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SWFI First Read, March 14, 2018

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Blackstone Vehicle Buys Stake in Rockpoint Group

The Blackstone Strategic Capital Holdings Fund is a permanent capital vehicle that acquires stakes in alternative managers. The fund vehicle is managed by Blackstone Alternative Asset Management, a unit of the Blackstone Group. The Blackstone Strategic Capital Holdings Fund purchased a minority equity stake in Rockpoint Group, a Boston-based global real estate investment management firm.

PSP Investments Invests in Learning Care Group

PSP Investments and American Securities LLC announced a significant equity investment in Novi, Michigan-based Learning Care Group (US) Inc. by PSP Investments. American Securities first partnered with Learning Care Group in 2014 and remains the controlling shareholder.

Arnold & Porter Kaye Scholer LLP acted as legal advisor, and Morgan Stanley and BMO acted as financial advisors to Learning Care Group.

The financial advisor for PSP Investments was Barclays and the legal advisor was Sidley Austin LLP.

Prudential PLC to Spin Off M&G Prudential

European insurers are trying to alleviate the higher costs of the new solvency regulations. London-based insurer Prudential PLC (not to be confused with Prudential Inc.), is cutting off its M&G Prudential business (which as £351 billion in assets under management). The M&G Prudential business targets the United Kingdom and Europe. As part of the deal, M&G Prudential will sell its £12 billion of shareholder annuity in Rothesay Life. Post-deal, shareholders will hold interests in both Prudential PLC and M&G Prudential.

Libya Africa Investment Portfolio Considers Investment in Morocco

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Senate Shoots Down $94 Trillion Green New Deal, 57 to 0

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The U.S. Senate voted down U.S. Representative Alexandria Ocasio-Cortez’s Green New Deal. The tally was 57 (No) to 0 (Yes). 0 Democrats voted for the deal. 43 senators voted present.

Democratic Senators Joe Manchin of West Virginia; Kyrsten Sinema of Arizona; and Doug Jones of Alabama all voted no as did Independent Senator Angus King.

Even Senator Ed Markey of Massachusetts, a co-sponsor of the original resolution, did not vote “Yes” on the bill.

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OppenheimerFunds to Lose 850 Jobs in Mile High City

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Invesco Management Company, upcoming owner of OppenheimerFunds, is reducing Oppenheimer’s Denver office by a jaw-dropping 850 employees. The employees losing their jobs represents 85% of the staff in the area. The Oppenheimer office, which resides in Centennial, employs 1,000 workers. Invesco’s US$ 5.4 billion purchase of the company closes in May 2019. As is typically the case in corporate acquisitions, redundancies in staff are being targeted to improve the overall economic performance of the new, combined organization. Invesco suspects that US$ 475 million in synergies can be reached through layoffs and other measures.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China and Alpha Investment Partners Acquire Majority Stake in Yi Fang Tower

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Alpha Asia Macro Trends Fund III, Keppel Land China Limited (part of the Keppel Corporation), and a number of investors purchased the Yi Fang Tower mixed-use complex for 4.6 billion RMB. The tower is located in Shanghai in the historic Bund area. Alpha Asia Macro Trends Fund III is taking 42.1% stake, while Keppel Land is taking a 29.8% stake in the asset. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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