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SWFI First Read, January 4, 2018

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Temasek Holdings Invests in Bolt Threads Series D

Emeryville, California-based Bolt Threads raised US$ 213 million in a Series D round. Initially the round was US$ 123 million in November. Temasek Holdings, Formation 8, Founders Fund, and Fidelity Management, joined late to the round. Bolt Threads makes spider silk from microbugs.

ADIA Goes Big on Middle Income Housing in India

Abu Dhabi Investment Authority (ADIA) and India’s Housing Development Finance Corporation had committed more than US$ 1 billion to a joint fund. ADIA provided most of the capital at a reported US$ 900 million.

More than US$ 500 million of that amount will target affordable housing and middle-income housing projects in India.

Bart Grenier to Lead Asset Management at Fidelity International

Bart Grenier was named Global Head of Asset Management at Fidelity International. He will be based in London. He was previously a Chief Executive Officer, Chairman and Chief Investment Officer at The Boston Company Asset Management. Grenier has worked at Fidelity Investments from 1991 to 2005.

New Mexico State Investment Council Awards US$ 100 Million Mandate

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GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

Advisors

Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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