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SWFI First Read, June 14, 2018



ECB Draghi Telegraphs Dovish End to ECB QE Bond Purchases

The European Central Bank (ECB) revealed its departure from quantitative easing (QE). The ECB accelerated the move after data showed U.S. retail sales surging in May 2018. The ECB signaled that from September 2018, the pace of bond buying will drop from 30 billion EUR to 15 billion EUR and then drop to zero in December 2018. The central bank president also addressed media that the bank denied plotting against the new Italian government by ceasing to buy its bonds in May. Mario Draghi insistedto reporters there is no conspiracy.

The ECB said in a statement that the central bank would have rates depressed as long that it is needed to make sure the euro zone inflation remains on trajectory to hit the central bank’s target of just below 2%.

Mega Media Merger of AT&T and Time Warner Would Create Large Pool of Retirement Assets

The massive merger between AT&T Inc. and Time Warner Inc. got the go ahead after the U.S. Department of Justice tried to block the deal over anti-trust concerns. The merger, which is expected to close by June 20, 2018, could create a massive pool of retirement plan assets worth US$ 94 billion. The record keeper for the AT&T and Time Warner defined contributions plans is Fidelity Investments.

Ireland Strategic Investment Fund Supports Domestic Whiskey

The Ireland Strategic Investment Fund (ISIF) financially supported the €10m launch of Ilen River Partners’ Irish Whiskey Growth Fund earlier in June. According to a June 6th statement, “The Fund will provide stock-financing loans secured on borrowers’ existing whiskey stock, and tailored to the specific needs of participating businesses.”

Bill Gates Money Flows Into Evolve Biosystems

The Bill & Melinda Gates Foundation led a Series C round in Davis, California-based Evolve Biosystems, a life sciences company. Horizon Ventures also invested in the Series C round.

Abraaj Holdings Files for Liquidation

Troubled private equity firm Abraaj Holdings has filed for liquidation in the Cayman Islands. The filing seeks to appoint PricewaterhouseCoopers (PwC) as the provisional liquidator. In a statement by the firm’s founder, Arif Naqvi, he stated, “The process of court supervised restructuring will take a few months. I will continue to support this orderly process and help ensure the best possible outcomes for all the stakeholders.”

Abraaj Group had also sold off its entire 5.4% stake in Egypt-based Orascom Construction at US$ 8.30 per share – a total value of US$ 52 million.

Thompson, Siegel & Walmsley Goes Internal for Next CEO

Frank Reichel was named CEO of money manager Thompson, Siegel & Walmsley, effective September 30, 2018. He is replacing Horace Whitworth who will remain as the company’s chief financial officer until there is a replacement. Whitworth will also serve in an advisory capacity until he retires in a number of years. Reichel is currently the company’s president and his current position will be filled by firm managing director John Reifsnider.

SWFI First Read, June 21, 2018



PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for it’s a A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Large Public Asset Owners Commit to Goodman Brazil Logistics Partnership



Canada Pension Plan Investment Board (CPPIB) unveiled plans to commit 500 million BRL (C$ 175 million) in equity for a 20% interest in the newly established Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Supports Two European Aquaculture Transactions



Mubadala Investment Company is keen on growing exposure to agribusinesses whether in farming or aquaculture. With money from Mubadala and AMERRA Capital Management LLC, Andromeda Group acquired Nireus SA (at 74.34% stake) and Selonda SA at (79.62% stake), two European aquaculture companies that focus on sea bream and sea bass. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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