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SWFI First Read, March 1, 2018

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GIC Invests in DoorDash

San Francisco-based DoorDash Inc., which competes with Uber Technologies’ UberEATS program, raised US$ 535 million – giving the company a US$ 1.4 billion valuation. The investment round was led by Japan-based SoftBank Group. Other investors in the round include Sequoia Capital and GIC Private Limited. SoftBank Group is also an investor in Uber and holds two board seats at the company. DoorDash is a food deliver app and is led by its co-founder Tony Xu.

Mubadala Invests in CollectiveHealth

Mubadala Ventures, a unit of Mubadala Investment Company, participated in a US$ 110 million investment round in San Francisco-based CollectiveHealth, Inc. The other new investor was Sun Life Financial. These existing investors participated as well such as New Enterprise Associates (NEA), Founders Fund, GV, and Maverick Ventures.

BNY Mellon Plans to Allocate More Resources in Saudi Arabia

Bank of New York Mellon (BNY Mellon) revealed plans to apply for an asset services license from the Capital Market Authority in Saudi Arabia. BNY Mellon seeks to open an office in Riyadh. BNY Mellon already manages money from Saudi government-linked companies and entities.

GIC Takes a Gamble in Mexican Apartment Developments

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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