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Temasek Holdings Captures Gain on Cheniere Energy Sale

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Credit: Office of Fossil Energy

Credit: Office of Fossil Energy

In a sale reportedly worth US$ 257 million, Temasek Holdings Pte has unloaded all of its roughly 9.2 million shares of Cheniere Energy Inc (LNG). An article posted by the Sovereign Wealth Fund Institute earlier notes that Temasek acquired the shares in May of 2012 through a partnership with RRJ Capital. That purchase was worth US$ 468 million and gave the investors a 19.9% stake in the energy exporter. Public shares in Cheniere Energy rose dramatically after RRJ Capital and Temasek bought their stake. Officials at Temasek realized the potential of the Louisiana-based Sabine Pass facility, exporting liquefied natural gas to Asia.

Temasek Holdings acted opportunistically to invest in America’s shale gas bonanza.

In April 2013, Temasek created Pavilion Energy, a unit to invest in liquefied natural gas supply chains. Pavilion Energy received an initial capital commitment of US$ 1 billion.

According to an SEC filing, the transaction took place in the second quarter of 2013. Looking at Sovereign Wealth Fund transaction data, this represent around a 20% decrease in the number of direct purchase transactions made by the Singapore wealth fund compared to Q2 of last year.

Temasek is given an impressive 10 out of 10 transparency rating based on the Sovereign Wealth Fund Institute’s proprietary Linaburg-Maduell Transparency Index. Additionally, Temasek’s CEO, Ho Ching, was rated #9 on our list of top 100 influential public institutional investors.

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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