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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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SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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