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SWFI First Read, October 9, 2016

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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.

Emirates NBD Acquires Turkey’s Denizbank in $3.2 Billion Deal with Sberbank

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In a bid to establish itself as one of the region’s leading providers of financial services, Emirates NBD – Dubai’s largest bank – has entered into a deal to acquire a 99.99% stake in Turkey’s DenizBank A.Ş. for a bargain price of US$ 3.2 billion from Russian state-owned lender Sberbank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Brazilian President Michel Temer Orders Liquidation of Sovereign Wealth Fund

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Brazilian President Michel Temer signed an executive order to shut down the country’s sovereign wealth fund. The money in the sovereign fund will go toward repayment of foreign debt.

The Sovereign Fund of Brazil, also known as Fundo Soberano do Brasil, was formed in 2008.

The formation of the Fundo Soberano do Brasil was authorized by then Brazilian President Luiz Inacio Lula da Silva.

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CDPQ Boosts Stake in Invenergy Renewables

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Caisse de dépôt et placement du Québec (CDPQ) boosted its ownership stake in Chicago-based Invenergy Renewables LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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