. Nick Chen, a Partner of Capital Group Private Markets, the PE unit of Capital Group, joined the board of directors of Innovent. New investors including Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group as well as the existing investors such as Singapore’s Temasek Holdings, Hillhouse, Legend Capital, Lilly Asia Venture and Taikang Insurance participated in this round.

After Long Search, Brunel Pension Partnership Awards Large Passive Mandate to LGIM

The massive Brunel Pension Partnership awarded Legal & General Investment Management, a passive equity mandate worth more than £4 billion – almost 14% of the partnership’s assets.

More Money Flows up North, Chinese Capital Funds Arctic Green Energy

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Mubadala and SAMI Forge Ties to Explore Areas of Collaboration

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Mubadala Investment Company and Saudi Arabia Military Industries Company (SAMI), which is a defence company owned by Saudi Arabia’s Public Investment Fund (PIF), agreed to a deal to partner and co-invest in defense manufacturing. This partnership grows defence ties between Saudi Arabia and the United Arab Emirates.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Cryptocurrencies Creep into the Middle East

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Banking behemoth J.P. Morgan Chase disclosed its own digital currency called JPM Coin. The digital token will be used to settle payments between clients. JPM Coin will be backed by physical U.S. dollars and be based off Quorum. Quorum is J.P. Morgan’s private Ethereum-based chain. JPM Coin plans to compete with Ripple, which created XRP, another digital currency that is used for settlements. Ripple’s main target market is cross-border payments and remittances.

The Central Bank of the United Arab Emirates and the Saudi Arabian Monetary Authority have unveiled their plans for Aber, an interbank digital currency. Both banks have indicated that Aber will be limited to financial settlements using distributed ledger technologies. It will be rolled out on a probational basis, and used by select banks within the two countries. A date for rollout has not yet been declared. A joint statement hinted at a broader application of the currency in the days ahead. If “no technical obstacles are encountered, economic and legal requirements for future uses will be considered.”‏ Blockchains and Distributed Ledgers technologies will be employed. The plan is for ‘Proof-of-Concept’ testing, which involves studying and fully comprehending the ways modern technologies can achieve practical applications. The digital currency has the potential to become a reserve system for central payments.

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CPPIB Inks Partnership Vehicle with La Française and its Shareholder CMNE

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La Française and Canada Pension Plan Investment Board (CPPIB) formed a strategic partnership for the launch of a real estate investment and development vehicle: Société Foncière et Immobilière du Grand Paris. The joint venture between CPPIB (80%) and Caisse Fédérale du Crédit Mutuel Nord Europe (CMNE) (20%), La Française’s shareholder, will invest in major real estate projects linked to the Grand Paris infrastructure in the Greater Paris area. The parties will initially allocate €387.5 million in equity to the venture. The partnership will target regeneration and infrastructure-led investments.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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