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SWFI First Read, January 22, 2018

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Superbowl Match up – Patriots vs. Eagles

Tom Brady and the New England Patriots will get another opportunity for a 6th Super Bowl win. The Patriots face off with the Philadelphia Eagles, after beating the Jacksonville Jaguars.

UBS Plans 3-Year Stock Buy Back Program

UBS Group AG revealed plans to buy back a total of 2 billion CHF worth of stock over a 3-year period starting in March 2018. UBS is also taking a 2.87 billion CHF tax charge due to a change in U.S. tax law. Other banks such as Credit Suisse, Deutsche Bank and Citigroup, also revealed one-time tax charges as well. Additionally, UBS plans to commit 720 million CHF into its Swiss pension fund in three phases in years 2020, 2021 and 2022.

Pennsylvania Public School Employees’ Retirement System to Commit to Mega Blackstone Infrastructure Fund

Pennsylvania Public School Employees’ Retirement System is one of the investors in the massive Blackstone Infrastructure Partners, which touts Saudi Arabia’s Public Investment Fund (PIF) as a key fund limited partner.

Egypt Eurobond Offering Gets Closer

In late December, the Egyptian government selected five banks for its planned dollar-denominated Eurobond issuance worth some US$ 3 billion to US$ 4 billion. These banks arranging the financing are HSBC, JPMorgan, Citibank, Morgan Stanley and First Abu Dhabi Bank. Earlier in 2017, Egypt had sold US$ 7 billion in bonds. Egypt continues to be plagued by a lack of foreign liquidity mostly in U.S. dollars.

Sultan of Johor Invests in Sri Lankan Healthcare District

Sultan Ibrahim Ismail Ibni Sultan Iskandar is the Sultan of Johor. He and Malaysian entrepreneur Patrick Lim Soo Kit formed a company called Pharma Zone Limited to enter into a joint venture with the State Pharmaceuticals Manufacturing Corporation of Sri Lanka (SPMC). SPMC and Pharma Zone are constructing the first-ever Pharmaceutical Manufacturing Zone of Sri Lanka in the Welipenna area of the Kalutara District as an investment that totals over US$ 10 million. This deal was revealed on January 9, 2018.

The Sultan of Johor is making the investment through his entity called Inti Kemuncak Sdn Berhad.

Vietnam SCIC Sells Down Stake in Vinamilk

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Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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