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SWFI First Read, May 9, 2016

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Nant Health Seeks IPO

Culver City-based Nant Health LLC which is backed by investors such as the Kuwait Investment Authority (KIA) and BlackBerry Corporation, plans to have its US$ 92 million initial public offering (IPO) on the Nasdaq. Jefferies and Cowen & Co. are serving as lead underwriters.

Investment Banks GCA Savvian and Altium Sign Merger Agreement

Investment bank GCA Savvian Corporation and financial advisory firm Altium Corporate Finance Group signed a definitive merger agreement. GCA will operate under the names GCA Altium in Europe and GCA in the United States and Asia. Altium will merge 100% of its shares into GCA.

South Africa’s PIC to Drive More Investments Locally

South Africa’s Public Investment Corporation (PIC) hopes to allocate 70 billion ZAR toward strategic development investments in the country over the next three to five years. The move is to drive economic growth and job creation in South Africa. These industries include manufacturing, mining, real estate, infrastructure, agriculture, energy and social infrastructure. In addition, PIC will dedicated another 1 billion ZAR toward small to medium enterprises in South Africa.

China Insurance Regulatory Commission to Investigate Anbang Insurance over Investments

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Allianz Joins UK Student Housing Platform

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Since 2010, a rush of foreign capital has been plowed into the U.K. student housing market. On June 22, 2018, Greystar Real Estate Partners, LLC and Public Sector Pension Investment Board (PSP Investments) sold an interest in their joint venture called Chapter to Allianz. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Turkish President Erdogan Wins Re-Election

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Turkish President Recep Tayyip Erdogan won re-election, collecting 53% of the votes, while his closest rival Muharrem Ince generated a vote count of 31% – this is with 99% of the votes counted, according to Turkish state media Anadolu.

Erdogan gave a victory speech in Ankara, commenting, “The winner of this election is each and every individual among my 81 million citizens.”

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Will Sovereign Funds Capture Opportunity in Trump’s Space Force?

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U.S. President Donald Trump is keen on making a mark in the defense industry by launching a Space Force (joining – Army, Navy, Air Force, Marines, Coast Guard) – attempting to ensure American dominance in space. Morgan Stanley eyes a potential windfall, seeing a US$ 1 trillion economy brewing. Morgan Stanley released a note to clients commenting that a Space Force, “could address critical vulnerabilities in national security, raising investor awareness in the formation of what we see as the next trillion-dollar economy.”

Sovereign wealth funds and other asset owners are major financial backers of semiconductors, defense, and companies focused on satellites and rockets. According to SWFI data, since 2014, there has been an increase in direct sovereign wealth fund investment in the aerospace and defense industry. In 2017, sovereign funds directly invested US$ 4.76 billion in aerospace and defense.

On June 18th, President Trump said, “Very importantly, I’m here by directing the Department of Defense and Pentagon to immediately begin the process necessary to establish a space force as the sixth branch of the armed forces. That’s a big statement.”

Sovereign Wealth Investment

From a sovereign wealth fund perspective, many wealth funds are active in investing strategically in the aerospace and defense arena. Mubadala Investment Company has been active in aerospace investments such as Piaggio Aerospace SpA, while SoftBank Group has tremendous exposure to artificial intelligence companies and semiconductors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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