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SWFI First Read, February 25, 2018

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FT: PIF Could be Making Investment into Magic Leap

The Financial Times reported that Magic Leap could be raising up to US$ 400 million from Saudi Arabia’s Public Investment Fund (PIF). Magic Leap has not released a product yet, but revealed the name of its first product to come out called The Magic Leap One Creator Edition.

APFC Moved $1 Billion to Bet on EM and Global Government Bonds

The Alaska Permanent Fund Corporation augmented its fixed income plus portfolio by adding US$ 1 billion to it by the end of 2017. APFC moved more out of cash and Treasury inflation-protected securities (TIPS) to boost exposure to emerging market bonds and global government bonds. In total, the fixed income plus portfolio ended up with a US$ 13.7 billion allocation at 2017’s end.

LGIAsuper Renews Custodial Mandate with J.P. Morgan

LGIAsuper reappointed J.P. Morgan as its custodian for another three year term.

Mark Tume to Rejoin Board of Ngāi Tahu Holdings

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BlackRock and Microsoft Eye Opportunities in Retirement Space

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By getting closer to the consumer via mobile apps, New York-based BlackRock Inc. is keen on gaining market share in the U.S. retail retirement market space. BlackRock had acquired FutureAdvisor, a technology platform, while making a large investment in Envestnet. BlackRock is now partnering with Microsoft Corporation to explore creating a retirement platform.

This partnership could be developing a new platform to analyze savings and investing habits – then offering app services as lead-generation services. According to a corporate news release, BlackRock plans to offer on the platform its “investment products that it will design and manage.”

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Ireland Strategic Investment Fund Involved in Urbeo Platform

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Dublin-based Urbeo Residential was founded in 20217 by Bill Nowlan, the founder of Hibernia REIT. Starwood Capital Group is an investment firm headquartered in Greenwich, Connecticut. Starwood Capital formed a €1 billion Irish build-to-rent (BTR) platform with Urbeo Residential and the Ireland Strategic Investment Fund (ISIF). Starwood Capital is investing capital, through Starwood Global Opportunity Fund XI, into Urbeo – the name of the BTR platform. This platform will acquire rental units in Dublin and other major Irish cities.

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