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SWFI First Read, March 16, 2017

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Elo, AP1 and Trevian Asset Management Form Finnish RE Joint Venture

Elo Mutual Pension Insurance Company, Första AP-fonden (AP1) and Trevian Asset Management Oy have agreed to establish a €400 million joint venture company which invests in the Finnish property market. The venture will target mostly city center retail and office properties in major Finnish cities outside of the Helsinki region. The joint venture will start with a portfolio worth approximately €160 million.

JPMorgan Adds Former BNP Paribas Executive to Custody and Fund Services Team

David Raccat has joined the Custody and Fund Services team at JPMorgan. He will be based in London and report to Patrick Moisy, Head of Custody and Fund Services Liquidity and Trading Services at JPMorgan. Before this role, Raccat was Head of Global Market Services for BNP Paribas Securities Services. He joined BNP Paribas back in 1996.

Hastings Fund Management Wins Mandate from Development Bank of Japan

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HSBC and CIC Hold Talks on Bilateral Investment Fund

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Taking a page from the Goldman Sachs cooperative fund deal, banking giant HSBC and the China Investment Corporation (CIC) are in talks to form a £1 billion fund to invest in U.K. companies that have linkages to the Chinese economy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Raises Stake in China Oilfield Services

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On November 14 2018, Singapore’s GIC Private Limited acquired 2,982,000 H- shares in China Oilfield Services Ltd at an average price of HK$ 6.9883. GIC increased its ownership in China Oilfield Services to 9.07% from 8.91%. China Oilfield Services is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group.

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Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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