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SWFI First Read, November 27, 2018

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Small Number of Google Employees Protest Censored Search Engine Project for China

Alphabet Inc’s Google is moving forward on creating a search engine in China that allows for more censorship in a bid to have a larger presence in the country. The search app is known as Project Dragonfly. Google is facing complaints from its own employees, including engineers and managers, requesting the company end development over the censored search engine. Google knows that it needs Chinese communist party approval to compete with Chinese internet service comapnies.

Koch Brothers Get Stake in Getty Images

Koch Equity Development LLC is the private equity division of Koch Industries. Koch Equity Development is investing US$ 500 million via non-controlling preferred equity investment in Seattle-based Getty Images, an American stock photo agency. Getty Images was created in 1995 by Mark Getty and Jonathan Klein. Under the cash infusion, the Getty family will maintain control over Getty Images.

Can Malaysia be a Place for More Data Centers?

On November 26, 2018, the Alpha Data Centre Fund (Alpha DC Fund) and Keppel Data Centres Holding (Keppel Data Centres) signed agreements to construct and run their first greenfield data center in Malaysia. The data centre will be situated within an industrial park in Johor, Malaysia. Keppel Data Centres will lead the initial development and and subsequent facilities management of the data center.

Warburg Pincus Leads Round in Geek+

Beijing-based Geek+ is an artificial intelligence and robotics company. Created in 2015, Geek+ raised US$ 150 million in a Series B round led by Warbug Pincus. Other investors in the round include Singapore-based Vertex Ventures (owned by Temasek Holdings) and Volcanics Venture. Geek+ was created by Yong Zheng and its logistics solution is operational in mainland China, Hong Kong, Taiwan, Japan, Australia, Singapore, Europe, and the United States.

Deskera Raises Series A Round

Singapore-based Deskera, a maker of business management software for small businesses, raised US$ 60 million in a Series A round. Investors in the round include Jungle Ventures, Cisco Investments, Tembusu Partners, Susquehanna International Group (SIG), and Innoven Capital.

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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