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SWFI First Read, September 9, 2018

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Leslie Moonves Exits CBS

EARLIER: Leslie (Les) Moonves, the CEO of CBS, is nearing a settlement that would cease litigation with its controlling shareholder called National Amusements. The Board of Directors of CBS are also investigating numerous allegations of sexual misconduct against Moonves.

UPDATE: Les Moonves tended his resignation on September 9, 2018 as CEO and Chairman. Joe Ianniello, the Chief Operating Officer of CBS, is expected to be interim CEO.

Temasek and Old Founders Could be Increasing Stake in Ola

Singapore’s Temasek Holdings, and Ola founders, Bhavish Aggarwal and Ankit Bhati, are weighing moves to increase their positions in ANI Technologies (the holding company of Ola). Ola is a ride-hailing app service in India. The acquisition of shares would most likely be less than 10% of the share capital of ANI Technologies and be held in a vehicle called Lazarus Holdings. Lazarus Holdings was formed by MacRitchie Investments, a sovereign wealth enterprise (SWE) of Temasek Holdings.

Copenhagen Infrastructure Partners Makes a Play for Pensionland

Copenhagen Infrastructure Partners P/S opened a New York City office and formed a Delaware corporation called Copenhagen Infrastructure Partners Inc. The company sees opportunity in the U.S. energy infrastructure market. The investment manager already allocated capital to wind and solar projects in the United States and Canada.

Mithril Capital Leads Investment in GreyOrange

Singapore-based GreyOrange, a robotic systems developer for fulfillment systems automation, raised US$ 140 million in a Series C round. That round was led by Mithril Capital Management and other investors include Binny Bansal and Blume Ventures. Mithril Capital is a global investment firm founded by Ajay Royan and Peter Thiel (a founder of PayPal).

Alibaba Invests in Huishoubao

Alibaba Group Holding Limited invest capital through a Series C1 round in Huishoubao, a Shenzhen-based mobile phone recycling firm formed in 2014. Huishoubao raised capital from entities such as CITIC Capital, SMC Capital, and Chengwei Capital.

Investcorp Acquires Larges Stake in Banque Pâris Bertrand Sturdza

On September 5, 2018, it was revealed that Investcorp acquired a 40% ownership stake in Banque Pâris Bertrand Sturdza (PBS), a Swiss private bank with around US$ 5.4 billion in assets.

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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