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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 Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

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Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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