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SWFI First Read, May 23, 2017



Ping An Insurance Leads Series A in Huya

China Ping An Insurance Overseas (Holdings) Ltd., a unit of Ping An Insurance, led a US$ 75 million Series A round in Huya. Huya is a live-video streaming platform owned by YY Inc, a Chinese listed social networking platform. Other investors in the round include Engage Capital, Banyan Capital, Morningside Venture Capital, Huya CEO Dong Rongjie, YY Inc Chairman David Li. Huya was founded in 2014.

Sunsuper and State Super Exits LBC Tank Terminals

Ardian inked a deal to acquire a 35% stake in LBC Tank Terminals from Sunsuper and State Super, exiting from their investment. APG Investment Management and PGGM will retain their stakes in LBC Tank Terminals.

Commerz Real Buys Seattle Facebook Office

German fund manager Commerz Real, on behalf of its open-ended fund HausInvest, acquired Facebook’s office building in Seattle known as the Dexter Station building, for US$ 286 million. Investing alongside Commerz Real is RFR Group. RFR Group will manage the property. The seller of Dexter Station was Stockbridge Capital Group.

Samruk-Kazyna Seeks to Borrow $3 Billion from CDB

Samruk-Kazyna has plans to borrow US$ 3 billion from the China Development Bank (CDB). The borrowing could be completed by June 2017.

HSBC Global Asset Management Hires for Responsible Investment Intrigue

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Abu Dhabi Investment Council to Consolidate into Mubadala



UAE President Sheikh Khalifa bin Zayed Al Nahyan issued a groundbreaking law that restructures the Abu Dhabi Investment Council (ADIC) to be under the Mubadala Investment Company group. Under the new law, the Mubadala Investment Company Board of Directors will now become the Board of Directors for the Abu Dhabi Investment Council. Furthermore, ADIC management will continue to run the council. Eissa Mohammed al Suwaidi will continue to lead ADIC as its Chief Executive Officer, and will report to Mubadala Group CEO and Managing Director Khaldoon Khalifa al Mubarak.

In a release, he commented, ADIC becoming part of the Mubadala Group is yet another step in Abu Dhabi’s efforts to accelerate the diversification of the UAE’s economy. With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position.”

Earlier in 2017, Mubadala Development Company merged with International Petroleum Investment Company (IPIC). This is a trend in Abu Dhabi to create economies of scale within these large state-owned entities.

In 2007, ADIC started operations after it splintered off from the Abu Dhabi Investment Authority (ADIA). A significant portion of ADIC’s holdings include stakes in large financial institutions in the UAE.

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SWFI First Read, March 21, 2018



GIC Lowers Stake in Tesco

On March 19, 2018, Singapore’s GIC Private Limited lowered its stake in Tesco PLC, a supermarket chain, from 3.1% to below 3%.

QuadReal Eyes London Diggs

QuadReal, the re-branded real estate unit of bcIMC, plans to open its first overseas office in London. QuadReal already has offices in Vancouver, Toronto and Calgary.

PGIM Hires Howard Nowell

Howard Nowell was hired by PGIM’s institutional relationship group as a managing director. Nowell is based in London. Nowell will focus on large institutional accounts in the United Kingdom and Europe. Previously, Nowell was a Managing Director focused on U.K. institutional clients at BlackRock.

PGIM is part of U.S.-based Prudential Financial, Inc.

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Franklin Resources to Acquihire Random Forest Capital



Franklin Resources, Inc. acquired San Francisco-based Random Forest Capital, LLC, an investment firm with expertise in data science and non-bank marketplace lending (areas of consumer, residential and commercial credit). Random Forest Capital was formed in 2016 and post-deal will join the Franklin Templeton Fixed Income Group investment team. In April 2017, Random Forest completed its seed round raising US$ 1.75 million from a pool of angel investors. Random Forest is co-founded by Austin D. Trombley, who worked on the data infrastructure and data strategy for online lender Prosper for two years. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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