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SWFI First Read, March 14, 2018



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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GIC Gets Exposure to Exchange Tower through Primewest Vehicle



Singapore’s GIC Private Limited funded a deal through a fund to acquire the Exchange Tower in Perth. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, December 13, 2018



Turkey Wealth Fund Could Tap Debt Markets in 2019

Turkiye Varlik Fonu or Turkey Wealth Fund could be issuing a large bond in 2019. The loan would most likely be short term in nature with a maturity of two years and be syndicated.

Rahm Emanuel Suggests Bonds to Help Support Chicago Pensions

The outgoing Chicago Mayor Rahm Emanuel revealed a plan on possibly issuing US$ 10 billion in bonds in funding Chicago’s underfunded pension funds. Chicago’s four pension funds have an average funding ratio of 26%. In March 2016, the Illinois Supreme Court ruled an earlier pension reform law effecting employees and laborers’ pension funds that was signed by then Illinois Governor Pat Quinn that the law was unconstitutional.

SoftBank and Alibaba Back PT Tokopedia

PT Tokopedia is an Indonesian generalist e-commerce site. Tokopedia raised US$ 1.1 billion in an investment round led by the SoftBank Vision Fund and Alibaba Group. Softbank Ventures Korea and other investors participated in the round as well. William Tanuwijaya is the CEO and Co-Founder of Tokopedia.

Tikehau Capital and Total SA Form Low Carbon Fund

Tikehau Capital and Total SA created a private equity fund to focus on supporting the energy transition to cleaner sources of energy. The fund held a €350 million first close and raised money from investors such as Bpifrance and Groupama as anchor investors.

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Italian ANAS and RDIF Invest and Build the Fourth Section of Moscow’s Central Ring Road



The Russian Direct Investment Fund (RDIF) inked a deal with ANAS S.p.A. (formerly known as Azienda Nazionale Autonoma delle Strade), the Italian state highway management company, to implement a concession agreement to build and operate the fourth section of the massive Moscow Central Ring Road. The transaction expects to be finalized in the first quarter of 2019. This is the final section of Central Ring Road, which is 96.5 kilometers long. According to the RDIF, “Under the terms of the concession agreement, the cost of construction is 85.4 billion rubles, of which the concessionaire will provide 49.7 billion rubles and private investors will provide 35.7 billion rubles.”

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