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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.

PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BlackRock and Microsoft Eye Opportunities in Retirement Space

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By getting closer to the consumer via mobile apps, New York-based BlackRock Inc. is keen on gaining market share in the U.S. retail retirement market space. BlackRock had acquired FutureAdvisor, a technology platform, while making a large investment in Envestnet. BlackRock is now partnering with Microsoft Corporation to explore creating a retirement platform.

This partnership could be developing a new platform to analyze savings and investing habits – then offering app services as lead-generation services. According to a corporate news release, BlackRock plans to offer on the platform its “investment products that it will design and manage.”

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