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SWFI First Read, December 18, 2016

New Zealand Superannuation Fund to Commit up to NZ$ 260 Million to SMEs in NZ Companies

The New Zealand Superannuation Fund (NZ Super Fund) plans to invest up to NZ$260 million in small and medium-sized New Zealand companies over the next 5 to 10 years. The NZ Super Fund is investing up to NZ$90 million in Direct Capital’s V Fund, up to NZ$120 million into Pioneer Capital’s III Fund, and up to NZ$50 million into Movac’s IV Fund. The three mandates target different parts of the private equity market in New Zealand, with Direct Capital operating at the larger end of the growth spectrum, Pioneer targeting mid-market companies seeking international growth, and Movac focused on earlier stage, high growth technology companies. Each fund is expected to invest in between 8 and 15 individual companies.

Ukraine’s PrivatBank Becomes Nationalized

On December 18, 2016, the largest bank in the Ukraine is being nationalized. The Ukrainian government stated they are now the 100% owner of PrivatBank. PrivatBank has its headquarters in Dnipropetrovsk, in central Ukraine. Founded in 1992, the bank was a pioneer in the country being the first to introduce plastic cards and ATMs. Ihor Kolomoyskyi, a Ukrainian billionaire, had a combined 49.9816% ownership stake in the bank. He owned the shares through entities such as British Virgin Islands-based Fransiano Investments Limited and Limassol, Cyprus-based Triantal Investments Limited. Gennadiy Bogolyubov, a Ukrainian billionaire, also had a 41.5769% stake in the bank.

Oman MoF Moves Omantel Equity to OIF

Oman’s Ministry of Finance transferred its 51% equity ownership interest in Oman Telecommunications Company (Omantel) to the Oman Investment Fund (OIF). This equity transfer follows a series of government ownership moves to state-owned entities like the OIF.

STC Ventures Invests in Ride Sharing App Careem

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CIC Sells 10% Logicor Stake to Blackstone Fund

The China Investment Corporation (CIC) is selling a 10% stake of in European warehouse firm Logicor Ltd to a real estate fund managed by The Blackstone Group. Furthermore, CIC also hired Blackstone to oversee and manage Logicor’s warehouses and logistic properties portfolio.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Fintech Affirm Raises $200 Million in Series E Led By Singapore’s GIC

Affirm Inc., a financial technology firm which provides instant loans to consumers as an alternative to credit cards for their online shopping, has raised US$ 200 million in a Series E round lead by Singapore’s GIC Private Limited, with participation from Khosla Ventures, Lightspeed Venture Partners, Spark Capital, Caffeinated Capital, and Ribbit Capital. The new infusion of capital brings the San Francisco-based company’s total funding to US$ 450 million and a reported valuation of US$ 2 billion.

The company is founded by Max Levchin, a co-founder of PayPal (part of the PayPal mafia, dubbed by the tech press). Max Levchin is also an advisory board member of the Consumer Financial Protection Bureau (CFSB) in the United States.

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CHANGE: Saudi Arabia to Re-Open Movie Theaters, PIF Inks MoU with AMC

The Saudi Arabian government is ending its 35-year ban on cinemas. Next year, the government will allow cinemas to open. This watershed moment provides opportunities for entertainment companies to invest in Saudi Arabia and the surrounding region.

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