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SWFI First Read, August 30, 2016

Reserve Bank of India Approves CPPIB Ownership Stakes in Kotak Mahindra Bank

The Reserve Bank of India (RBI) approved the Canada Pension Plan Investment Board (CPPIB) to nearly double its holding of Kotak Mahindra Bank. CPPIB has a 4.89% ownership stake in the Indian bank which it bought in multiple tranches. In March 2016, CPPIB acquired another 1% of ownership in Kotak Mahindra Bank from Sumitomo Mitsui Banking Corporation.

SEC Demands CalPERS Communication on Fees with Silver Lake

The Securities and Exchange Commission (SEC) earlier in 2016 had subpoenaed California Public Employees’ Retirement System (CalPERS) for communications with private equity firm Silver Lake. SEC demanded CalPERS communication with Silver Lake about fees. Since December 2015, the SEC is investigating if Silver Lake properly disclosed all of its fees, especially one-time accelerated portfolio monitoring fees.

Stanford University Invests in Series B of Arcus Biosciences

Hayward, California-based Arcus Biosciences Inc., a cancer immunotherapy startup, has raised US$ 70 million in a Series B round. New investors to the company include Invus Group (venture arm of Japanese drug company Taiho Pharmaceutical Co. Ltd), Google Ventures, DROIA Oncology Ventures and Stanford University. Return investment backers include Foresite Capital, Celgene Corproation, Column Group and Novartis AG. Arcus Biosciences was formed by Terry Rosen and Juan Jaen. Terry Rosen and Juan Jaen navigated San Carlos, California-based Flexus in a US$ 1.25 billion transaction with Bristol-Myers Squibb Co.

Petrobras Natural Gas Deal in Final Stages

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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