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Top 10 Largest Sovereign Wealth Fund Direct Deals for 2014

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According to SWFI’s proprietary Sovereign Wealth Fund Transaction Database, Asian and Gulf-based sovereign wealth funds are the biggest SWF spenders when it comes to private direct deals in 2014. Other notable public institutional investors who rank near the top, based on transaction value, include Caisse de dépôt et placement du Québec (CDPQ) and Canada Pension Plan Investment Board (CPPIB). The crown, however, goes to Singapore’s Temasek Holdings for participating in the largest direct sovereign wealth fund transaction in 2014. The Singaporean sovereign fund invested US$ 5.7 billion for a 25% stake in A.S. Watson. The health and beauty retailer is owned by Hutchinson Whampoa Limited. Other major direct transactions include Singapore’s GIC investment in Chicago-based IndCor Properties, picking up a 45% stake from funds affiliated with Blackstone Real Estate Partners VI & VII. 4 out of the top 10 direct transactions had a real estate component to them. For 2014, over US$ 5 billion has been spent on direct United Kingdom real estate properties from sovereign wealth funds.

Sovereign wealth funds center on venture capital and growth equity, investing in the world’s largest startups.

Sovereign Wealth Funds and Startups

The Qatar Investment Authority (QIA) invested big in the UK. The Gulf-based sovereign wealth fund invested in Brookfield Property Partners and bought 8 Canada Square (HSBC Tower).

Another noteworthy trend is the amount of sovereign wealth funds investing in later rounds in venture capital startups. Sovereign wealth funds center on venture capital and growth equity, investing in the world’s largest startups. For example, GIC invested in smartphone maker Xiaomi, Qatar Investment Authority made a late round investment in Uber, New Zealand Superannuation invested in Bloom Energy and Temasek invested in e-commerce company Flipkart. With Xiaomi’s latest capital raise, the Chinese smartphone company has become the most valuable startup, surpassing Uber at a pegged valuation of US$ 45 billion.

sovereign wealth fund dealsSome of the financial advisors participating in the top 10 direct sovereign wealth fund deals of 2014 include the following firms (not a complete list): Jones Lang LaSalle, Bank of America Merrill Lynch, Goldman Sachs, HSBC, DBS Bank, Barclays, Lazard, Citigroup, Rothschild and RBC Capital Markets.

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Top 10 Largest Sovereign Wealth Fund Direct Deals for 2014

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Source: Sovereign Wealth Fund Transaction Database, extracted December 29, 2014
Note: This leaves out fund investments and open market transactions. Public pensions are not included. For more fields to view, your organization must have subscription access.

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