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SWFI First Read, November 16, 2017

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GIC Increases Ownership in DLF through Open Market

GIC Private Limited acquired 1.201 million shares of DLF Ltd., a real estate developer in India, through the open market. GIC boosted its stake in DLF from 4.94% to 5.01%.

Alaska Permanent Fund Corporation is Open to Getting Access to Private Equity GP Interests

The Alaska Permanent Fund Corporation (APFC) is keen on possibly acquiring stakes in general partners of private equity firms, a tactic conducted by larger pension and sovereign wealth fund investors. APFC is already committed to funds that take strategic ownership stakes in asset management companies such as Blackstone Strategic Capital Holdings and Dyal Capital Partners III.

Mubadala Plans to Commit More Capital to R&D in AR&I

Mubadala Investment Company revealed plans to invest 82.5 million AED in research and development (R&D) in its aerospace, renewables and information technology (AR&I) platform over the next five years. These technologies include digital manufacturing, 3D printing and advanced materials.

Pak Arab Refinery Limited Seeks Second Refinery for Country with Mubadala’s Help

Pak Arab Refinery Limited (Parco) seeks to form a joint venture with Mubadala Investment Company to build a new refinery with a capacity of 250,000 barrels per day. Parco is 40% owned by Mubadala and 60% owned by the Pakistan government. The total investment cost for the refinery is estimated at US$ 6 billion with a completion date targeting 2023. Pakistan only has one refinery, the Parco Mid-Country refinery, which was built in 2000 at a cost of US$ 886 million.

Ireland Strategic Investment Fund Makes Co-Investment in Kaseya

The Ireland Strategic Investment Fund (ISIF) is to invest €19 million in Kaseya Limited, a provider of complete IT management solutions for managed service providers (MSPs) and midsized enterprises. The capital infusion hopes to create 130 new jobs in Ireland. Kaseya is majority owned by global software investment fund Insight Venture Partners. ISIF is also an investor in Insight Venture Partners’ funds, committing US$ 100 million in October.

Emirates NBD Acquires Turkey’s Denizbank in $3.2 Billion Deal with Sberbank

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In a bid to establish itself as one of the region’s leading providers of financial services, Emirates NBD – Dubai’s largest bank – has entered into a deal to acquire a 99.99% stake in Turkey’s DenizBank A.Ş. for a bargain price of US$ 3.2 billion from Russian state-owned lender Sberbank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Brazilian President Michel Temer Orders Liquidation of Sovereign Wealth Fund

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Brazilian President Michel Temer signed an executive order to shut down the country’s sovereign wealth fund. The money in the sovereign fund will go toward repayment of foreign debt.

The Sovereign Fund of Brazil, also known as Fundo Soberano do Brasil, was formed in 2008.

The formation of the Fundo Soberano do Brasil was authorized by then Brazilian President Luiz Inacio Lula da Silva.

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CDPQ Boosts Stake in Invenergy Renewables

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Caisse de dépôt et placement du Québec (CDPQ) boosted its ownership stake in Chicago-based Invenergy Renewables LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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