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SWFI First Read, October 25, 2017

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Storebrand Agrees to Buy Asset Manager Skagen

Storebrand has agreed to acquire Skagen Funds through a combination of Storebrand shares and cash. The sales price was 1.629 billion NOK. Storebrand could pay up to 2 billion NOK depending on Skagen meeting certain financial targets over the next two years.

Skagen will continue to operate as a separate brand within the Storebrand family.

CIC, Global Infrastructure Partners and PSP Investments Acquire Equis Energy’s Wind and Solar Portfolio

An investor group led by Global Infrastructure Partners (through Global Infrastructure Partners III) acquired 100% of the equity interests in the wind and solar power renewable energy portfolio from Singapore-based Equis Pte. Ltd. Other investors in the consortium include the China Investment Corporation (CIC) and PSP Investments. The investor group acquired the assets for an enterprise value of US$ 5 billion, with US$ 1.3 billion in debt. The buyers will assume the debt liabilities. The equity value of the deal is US$ 3.7 billion.

The deal is expected to close in the first quarter of 2018.

CalSTRS and ABP Buy Exposure in Three Western U.S. Solar Assets

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RDIF and Makara Capital form Technology Company Investment Joint Venture

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The Russian Direct Investment Fund (RDIF) and Singapore-based Makara Capital, a specialist in transaction financing and asset management, signed a deal to form a US$ 200 million joint investment platform to finance breakthrough innovative projects in Russia and Asia. Ali Ijaz Ahmad, the CEO of Makara Capital, is a board director of the Intellectual Property Office of Singapore (IPOS). Ali Ijaz Ahmad served as an adviser to Morgan Stanley and The Carlyle Group. He also had stints at the World bank and Goldman Sachs. Makara Capital was founded in 2005 as a joint venture with Credit Suisse AG and made independent by its founding partners in 2008.

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SVB Financial Group to Acquire Leerink Holdings

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Linking Boston to the San Francisco Bay Area in the world of pharmaceuticals, SVB Financial Group (SVB) announced that it has entered into a merger agreement to acquire Leerink Holdings LLC, the Boston-based parent company of Leerink Partners LLC, an investment bank focused on the healthcare and life science industries. Jeffrey A. Leerink formed Leerink in 1995. Santa Clara, California-based SVB Financial Group is the parent company of Silicon Valley Bank. SVB is big into life sciences and provides services to many healthcare companies and startups.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Digital Currencies Gaining Steam Among Central Banks

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At the Singapore Fintech Festival, International Monetary Fund head Christine Lagarde noted that central banks should consider issuing digital currency, as non-cash payments increased over the years – especially in developed markets. Digital currencies, also known as cryptocurrencies, such as bitcoin have lost tremendous value in recent months. Lagarde is referring to having the central bank issue digital currencies. Lagarde argued that a digital currency would be the liability of the state and not a private company. Saudi Arabia, China, Canada, Sweden, and even Uruguay have tinkered with possibly having digital currencies or some form. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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