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SWFI First Read, August 8, 2017

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EDBI Participates in iflix Investment Round

Kuala Lumpur-based iflix Sdn. Berhad, a subscription video service like Netflix, raised US$ 133 million in funding. This round was led by Hearst. Other investors in the round include clients of DBS private bank and EDBI, the dedicated corporate investment arm of the Singapore Economic Development Board. Existing backers of iflix participated as well including Catcha Group, Liberty Global, Jungle Ventures, PLDT Inc., Sky PLC and Evolution Media.

GIC Sells Down Stake in China Jinmao Holdings Group

On August 1, 2017, Singapore’s GIC Private Limited sold 15 million shares of China Jinmao Holdings Group Ltd., a real estate development subsidiary of Sinochem Corporation, at an average price per share of HK$ 3.595. GIC’s ownership in Jinmao Holdings went from 6.05% down to 5.91%.

Varma Mutual Pension Insurance Company Sells a Finnish Apartment Portfolio to Barings Real Estate Advisers

Barings Real Estate Advisers acquired seven Finnish apartment properties from Finland-based Varma Mutual Pension Insurance Company for €43 million. The properties are located in the cities of Tampere, Turku, Espoo and Lahti.

Clean Energy Finance Corporation Lends Capital to Adelaide Student Housing Development

Blue Sky Private Real Estate, part of Blue Sky Alternative Investments Limited, and Goldman Sachs have a joint venture that owns a 428-bed student housing tower in Adelaide, Australia. The JV got a US$ 32 million loan from Clean Energy Finance Corporation to assist in making the building energy-efficient. The student housing property will be managed by Altira Student Living.

Nigeria Sovereign Investment Authority Participates in President Fertilizer Program

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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