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SWFI First Read, October 25, 2017

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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CIC Sells 10% Logicor Stake to Blackstone Fund

The China Investment Corporation (CIC) is selling a 10% stake of in European warehouse firm Logicor Ltd to a real estate fund managed by The Blackstone Group. Furthermore, CIC also hired Blackstone to oversee and manage Logicor’s warehouses and logistic properties portfolio.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Fintech Affirm Raises $200 Million in Series E Led By Singapore’s GIC

Affirm Inc., a financial technology firm which provides instant loans to consumers as an alternative to credit cards for their online shopping, has raised US$ 200 million in a Series E round lead by Singapore’s GIC Private Limited, with participation from Khosla Ventures, Lightspeed Venture Partners, Spark Capital, Caffeinated Capital, and Ribbit Capital. The new infusion of capital brings the San Francisco-based company’s total funding to US$ 450 million and a reported valuation of US$ 2 billion.

The company is founded by Max Levchin, a co-founder of PayPal (part of the PayPal mafia, dubbed by the tech press). Max Levchin is also an advisory board member of the Consumer Financial Protection Bureau (CFSB) in the United States.

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CHANGE: Saudi Arabia to Re-Open Movie Theaters, PIF Inks MoU with AMC

The Saudi Arabian government is ending its 35-year ban on cinemas. Next year, the government will allow cinemas to open. This watershed moment provides opportunities for entertainment companies to invest in Saudi Arabia and the surrounding region.

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