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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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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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