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SWFI First Read, December 22, 2015

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Agropur Cooperative Gets Another C$ 300 Million

An investor group led by Caisse de dépôt et placement du Québec (CDPQ) kicked in an additional C$ 300 million in Agropur Cooperative, a Canadian dairy cooperative. The investment was in the form of preferred units. This total capital allocation builds on the C$ 470 million announced in 2014 by these same investment partners. The total investment to date from these investment partners in Agropur Cooperative is C$ 770 million.

Investors New Capital Committed – CAD Millions
Caisse de dépôt et placement du Québec 150
National Bank of Canada 37.4
Fonds de solidarité FTQ 35.2
Investissement Québec 32.4
Capital régional et coopératif Desjardins 25
Fondaction CSN 20

 

One of LIA’s Chairmen Says to Keep Assets Frozen Until National Unity Government Forms

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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