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SWFI First Read, November 29, 2018

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Norges Bank Tells SWF to Continue to Take Risk

Egil Matsen is the Deputy Central Bank head of Norges Bank, which oversees Norway Government Pension Fund Global (GPFG). Matsen in a speech said, “Although we must seek to limit the risks we encounter, we must at the same time reiterate that some risk is worth undertaking.”

Deutsche Bank Gets Hit Again on Panama Papers

Government prosecutors raided the headquarters of Deutsche Bank AG over a money laundering probe. The bank’s headquarters is in Frankfurt. Deutsche Bank confirmed that police are investigating the bank in an investigation related to the Panama Papers – a leak disclosing offshore accounts held by policymakers, executives, and the like.

Samsung Life Sells Commerzbank’s London HQ

Commerzbank AG’s London headquarters, at 30 Gresham Street in London, was sold to Singapore-based Wing Tai Holdings for 460 million GBP. The seller is Samsung Life Insurance Co. Ltd., a unit of the Samsung Group. Samsung Life acquired the building in 2013 from Singapore’s GIC Private Limited for 310 million GBP.

Microsoft’s Bet on AR Pays Off

Tech giant Microsoft won a US$ 480 million contract to provide the U.S. Army with augmented reality (AR) headsets. The contract calls for 100,000 HoloLens headsets for combat missions and training.

Palatine Private Equity Buys CET UK

Palatine Private Equity, through Palatine Fund III, acquired a majority stake in CET UK, a specialist provider of infrastructure and property assurance services, in a secondary buyout transaction. The private equity firm used debt to fund the deal.

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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