TIAA-CREF’s OCIO Manager Wins Sizeable Mandate
TIAA-CREF’s OCIO unit Houston-based Covariance Capital Management won a big mandate. Covariance Capital, a group that focuses on endowments, is led by Kevin Nee, the former President of Wilshire Private Markets, a unit of Santa Monica-based Wilshire Associates. The firm won a contract to manage a US$ 770 million church portfolio for Boston-based Christian Science Church. The deal adds around 33% worth of assets to Covariance Capital’s total asset under management which stood at US$ 2.3 billion on June 30, 2015.
OCIO stands for outsourced chief investment officer. The OCIO search lasted for almost a year. The search was led by investment consultant NEPC.
The OCIO market is highly competitive as it has a low barrier to entry compared to other asset management services. However, endowments who choose to go the OCIO route are expecting more customization and bespoke services at a lower cost when selecting OCIO managers. For Covariance Capital, the association with TIAA-CREF, brings significant advantages.
The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.
Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.
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