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Trend Report: Direct Healthcare Investments by SWFs and Public Funds, 2017-2018



SEATTLE, WA. – 8 October 2018 – The Sovereign Wealth Fund Institute (SWFI) has just released its 2017 report on direct investments by sovereign wealth and public pension funds in the world’s healthcare markets. The global healthcare industry’s resiliency and growth – fueled by an aging global population, a rising incidence of chronic health conditions, and growing demand for more efficient service delivery – has made it an increasingly popular destination for public asset owners seeking resiliency amidst economic turbulence and uncertainty.

“Sovereign funds are keen on providing calculated long-term capital to both stable and frontier healthcare technologies and therapies,” said Michael Maduell, President of the Sovereign Wealth Fund Institute.

He adds, “Whether it comes to prescription digital therapeutics, treating neurodegenerative diseases or investing in new ways to deliver cost-effective healthcare, asset owners clearly recognize the growing capital flows into this sector. There are abundant opportunities for strategic development sovereign wealth funds to partner with innovative healthcare companies to expand offerings in home markets. At the same time, cash-rich wealth funds and strong-benched pensions can offer more patient financial firepower compared to traditional venture funds.”

The report reveals regional and sector-specific investment trends, and sheds light on the different factors driving public asset owner engagement in this increasingly vital sector of the global economy. Some featured institutional investors and companies in this brief study include Singapore’s Temasek Holdings, Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA), GlaxoSmithKline plc, Pharmaceutical Product Development LLC, and Verily Life Sciences LLC.


The report is available for subscribers via SWFI terminal at ( or for single purchase at here.


Spencer Ward
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About SWFI
SWFI is a global organization designed to study sovereign wealth funds, pensions, endowments, central banks and other long-term public investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant topics. For more information about the SWFI, please go to |
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Atlas Merchant Capital and GIC Scoop Up Stake in Ascensus



Atlas Merchant Capital LLC and Singapore’s GIC Private Limited acquired just under a 25% equity stake in Dresher, Pennsylvania-based Ascensus, the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. San Francisco Genstar Capital LLC and New York-based Aquiline Capital Partners LLC were the sellers of the shares in Ascensus and will maintain control over the company.

Atlas Merchant Capital LLC was founded by Bob Diamond and David Schamis. Diamond is the former group chief executive of Barclays plc.

GIC is an investor in Alight Solutions, a provider of human capital solutions.


Barclays acted as the lead financial advisor and J.P. Morgan acted as financial advisor to Ascensus in connection with this transaction. Willkie Farr & Gallagher LLP acted as legal counsel to Ascensus.

Debevoise & Plimpton LLP acted as legal counsel to Atlas Merchant Capital and Sidley Austin LLP acted as legal counsel to GIC.

In 2015, JC Flowers sold Ascensus to Genstar Capital and Aquiline Capital Partners.

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Sponsor Content

The Value of Research: Skill, Capacity, and Opportunity



This article is sponsored by S&P Dow Jones Indices.

How much should a portfolio manager be willing to pay for research? The question is of importance to any manager, but has become particularly pertinent since newly imposed European rules require that the costs of investment research—previously offered by many investment banks as an in-kind consideration in return for brokerage business—be unbundled from trading.

Unfortunately, attempts to determine a fair value for research in the most general circumstances are doomed to fail. Even if we only consider direct recommendations to buy or sell certain securities, the value of such recommendations to a portfolio manager will vary according to the absolute size of positions taken in response. Instead, we provide a framework for estimating relative research values across markets and constituents, under certain stylized (but reasonable) assumptions.

REPORT: The Value of Research: Skill, Capacity, and Opportunity

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Khazanah to Scale Back International Investments, Preps 2019 Dividend



Malaysia’s Khazanah Nasional Berhad is prepping to declare more than 1 billion MYR in a dividend payout to the Malaysian government for 2019. Khazanah Nasional is undergoing a significant strategy shift to focus more on domestic assets, while selling off venture tech investments, overseas real estate, fund investments, and other non-strategic assets. The wealth fund also plans to scale back its overseas presence in markets such as San Francisco and London.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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