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SWFI First Read, August 31, 2018

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Japan Post Invests in Cloudian

San Mateo, California-based Cloudian, Inc., a data management company, raised US$ 94 million in Series E funding from Digital Alpha, Eight Roads Ventures, Goldman Sachs, Innovation Network Corporation of Japan (INCJ), Japan Post, NTT Docomo Ventures, and Wilson Sonsini (WS) Investments.

Nordea Selling Danish Property Asset Management Company

Nordea is selling Danish property asset management company Nordea Ejendomme to property management company DEAS Asset Management A/S. Nordea Ejendomme oversees a property portfolio of approximately €3 billion.

WeWork Has Credit Ratings Dropped by Moody’s Investors Service

Rating agency Moody’s Investors Service dropped its credit rating on New York-based WeWork Cos. April 2018 debt. The unsecured debt amount is US$ 702 million. WeWork only financially paid Fitch Ratings and S&P to rate its debt offering. “Moody’s has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support maintenance of the ratings,” Moody’s commented in a August 29, 2018 message.

PUBLIC FUND FIREPOWER: Transurban Wins WestConnex Bid

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SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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