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Temasek Seeks to Expand Venture Debt Financing in Asia

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Singapore’s Temasek Holdings is partnering with United Overseas Bank (UOB), a major Singaporean bank, to provide up to US$ 500 million in venture debt for startups in China, India and Southeast Asia. Under the deal, United Overseas Bank will acquire 50% of Innoven Capital, a subsidiary of Temasek Holdings. In addition, UOB and Temasek will each commit US$ 100 million of paid up capital to the jointly-owned company Innoven Capital. With more capital, Innoven Capital will fund startups focusing on sectors such as consumer, healthcare and clean technology over the next five years.

Earlier in 2015, Temasek Holdings acquired Silicon Valley Bank India’s venture debt arm renaming it Innoven Capital after the purchase. At the time, the venture debt business lent money to Indian startups like wallet provider MobiKwik and online test prep company Embibe.

Temasek’s Ong Beng Teck, who serves as managing director, Enterprise Development Group, commented, “Temasek is committed to building InnoVen and promoting growth of innovative companies by working with entrepreneurs and venture capitalists across Asia. This new pan-Asian venture debt financing initiative will seek the next generation of leading companies, providing the support they need to scale and succeed.”

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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