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SWFI First Read, December 16, 2015

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UC Investment Office Backs Vivek Ranadivé’s Venture Fund

Vivek Ranadivé, founder of TIBCO Software and owner of the Sacramento Kings, is heading a fund that will target innovation opportunities emerging from the University of California. The University of California Board of Regents will be an anchor investor in the fund, kicking in US$ 250 million. Originally, in September 2014, the UC Board of Regents approved of an in-house innovation fund to be called UC Ventures. The regents found it was more effective to back a private venture fund instead. Since 1980, more than 800 startup companies with UC patents have been founded.

DRA Advisors to Acquire Inland REIT

New York-based DRA Advisors LLC is purchasing all the shares of Oak Brook-based Inland Real Estate Corporation, a publicly-traded real estate investment trust (REIT), in a transaction valued at US$ 2.3 billion. DRA Advisors will assume Inland Real Estate’s debt. REIT shareholders are expected to get US$ 10.60 per share. Upon completion of the deal, Inland will become a private REIT. Inland Real Estate owns and operates shopping centers in the United States. Since 2010, Inland Real Estate has entered into a number of property deals with PGGM. The legal advisor for Inland was Proskauer. BMO Capital Markets Corp. and Silver Portal Capital acted as financial advisors for Inland. Blank Rome LLP acted as legal counsel to DRA Advisors.

Fullerton India to Inject Money into New Lending Subsidiary

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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