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SWFI First Read, November 2, 2017

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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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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