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SWFI First Read, August 30, 2016

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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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Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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