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SWFI First Read, February 7, 2016

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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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SWFI First Read, January 19, 2018

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NY Governor Cuomo Seeks to Treat Carried Interest as Ordinary Income for State Taxes

On January 18, 2018, New York Governor Andrew Cuomo revealed he had submitted a bill to the New York State Legislature that seeks to treat carried interest as ordinary income rather than capital gains in regard to state taxes. Governor Cuomo in his press release said that the federal carried interest tax provision costs New York roughly US$ 100 million per year.

William Bain – Bain Founder Passes Away

Dated January 18, 2018, William Bain Jr. passed away at his home in Naples, Florida at the age of 80. Bain started at the Boston Consulting Group and left in 1973 to form Boston-based Bain & Co. By 1984, Bain formed Bain Capital alongside a number of colleagues including former 2012 Republican presidential nominee Mitt Romney. In a statement to the Boston Globe, Romney said, ” It’s hard for me to imagine my life and career without Bill Bain’s mentoring.”

Prostar Capital Gets Controlling Stake in Socar Aurora Fujairah Terminal

Prostar Capital now has a 90% control stake in Socar Aurora Fujairah Terminal FZC by purchasing 100% of the shares of Socar Aurora Terminals S.A. The Prostar Capital entities investing in the asset are Prostar Asia-Pacific Energy Infrastructure Fund and a co-investment fund managed by Prostar Capital for a large U.S. state pension plan. The storage terminals acquired in the Port of Fujairah in the United Arab Emirates.

Socar Aurora Fujairah Terminal FZC is a joint venture between State Oil Company of Azerbaijan Republic (SOCAR), Swiss-based commodity trader AURORA Progress, and the Government of Fujairah.

Prostar Capital started buying the terminal back in 2013 at 18.6%. The private equity firm eventually moved its ownership up to 40% on August 14, 2015.

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ISIF Plans to Back 20 Solar Farms in Ireland

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The Ireland Strategic Investment Fund (ISIF) and Hamburg-based Capital Stage, a solar and wind park operator, are financially backing the development of 20 solar farms in Ireland which has an estimated cost at €140 million. ISIF is funding 25% of the costs, with Capital Stage providing 75% of the costs.

The generation capacity is estimated at 140 MW, with each farm ranging between 5 MW to 25 MW. The majority of the solar farms will be located along the east and south-west coasts of Ireland. Power Capital, a Dublin-based energy company formed by Peter Duff and Justin Brown in 2011, is overseeing the developments.

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PNB to Buy Stake from Malaysian Developers in Battersea Power Station Project

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Malaysia-based Permodalan Nasional Bhd (PNB) inked plans to acquire a stake in the Battersea Power Station from Malaysian developers Sime Darby Property and SP Setia, which between them own 80 percent of the site located on the south bank of the Thames. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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