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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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SWFI First Read, May 25, 2018

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MedInvestGroup Pushes Investment into Russian High-Tech Oncology Centers

The Russian Direct Investment Fund (RDIF) and Mubadala Investment Company have attracted MedInvestGroup, which manages a network of the PET Technology regional oncology and radiological centers, as a strategic investor in the joint management and development of a network of cancer diagnosis and treatment centers. The deal aims to significantly improve the efficiency of the already functional centers in Podolsk and Balashikha. The corresponding agreement was announced today at the St. Petersburg International Economic Forum.

Southern Satellite City and RDIF Reach a Financing Agreement

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French Industrial Giants Find Opportunity with RDIF

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A number of French industrial companies continue to invest within Russia, finding opportunities within the mega country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CPPIB Targets 33% in Emerging Markets by 2025

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The Canada Pension Plan Investment Board (CPPIB) generated a net return after expenses and pension contributions of 11.6% for the fiscal year ended March 31, 2018, versus its reference portfolio of 9.8%. For the reported fiscal year, CPPIB grew its net assets to a new high of C$ 356.1 billion (US$ 277.2 billion), compared to C$ 316.7 from the year previous.

Mark Machin, President and Chief Executive Officer at CPPIB, attributed the performance to the rising tide in public equity markets across most geographies, whose volatility in recent months was buoyed by significant fourth quarter earnings in the fund’s private holdings. Public and private equities, CPPIB’s first and third largest asset classes by exposure at 38.8% and 20.3%, saw estimated returns of 11.4% and 16.1%, respectively. Machin joined CPPIB in 2012 and was moved to the top in June 2016, following the departure of Mark Wiseman. Machin has a knack for the Asian region, being CPPIB’s first president for Asia and also spent nearly 20 years in Asia, working at Goldman Sachs. CPPIB plans to continue heavily investing in the APAC region, along with India.

Emerging Markets

“By 2025, we will invest up to a third of the Fund in emerging markets, which by that time are anticipated to account for 47% of global GDP,” said Machin in his section of the annual report outlining the pension’s updated strategic plan. CPPIB currently has C$ 56.1 billion invested in emerging markets, C$ 22.4 billion of which is wrapped up in China.

Foreign and emerging markets continued to dominate in CPPIB’s private equity investments with returns of 16.0% and 19.5%, compared to 1.8% for their Canadian counterparts. Asia was a standout market for the pensioner, which raised its exposure to private equity deals in the region by nearly 28% from C$ 13.4 billion to 17.1 billion, closed six direct investments worth C$ 1.6 billion, committed C$ 1.7 billion towards eight funds, and completed three secondary transactions for C$ 400 million.

With 275 global transactions completed over the fiscal year, CPPIB’s geographic exposure places 15.1% of its assets at home in Canada, 37.9% in the neighboring United States, 13.2% in continental Europe, 5.6% in the United Kingdom, 3.1% in Australia, and a whopping 20.4% in Asia.

Public Equities

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