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SWFI First Read, May 17, 2017

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APG Continues to Play in Dutch Residential Leasing Market

APG Asset Management is part of a group of investors to kick in an additional €280 million into a portfolio of Dutch residential rental properties overseen by Rotterdam-based Vesteda. The money will target opportunities in the areas of Ranstad, Brabant and other cities in Netherlands. Vesteda was advised by Kempen & Co on the capital raise.

Minnesota SIB Plans to Draft Inaugural Investment Beliefs Statement

The Minnesota State Board of Investment plans to join the crowd of U.S. public pension plans drafting investment beliefs. The investment belief statement for the pension system plans to be reviewed at the August 14, 2017 investment committee advisory meeting. In addition, the pension plan asked one of its consultants, PCA, to analyze and review the environmental, social and governance (ESG) policies of the system’s external fund managers. Those findings are due by November 20, 2017.

China Development Bank Leads Venture Funding Round for Chinese app maker Wacai

China Development Bank Capital, a subsidiary under China Development Bank (CDB), led a US$ 42 million funding round for Wacai, a Chinese provider of personal finance apps. Other investors in the round were New Horizon Capital, Qiming Venture Partners, CBC Capital and Ally Bridge Group. Wacai was formed in 2009.

Sigit Prasetya Named Head of Asia for CVC Capital Partners

CVC Capital Partners named Sigit Prasetya as head of Asia. This is a promotion. Previously, he was a Managing Director at CVC Capital Partners. Prior to joining CVC in 2007, Prasetya was Head of Southeast Asia for Henderson Equity Partners.

First State Investments Hires Former Deutsche Asset Management Client Executive for North American Distribution Role

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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