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SWFI First Read, February 7, 2016

Mongolia’s Parliament Passes Law on SWF

Mongolia’s State Great Hural, the country’s unicameral parliament, passed a law on sovereign wealth funds.

Slyngstad Raises Concerns About Volkswagen’s Ownership Structure

In an interview published Febraruy 6, 2016 with Frankfurter Allgemeine Sonntagszeitung, Yngve Slyngstad, CEO of Norges Bank Investment Management stated, ” I don’t think the family wants to change anything about the structure.” Slyngstad’s comments reflect the wealth fund’s criticism of Volkswagen AG’s ownership structure, as they believe it puts excess control with the Porsche-Piech family at the expense of minority shareholders.

Northleaf Capital and AMP Capital Acquire Chicago Parking Garage Concession Assets

LMG2, LLC is the exclusive concessionaire of the Chicago Downtown Parking System (Millennium Garages), the largest underground downtown parking system in the United States. Millennium Garages are operated and managed under a 99-year concession and lease agreement with the City of Chicago signed in 2006. Millennium Garages LLC, a joint venture comprised of Northleaf Capital Partners and AMP Capital acquired the concession assets. The sale will give Millennium Garages LLC exclusive concessionaire rights and responsibilities to operate, manage, maintain and collect parking fees and other revenues in connection with the Millennium Garage system. Evercore acted as the exclusive financial advisor to LMG2, LLC with Kirkland & Ellis LLP and Fox, Swibel, Levin & Carroll LLP serving as legal advisors. Macquarie acted as financial advisor to AMP Capital and Northleaf with Allen & Overy LLP and Barnes and Thornburg LLC serving as legal advisors.

Brandywine Realty Trust Sells Mega Portfolio of Real Estate in New Jersey, Pennsylvania and Virginia

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Former U.S. Treasury Secretary Jacob Lew Joins Lindsay Goldberg

New York-based buyout firm Lindsay Goldberg LLC has announced that Former U.S. Treasury Secretary Jacob J. Lew will join the company as a partner focusing on investments across sectors, institutional relationships, and firm management, according to an announcement released on Monday, November 20. Lindsay Goldberg is a private equity firm co-founded by Alan E. Goldberg and Robert D. Lindsey, both veterans of Morgan Stanley in which they worked in the Transaction Development Group.

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San Diego City Employees Retirement System to Reduce PE and Infrastructure for FY 2018

The San Diego City Employees’ Retirement System plans to reduce annual commitments to private equity and infrastructure down to US$ 75 million for fiscal year 2018. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Institutional Investors Remain Skeptical as Bitcoin Continues to Rise

Bitcoin has continued to rally over the past month – hitting a record US$ 8,224 in the early hours of November 20 – and institutional investors are beginning to take notice of the cryptocurrency’s increasing popularity. With a market value of more than US$ 130 billion, the digital currency has seen unprecedented growth of over 700% over the past year. But Bitcoin’s rise has also been marked by a number of volatile slumps, leaving institutional investors divided over its durability as a long-term store of value and wondering whether to get in on the action. Despite these headwinds, more than 100 hedge funds have been formed to trade in digital currencies.

Split Consensus on Wall Street

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