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Temasek Holdings Net Portfolio Value Reaches S$ 308 Billion

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Singapore’s Temasek Holdings revealed in a new report that they generated a record net portfolio value of S$ 308 billion, and a net cash position for the financial year that ended on March 31, 2018. The annual return for that period was 12.19%. Temasek’s total assets including debt reached US$ 375 billion.

Investments in the Americas and Europe almost form a quarter of Temasek’s investments, behind China at 26% of the portfolio and Singapore at 27%. In addition, the United States was a key beneficiary of new investments for the fiscal year ended March 2018. Temasek also revealed that since 2002, in the aggregate, the entity’s unlisted assets have generated better returns than its listed investments. For the reported fiscal year, Temasek made US$ 22 billion in investments and US$ 12 billion in divestment. Some of Temasek’s larger divestments for the reported year are its positions in Dufry and Gaztransport & Technigaz. Furthermore, Temasek partially divested Celltrion Inc and Celltrion Healthcare, Industrial and Commercial Bank of China, Danamon and Burger King Brazil, while continuing to retain significant exposures in each of them.

Temasek is also pursuing investments in the synthetic biology sub-industry, making bets in firms like Perfect Day and Impossible Foods.

Temasek is betting on six trends when approaching investments.

These are:
1. Longer Lifespans
2. Rising Affluence
3. Sustainable Living
4. Smarter Systems
5. Sharing Economy
6. More Connected World

Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Blackstone and Goldman Invest in Francisco Partners

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Larger alternative investment houses and banks are taking ownership stakes in specialist private equity firms. On July 13, 2018, Blackstone Group’s Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program acquired a minority stake in San Francisco-based Francisco Partners. Francisco Partners is a private equity firm focused on tech-related companies, competing against Thoma Bravo, BC Partners, Vista Equity Partners, Bain Capital and other specialists.

Dipanjan (DJ) Deb is the Co-Founder and CEO of Francisco Partners. Before forming the company in 1999, he was a Principal at Texas Pacific Group (TPG).

Advisors

Francisco Partners was advised by Evercore and Kirkland & Ellis LLP. Simpson Thacher served as legal counsel to Blackstone and Fried Frank served as legal counsel to Goldman Sachs.

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