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SWFI First Read, February 8, 2018

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PSP Investments Names New CEO, Bourbonnais Departs for BlackRock

The Board of Directors of the Public Sector Pension Investment Board (PSP Investments) announced that effective immediately, Neil Cunningham has been appointed President and Chief Executive Officer of PSP Investments. Prior to this appointment, Cunningham was Senior Vice President, Global Head of Real Estate and Natural Resources at PSP Investments. Cunningham replaces André Bourbonnais who is leaving PSP Investments and joining BlackRock to lead a new group within BlackRock Alternative Investors.

BlackRock Seeks to Raise US$ 10 Billion Buy-and-Hold Fund

BlackRock wants to play in the longer fund lifecycle market, competing against firms like CVC Capital Partners, Blackstone Group and Carlyle Group. BlackRock is seeking to raise a US$ 10 billion fund, a sort of long-term private capital fund, to buy and hold positions in companies for the long-term, something many sovereign funds and major private equity firms already do.

Goldman Sachs Research Sends Warning Bell on Alt Coins

Steve Strongin, Global Head of Investment Research at Goldman Sachs, issued a February 5, 2018 report essentially making the case that the majority of digital currencies are unlikely to survive in their current form. Strongin then informs the reader that investors should prepare for coins to lose all their value due to being replaced by a smaller group of future competitors.

Cleco to Acquire Louisiana Power Plant Assets from NRG Energy

NRG Energy Inc., now being led by the forces of hedge fund billionaire Paul Singer, is selling off assets and companies to focus on its core business. In one transaction, NRG Energy is selling power plants in Louisiana to Cleco Corporate Holdings LLC for US$ 1 billion. Cleco is buying NRG South Central Generating LLC (South Central), a subsidiary of NRG Energy. Goldman Sachs Group Inc. and Morgan Stanley are co-lead financial advisers for NRG Energy on the sale to Cleco. bcIMC is an minority investor in Cleco Corporate Holdings LLC.

CIC Eyes Rio Tinto’s Australian Coal Assets

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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