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SWFI First Read, March 7, 2018



Gary Cohn Leaves White House

On March 6, 2018, National Economic Council Director Gary Cohn, the top White House economic policy adviser, resigned. Financial news reports the resignation is over U.S. President Donald Trump’s position on tariff policy.

S&P Global Acquires Kensho

S&P Global acquired Kensho, a Cambridge, Massachusetts-based
provider of artificial intelligence (AI) analytics for a price tag of roughly around US$ 550 million in cash and stock. Goldman Sachs was an early backer and adopter of Kensho and its products. In 2017, S&P Global led a US$ 50 million investment into Kensho at a valuation of US$ 500 million.

Keith Fujii to Head LaSalle Investment Management in Japan

LaSalle Investment Management named Keith Fujii as CEO and president of Japan. Fujii will be based in Tokyo. Fujii will become representative director and president of LaSalle Investment Management K.K., and join the board of directors at LaSalle REIT Advisors K.K., asset manager to the company’s Japan logistics REIT, LaSalle Logiport REIT. Previously, he was CEO of Ishin Hotel Group.

Victory Capital Increases Position in Cerebellum Capital

Victory Capital Holdings increased its ownership position in Cerebellum Capital, a hedge fund. In December 2016, Victory Capital Holdings made its first investment in Cerebellum Capital. At the end of 2017, Cerebellum Capital managed US$ 391 million according to ADV filings.

Melina Barber to Exit Harvard Management Company

Melina Barber, a Managing Director at Harvard Management Company (HMC), plans to leave the entity at the end of the month. Barber works in private equity at HMC. Barber moving over to Pilot House Associates, which manages money for billionaire Amos Hostetter Jr. Hostetter Jr. is an American businessman, who was the founder, chairman, and CEO of Continental Cablevision.

Ivanhoé Cambridge Aligns Interest, Buys Stake in Peel Logistics Property

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DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing in a less than 10% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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