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SWFI First Read, October 27, 2017

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Saudi PIF Updates Include US$ 400 Billion Goal by 2020

It was revealed at the 2017 Future Investment Initiative event in Riyadh that Saudi Arabia’s Public Investment Fund (PIF) is seeking to nearly double its assets under management to US$ 400 billion by 2020. PIF also released plans for its asset allocation, creating six silos. PIF also revealed that they plan to invest up to US$ 1 billion in The Spaceship Co. and Virgin Orbit (under The Virgin Group of Companies). PIF will also hold an option to invest an additional US$ 480 million in space services. Other investors in the company include Virgin Group and Aabar Investments.

The Saudi government showcased an ambitious US$ 500 billion major industrial city and zone project called NEOM. NEOM will be located in northwest Saudi Arabia. PIF plans to help financially back NEOM as part of the kingdom’s Vision 2030 plan.

Principal Financial Group Moves to Buy MetLife Afore in Mexico

In a bid to get more access to Mexican retirement funds, Principal Financial Group Inc. (PFG) agreed to fully purchase MetLife Afore, S.A. de C.V., MetLife, Inc.’s pension fund management business in Mexico, subject to regulatory approval. The transaction is expected to close in the first quarter of 2018. Principal Financial Group has operated in Mexico for roughly 25 years. The company will integrate MetLife Afore into Principal Afore, S.A. de C.V. Post-deal, Principal Afore will be the fifth biggest pension provider in Mexico.

Alaska Permanent Fund Invests in Renewable Energy Company

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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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