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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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Scatec Solar Places Big Solar Bet in Bangladesh

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Oslo-based Scatec Solar ASA, a publicly-traded independent power producer operating in the emerging market solar development space, plans to construct and own a 800 mega watt photovoltaic solar power plant in Chandpur, Bangladesh. Scatec Solar has solar assets scattered across numerous emerging markets such as South Africa, Rwanda, Honduras, Egypt, Jordan and the Czech Republic.

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APFC Sells $1.4 Billion Stake in Simpson Housing

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The Alaska Permanent Fund Corporation (APFC) embarked on a major shift in its real estate portfolio by selling a 50% ownership stake in Denver-based Simpson Housing LLLP for US$ 1.4 billion. Simpson Housing had made up roughly 24.7% of APFC’s US$ 5.6 billion real estate portfolio. The other owner of Simpson Housing is that State of Michigan Retirement Systems.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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ISIF Invests in Cybersecurity Firm Vectra

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The Ireland Strategic Investment Fund (ISIF) committed €10 million to Vectra Networks, Inc., a San Jose, U.S.-based cybersecurity company. The investment capital will assist Vectra in creating a research and development center in Dublin.

ISIF is part of a larger funding round of €30 million. These other investors include Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures.

Kevin Dillon, who is the former Head of Microsoft Ireland and a Managing Partner at Atlantic Bridge, will join the board of directors at Vectra.

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