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SWFI First Read, July 14, 2017

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ADNOC Explores Opening up Service Stations Unit

The Abu Dhabi National Oil Company (ADNOC), a government-owned oil company, is looking to have an initial public offering (IPO) of its service stations unit. ADNOC considering all options for the service stations unit, including not having an IPO. ADNOC’s service station distribution includes an excess of 300 gas stations across the country.

NEC Contemplates Buying Civica from OMERS PE

NEC Corporation, a Japan-based information technology company, is contemplating the purchase of Civica, a U.K.-based software company, for 900 million GBP. Other suitors for the company include Partners Group, BC Partners and Boston-based Berkshire Partners. OMERS Private Equity, the PE unit of Ontario Municipal Employees’ Retirement System, owns Civica and acquired the company from 3i Group in 2013 for approximately 300 million GBP. OMERS hired Goldman Sachs to assist in disposing of Civica.

Australia’s Future Fund Invests in Move Guides

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Ping An Good Doctor Lures Big Public Asset Owners

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Ping An Good Doctor, formerly known as Ping An HealthCare and Technology Company, is a Chinese online healthcare platform that is part of Ping An Insurance (Group) Company. This unit is planning to be offered in a Hong Kong initial public offering that could raise as much as 8.8 billion HKD in shares at 50.80 or 54.80 HKD per share.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek and Schneider Electric Eye L&T Electrical Unit

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Singapore’s Temasek Holdings and France-based Schneider Electric are in talks to acquire Larsen & Tourbo’s electrical and automation business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Allocates $1 Billion Internally to a Global ESG Strategy

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In February 2018, the California Public Employees’ Retirement System (CalPERS) allocated US$ 1 billion to an internally-managed QSI Global ESG strategy. The internally-managed strategy was developed by New York-based QS Investors, LLC, a subsidiary of Legg Mason. CalPERS entered into a 5-year contract with QS Investors, with a possible spend of over US$ 1 million per annum.

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