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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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GIC Sells Arizona Biltmore to Blackstone

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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.

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Large Asset Managers Continue to Move Operations Out of California

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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.

While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.

The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.

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