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SWFI First Read, January 17, 2017

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Carlyle Group to Become Largest Shareholder in Global Credit Ratings

The Carlyle Group is poised to acquire nearly half of the equity of Johannesburg-based Global Credit Ratings (GCR), making the private equity firm the largest shareholder in the company. GCR is a ratings agency focusing on Africa. The sellers are Deutsche Investitions und Entwicklungsgesellschaft (DEG) and management at GCR – both will remain investment in the company.

Reduce Need for Bags of Cash, Venezuela Issues New Bank Notes

In a bid to lower the weight of carrying around bags of cash to buy goods, Venezuelan President Nicolás Maduro mandated the government to issue new bank notes. These new bank notes were released on January 16, 2017 to replace the 100-bolívar bill. The old 100-bolívar bill will remain in circulation till February 20, 2017. The new notes released by the Central Bank of Venezuela are between 500 to 20,000 bolívars.

Elliott Management Encircles NRG Energy

Paul Singers’ Elliott Management Corporation and private equity firm Bluescape Energy Partners LLC combined forces to acquire a 9.4% ownership stake in NRG Energy Inc. Elliott Management has a 6.9% stake in NRG Energy. Bluescape Energy Partners was founded by John Wilder, the former CEO of TXU Corporation.

Oman-India Joint Investment Fund Launch Second Fund

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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