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SWFI First Read, February 13, 2017

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Endeavour Energy Gets Offers

The New South Wales government has received offers for a majority stake in Australian state-owned power grid Endeavour Energy. One investor group is led by Macquarie Group partnering with British Columbia Investment Management Corporation (bcIMC). Another investor group is led by Queensland Investment Corporation (QIC) that includes AMP Capital and Borealis Infrastructure, the infrastructure unit of OMERS. The third group is led by Hastings Funds Management which teamed up with Spark Infrastructure Group, Caisse de dépôt et placement du Québec (CDPQ), Kuwait Investment Authority (KIA) and Abu Dhabi Investment Authority (ADIA).

Arabtec Holding Seeks to Raise Money

Arabtec Holding PJSC, the largest listed construction company in the United Arab Emirates, seeks to raise 1.5 billion AED (US$ 408.3 million) in a rights issue. The biggest shareholder in Arabtec Holding is Aabar Investments which is owned by Mubadala.

Daniel K. Tarullo to Exit Federal Reserve in April 2017

Daniel K. Tarullo, a member of the U.S. Federal Reserve Board of Governors, is resigning, making his official exit in April. Tarullo joined the board back in January 2009. Before this role at the Federal Reserve, Tarullo taught law at Georgetown University Law Center. Tarullo served as Deputy Assistant to the President for Economic Policy and later as Assistant to the President for International Economic Policy under the Bill Clinton Administration.

James Peagam Gets a New Job at J.P. Morgan Asset Management

James Peagam was named head of North American Institutional Asset Management at J.P. Morgan Asset Management. Peagam will remain being in New York and report to George Gatch, CEO of Global Funds and Institutional, J.P. Morgan Asset Management. James Peagam was Head of Global Insurance Solutions at the firm. He joined the firm in 2014 from BlackRock.

James Peagam is replacing John Galateria who left J.P. Morgan Asset Management for a job at Invesco. John Galateria is Head of North American Institutional Sales, Service and Consultant Relations at Invesco.

CBRE Group Buys Business of Capstone Financial Solutions LLC

CBRE Group, Inc. announced that it has acquired the business of Capstone Financial Solutions LLC, a national boutique commercial real estate finance and consulting firm in the U.S. This acquisition enhances CBRE’s debt and structured finance service offering nationally while providing additional client service advantages in the Midwest. Capstone Financial is led by Jon Faulkenberg and Shawn Givens and has offices in Los Angeles, Indianapolis, Tampa, St. Louis, Dallas and Kansas City.

Ruling Party in Romania Contemplates Sovereign Fund

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SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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