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SWFI First Read, February 15, 2016

NIIF May Consolidate Government Infrastructure Company Holdings

The Indian Ministry of Finance is considering moving a number of stakes held in infrastructure institutions into the newly-formed National Investment and Infrastructure Fund (NIIF). The sub fund of the NIIF could hold stakes in companies such as the Rural Electrification Corporation (REC), Power Finance Corporation (PFC) and India Infrastructure Finance Company Ltd (IIFCL).

OMERS PE Sells Marketwired to Nasdaq

OMERS Private Equity has agreed to sell Marketwired L.P., a provider of investor and public relations services, to Nasdaq. Nasdaq has been expanding its presence in the investor relations space. For OMERS, BMO Capital Markets served as financial advisor, and Morrison & Foerster and Stikeman Elliott acted as legal counsel.

Tishman Speyer Acquires The Economist Plaza

Developer and investor Tishman Speyer acquired The Economist Plaza in London for around £132.5 million from the editorial group. The 3-building, mixed-use London complex was built in 1964 and is home to The Economist Group’s editorial headquarters. Following the deal, The Economist Group will lease back their occupied space in the Tower Building’s top four floors for a period of 18 months. The seller hired JLL to find a buyer.

Risk Parity Still Being Adopted by U.S. Pensions

The Virginia Retirement System (VRS) signaled to the investment industry that risk parity is still a relevant strategy in these markets. VRS committed US$ 250 million to a fund managed by Bridgewater Associates called Bridgewater Optimal Portfolio. The allocation will be in the VRS’ strategic opportunities portfolio. VRS witnessed encouraging results in its strategic opportunities portfolio. Another recent allocation to risk parity by a U.S. pension was San Joaquin County Employees’ Retirement Association’s decision to hire PanAgora Asset Management to implement the strategy.

ST Telemedia to Acquire Tata Data Center Business

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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