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SWFI First Read, November 2, 2017

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Temasek Leads Investment in CircleUp Growth Partners

Singapore’s Temasek Holdings invested in CircleUp Growth Partners, a US$ 125 million fund formed by San Francisco-based CircleUp. Other investors in the fund include former BlackRock executive Ken Kroner. The fund will target early-stage consumer packaged goods startups with between US$ 1 million and US$ 10 million in revenue.

Amazon Registers Cryptocurrency Domain Names

Amazon proceeded to registered three new cryptocurrency-related domains. The domain names are amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com. Amazon currently owns amazonbitcoin.com.

Jerome Powell Gets Nod from White House for Fed Chair

Federal Reserve Governor Jerome Powell got the nod from The White House that U.S. President Donald J. Trump intends to nominate him as the next Chairman of the Fed. He is poised to replace the current chair Janet Yellen.

Millennium Management to Pay $639,000 to Settle Charges on Violating Federal Securities Laws

The U.S. Securities and Exchange Commission (SEC) discovered that Millennium Management had violated federal securities laws known collectively as Rule 105 four times in 2012. In a press release, the SEC said the firm’s short-selling activity that violated the law involved stock offerings by Capital One Financial, Raymond James Financial, Susser Holdings and Charter Communications. Millennium Management has agreed to pay US$ 639,000 to settle charges of illegal short selling ahead of public stock offerings.

ST Telemedia Leads Investment Round into Instart Logic

ST Telemedia, a unit of Temasek Holdings, led a US$ 30 million investment round into Palo Alto-based Instart Logic Inc., a startup up content delivery network (CDN). Other investors in the round include Stanford-StartupX Fund, Kleiner Perkins Caufield & Byers and Andreessen Horowitz.

Russia-China Investment Fund Invests in Series C Round in Megvii Inc

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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