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SWFI First Read, April 7, 2017

Darryl Murphy Named Head of Infrastructure Debt at Aviva Investors

Aviva Investors hired Darryl Murphy as head of infrastructure debt on the alternative income solutions team. He will oversee a team of 20 infrastructure debt professionals. Previously, Murphy was a Partner at KPMG working in the U.K. corporate finance unit focusing on the power and utilities sector. He will report to Barry Fowler, the company’s managing director of alternative income solutions.

Ares Management Forms North American E&P Financing Vehicle

Ares Management, L.P. created an oil and gas entity with a mission to provide financing to North American exploration and production operators. The entity is Houston-based Development Capital Resources. Development Capital Resources is being financially backed by funds managed by Ares Management. Development Capital Resources also inked a deal for a US$ 300 million drilling partnership with Midland, Texas-based Endeavor Energy Resources. Development Capital Resources is backing most of the drilling partnership financially.

ST Telemedia Leads Investment Round in Cloud Security Business Called Armor

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Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.

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