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SWFI First Read, May 31, 2016

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MISSED OPPORTUNITY: Norway SWF Was Pitched Facebook When It Was Private

Norway’s sovereign wealth fund passed up investing in social networking giant Facebook before its initial public offering (IPO). Facebook had reached out to Norges Bank Investment Management (NBIM) before its IPO to see if they wanted to invest. Wealth fund rules governing it prevented the massive asset owner of investing in Facebook before it was listed.

Blackstone Group Invests in NZ Insurer

The Blackstone Group, through its Blackstone Tactical Opportunities fund, invested NZ$ 200 million into New Zealand insurance company Partners Life in the form of new capital. The deal is subject to shareholder and regulatory approvals. Partners Life was formed in August 2010. Before Blackstone’s capital investments, other shareholders of Partners Life include Waterman Capital, Rangatira, Auckland-based Maui Capital and Partners Life founder and managing director Naomi Ballantyne.

Qatar Holding Increases Ownership in Dubai Parks and Resorts

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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