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SWFI First Read, February 14, 2017

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U.S. Senate Confirms Mnuchin for Treasury Secretary

In a 53 to 47 vote that was mostly along party lines, the U.S. Senate has confirmed Steven Mnuchin for U.S. Treasury Secretary. Mnuchin was CEO of OneWest Bank, the entity that acquired IndyMac.

Nordea Gets Political Over Dakota Access Pipeline

Nordea has decided to divest from bonds issued by Sunoco Logistics, Philips 66 and Energy Transfer Partners over protest of the Dakota Access Pipeline project in the United States. Nordea had asked for a dialogue with the three companies regarding the pipeline project. Nordea’s peer DNB is facing political stress from advocacy groups like Greenpeace Norge in Norway. DNB claims they are refinancing existing loans that are not linked directly to the pipeline project.

AIG Names Robert Scheinerman as President of Group Retirement

American International Group, Inc. (AIG) announced that Robert Scheinerman, currently President, Individual Retirement, will become President, Group Retirement. Scheinerman has been with AIG since 2003. In his new role, Scheinerman will spearhead the continued expansion of VALIC, AIG’s Group Retirement business. In addition, Todd Solash has joined AIG as President of Individual Retirement. Solash joins AIG from AXA Equitable, where he held key senior management positions, including Senior Executive Director, Head of Individual Annuity Business. Earlier in his career, Solash was a partner at Oliver Wyman Financial Services. Both Solash and Scheinerman will report directly to Jana W. Greer, President and CEO, Individual and Group Retirement, AIG.

Sinochem Corp Eyes Stake in Noble Group

Beijing-based Sinochem Corporation is in early discussions with commodity trader Noble Group on buying a potential equity stake in the firm. Noble Group touts the China Investment Corporation (CIC) as a key shareholder.

POBA Could Allocate to AMP Capital Infrastructure 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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