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SWFI First Read, June 16, 2017

ADIA Expresses Interest in Cube Highways and Infrastructure

The Abu Dhabi Investment Authority (ADIA) has expressed some interest in possibly investing US$ 200 million in Cube Highways and Infrastructure Pte Ltd, an Indian toll roads platform. Cube Highways and Infrastructure was formed by the International Finance Corporation (IFC) and I Squared Capital. Cube Highways and Infrastructure owns, manages and operates four toll road projects in India, including toll roads through: Jaipur-Mahua Tollway Private Ltd, Mahua Bharatpur Expressways Ltd, Western UP Tollway Ltd and Andhra Pradesh Expressways Ltd.

Temasek Fund Participates in HRnetGroup IPO

SeaTown Master Fund, a fund managed by SeaTown Holdings (owned by Temasek Holdings), is investing in 3,000,000 shares in the initial public offering (IPO) of HRnetGroup Limied, Singapore’s largest recruitment firm. HRnetGroup is going public on the Singapore Exchange. The offering price is 0.90 SGD per share.

Deutsche Bank AG, Singapore Branch is the sole issue manager to the offering.

The financial advisors for the IPO are Credit Suisse (Singapore) Limited, Deutsche Bank AG – Singapore Branch, DBS Bank Ltd. and Nomura Singapore Limited.

ADIA Anchors Eris Lifesciences

The Abu Dhabi Investment Authority (ADIA) was an anchor investor in Eris Lifesciences Ltd. ADIA bought about 1.17 million shares at Rs 603 per share. Axis Capital, Citibank and Credit Suisse are the financial advisers for the IPO.

QIA Eyes London’s Grosvenor House Hotel

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Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.

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