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SWFI First Read, October 9, 2016

China’s Foreign Exchange Reserves Fall to US$ 3.17 Trillion in September 2016

China’s foreign exchange reserves fell to US$ 3.17 trillion in September 2016, according to the People’s Bank of China. There is speculation that China’s central bank has been selling U.S. dollar to support its currency.

Altus Power Raises Over US$ 200 Million in Capital

Greenwich, Connecticut-based Altus Power America Inc., a solar power developer, raised more than US$ 200 million from Global Atlantic Financial Group, Goldman Sachs (Alternative Energy Investing group) and FS Investments (an entity that is sub-advised by GSO Capital Partners). Global Atlantic Financial Group was founded in 2004 by Goldman Sachs, but separated as an independent company in 2013. FS Investments was founded in 2007 as Franklin Square Capital Partners.

In 2014, Altus Power America raised US$ 150 million from RGS Energy.

Noble Group Sells U.S. Energy Unit to Calpine Corporation

Commodity trader Noble Group Ltd. sold its U.S. energy unit, Noble Americas Energy Solutions, to Calpine Corporation for US$ 800 million plus working capital which is estimated at US$ 248 million. One of Noble Group’s key backers is the China Investment Corporation (CIC). The transaction is expected to close in December 2016.

Deutsche Bank Could List its Asset Management Arm

The Financial Times reported, citing unnamed sources, that Deutsche Bank in a bid to improve its capital structure may sell off its asset management division by listing it publicly.

CCLA Investment Management Sells Eastcheap Property to Private ME Investor

CCLA Investment Management, on behalf of The COIF Charities Property Fund, has sold the freehold interest in 10- 12 Eastcheap, EC3, to private Middle Eastern clients of Knight Frank. The London property was sold for £25.7 million. BNP Paribas Real Estate advised CCLA; Knight Frank advised the purchaser.

Texas ERS Targets $80 Million to Global Macro Fund

Texas Employees’ Retirement System, based in Austin, invested US$ 80 million in the Complus Asia Macro Fund, managed by Complus Asset Management.

Former U.S. Treasury Secretary Jacob Lew Joins Lindsay Goldberg

New York-based buyout firm Lindsay Goldberg LLC has announced that Former U.S. Treasury Secretary Jacob J. Lew will join the company as a partner focusing on investments across sectors, institutional relationships, and firm management, according to an announcement released on Monday, November 20. Lindsay Goldberg is a private equity firm co-founded by Alan E. Goldberg and Robert D. Lindsey, both veterans of Morgan Stanley in which they worked in the Transaction Development Group.

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San Diego City Employees Retirement System to Reduce PE and Infrastructure for FY 2018

The San Diego City Employees’ Retirement System plans to reduce annual commitments to private equity and infrastructure down to US$ 75 million for fiscal year 2018. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Institutional Investors Remain Skeptical as Bitcoin Continues to Rise

Bitcoin has continued to rally over the past month – hitting a record US$ 8,224 in the early hours of November 20 – and institutional investors are beginning to take notice of the cryptocurrency’s increasing popularity. With a market value of more than US$ 130 billion, the digital currency has seen unprecedented growth of over 700% over the past year. But Bitcoin’s rise has also been marked by a number of volatile slumps, leaving institutional investors divided over its durability as a long-term store of value and wondering whether to get in on the action. Despite these headwinds, more than 100 hedge funds have been formed to trade in digital currencies.

Split Consensus on Wall Street

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