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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.

Scatec Solar Places Big Solar Bet in Bangladesh



Oslo-based Scatec Solar ASA, a publicly-traded independent power producer operating in the emerging market solar development space, plans to construct and own a 800 mega watt photovoltaic solar power plant in Chandpur, Bangladesh. Scatec Solar has solar assets scattered across numerous emerging markets such as South Africa, Rwanda, Honduras, Egypt, Jordan and the Czech Republic.

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APFC Sells $1.4 Billion Stake in Simpson Housing



The Alaska Permanent Fund Corporation (APFC) embarked on a major shift in its real estate portfolio by selling a 50% ownership stake in Denver-based Simpson Housing LLLP for US$ 1.4 billion. Simpson Housing had made up roughly 24.7% of APFC’s US$ 5.6 billion real estate portfolio. The other owner of Simpson Housing is that State of Michigan Retirement Systems.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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ISIF Invests in Cybersecurity Firm Vectra



The Ireland Strategic Investment Fund (ISIF) committed €10 million to Vectra Networks, Inc., a San Jose, U.S.-based cybersecurity company. The investment capital will assist Vectra in creating a research and development center in Dublin.

ISIF is part of a larger funding round of €30 million. These other investors include Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures.

Kevin Dillon, who is the former Head of Microsoft Ireland and a Managing Partner at Atlantic Bridge, will join the board of directors at Vectra.

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