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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.

Can Old Mutual Weather the Prolonged Storm?

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South African insurer Old Mutual Ltd.’s earnings are out, and it isn’t a pretty picture. Old Mutual announced that it suffered a 12% drop in adjusted full-year profit. The hoped-for 2018 targets were missed, and their local economy remained anemic. Though Old Mutual is the second biggest insurance company in the country, it was unable to thrive against this sullen backdrop. Old Mutual sought to appease shareholders and potentially benefit from the swoon in the stock price with a US$ 138 million stock buyback. The company has lost nearly a third of its value since listing in Johannesburg less than one year ago. South Africans are not making their premium payments, and currency devaluation made for a difficult year in Zimbabwe. Earnings per share fell to US$ 0.16, down from US$ 0.18 a year earlier, when it was still working to shed its former conglomerate structure. The growth target of gross domestic product growth plus 2% was also missed. Operating profit fell 4% as well. South Africa’s GDP growth was a disappointment at 0.8%.

Norges Bank Investment Management, on behalf of Norway Government Pension Fund Global, is a major institutional shareholder in Old Mutual.

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Upcoming April 2019 Issue of the Sovereign Wealth Quarterly

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Below is the cover of the upcoming April 2019 issue for the Sovereign Wealth Quarterly. Sovereign Wealth Quarterly covers institutional investors such as sovereign wealth funds, pensions, endowments, central banks, and other long-term institutional investors.

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Chinese Stock Picker Raises $10 Billion in Half a Day

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Chen Guangming, a former star portfolio manager at Orient Securities Asset Management Company Limited, started Shanghai-based Foresight Fund. Despite the Chinese stock market crash of 2015 still being an imprinted memory, Foresight Fund ceased receiving client subscriptions in its fund after going well beyond its 6 billion RMB fundraising target. According to news sources, the money was raised in less than half a day. The company allegedly raised more than 70 billion RMB (US$ 10 billion) for its mutual fund called the Ruiyuan Fund. Roughly 20 billion RMB was from China Merchant Bank Company’s fund distribution platform.

Chen Guangming generated big returns at his old employer. Orient Securities Asset Management Company is owned by Orient Securities Co., Ltd., also known as DFZQ. Chen Guangming is the former Chairman of Dongzheng Asset Management and personally oversaw Dongfanghong No. 4. from its inception in 2009 to the end of 2017.

Foresight Fund is cautiously optimistic on China, still seeing growth. In a local news story from Sina, Chen Guangming China’s growth is estimated t be less than 6%, but compares it to the U.S. whose GDP never exceeded 10%, but has experienced high growth in its stock market.

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