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SWFI First Read, January 20, 2017

Trump to Inherit Nearly $20 Trillion in Public Debt

U.S. public debt outstanding at the end of Barack Obama’s term has ended at US$ 19,961,467,137,973.64, according to the U.S. Treasury. The amount is just shy of US$ 20 trillion. When Obama won election in 2009, the U.S. public debt outstanding stood at US$ 10,626,877,048,913.08.

Dallas CFO Issues Warning on Dallas Police and Fire Pension Fund

Elizabeth Reich, the chief financial officer of the city of Dallas, issued a warning to city council members. The warning is regarding the troubled Dallas Police and Fire Pension Fund. She projected the fund could run out of cash in five to seven years – not the 10 years as initially projected.

Vostok Emerging Finance Leads Investment Round in Turkish Fintech Startup Iyzico

Istanbul-based Iyzico, a financial technology startup focused on payments, raised US$ 13 million in a Series C round. Leading the round was Vostok Emerging Finance. Other investors in the round were the International Finance Corporation (IFC) and 212. Vostok Emerging Finance kicked in US$ 9 million in the round. 212 is a Turkish venture capital firm.

Brazilian Supreme Court Judge Overseeing Brazilian Corruption Cases Dies in Plane Crash

Brazilian Supreme Court judge Teori Albino Zavascki died in an airplane crash roughly 160 miles south of Rio de Janeiro. The plane crashed into the sea in heavy rain. Zavascki was overseeing the infamous “Operation Car Wash” case, a massive corruption investigation involving Brazilian politicians and Petrobras. In addition, Zavascki had been investigating executives from Odebrecht.

BVK Allocates to Volatility Risk Premium Fund

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Ardian Auctions Off €1 Billion in Infrastructure Assets to APG

French private equity giant Ardian has auctioned off an undisclosed stake in a portfolio of European infrastructure assets valued at €1 billion to Dutch asset owner manager APG Investments. APG, which first invested in the portfolio in 2006, plans on buying out partnership interests in the portfolio held by other investors. French multinational insurance firm AXA SA will retain its stake as a co-owner of the portfolio alongside APG, with Ardian staying on as asset manager and advisor. The transaction remains subject to regulatory approval.

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Tribal Council Approves Cherokee Nation Sovereign Wealth Fund Act

Tahlequah, Oklahoma-based Cherokee Nation Tribal Council approved the creation of the Cherokee Nation Sovereign Wealth Fund Act to establish a fund to ensure the continuation of tribal operations and the general welfare of tribal citizens.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Participates in Series D Round in Chinese Mafengwo Travel Platform

Image Source: Screenshot from Website – December 12, 2017

Chinese social travel platform Mafengwo has raised US$ 133 million in a Series D funding round with aid from new investors, including private equity investor General Atlantic, tourism-centric Ocean Link, the Yuantai Changqing venture capital fund, Hopu Investment Management, and Singapore’s Temasek Holdings. Existing investors Capital Today, Qiming Venture Partners, and Hillhouse Capital also participated in the latest funding round.

Founded in 2010 by chief executive Gang Chen and chief operations officer Gang Lv in 2010, Mafengwo is popular among the Chinese millennial demographic, who use the app to look up travel information and booking services for nearly 60,000 destinations around the world. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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