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Temasek’s Net Portfolio Value Mushrooms to S$ 266 Billion

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factor investing growth

Asian sovereign wealth funds like the China Investment Corporation (CIC) and Singapore’s Temasek Holdings boosted assets under management in the last twelve months. With even more money to manage, wealth funds are on the prowl for investments in companies, real estate and private equity. For example, the CIC is strategically positioning itself to acquire Morgan Stanley’s A$ 8.9 billion-backed Investa Property Group. CIC is partnering with LaSalle Investment Management on a portion of the potential deal. Investa Property Group is being advised by UBS, while Citi is advising the CIC – LaSalle group.

Temasek Expands

As of March 31, 2015, Temasek had a net portfolio value of S$ 266 billion, up S$ 43 billion from March 2014. Temasek posted a total shareholder return of 19.2% in Singapore dollars. The wealth fund attributed this mostly to its Singapore and China portfolios. Temasek expanded its exposure to China to 27% in 2015 versus 25% in the previous term. Furthermore, the sovereign fund has focused on Asia’s growing venture capital community, anticipating China and Southeast Asia’s evolutionary shift to consumer spending economies. In December 2014, Temasek Holdings led a round to invest in Didi Dache, a Chinese taxi-hailing app. In July 2015, Didi Kuaidi, the combined company of China’s two largest taxi-hailing companies, Didi Dache and Kuaidi Dache, raised a massive US$ 2 billion from Chinese insurer Ping An Insurance (Group) Co. of China, Capital International Private Equity Funds (part of Capital Group) and other investors.

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Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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