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US, Chinese funds to take part in Rusal IPO: report

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Taipei Times reports, “A US-British asset management giant and a Chinese sovereign wealth fund have agreed to take part in the Hong Kong initial public offering (IPO) of the world’s largest aluminum producer, UC Rusal, a report said yesterday. Black Rock and China Investment Corp (CIC) have given their initial agreement to take part in the IPO along with Russian state banks whose interest was already confirmed, daily Vedomosti said. Quoting bankers close to the operation, the newspaper said that Rusal directors had late on Wednesday agreed on a valuation for the Russian metals giant of US$16 billion to US$22 billion for the IPO. Vedomosti said this would make Rusal — whose majority shareholder is the oligarch Oleg Deripaska — the largest aluminum firm worldwide by capitalization, ahead of US firm Alcoa, which is valued at US$15.9 billion.

Sources said earlier this month that Rusal won conditional approval for the IPO from the Hong Kong bourse, ending weeks of uncertainty over whether its billions of dollars of debt would thwart the plan. Rusal plans to float 10 percent of its shares valued at around US$2 billion in by far the biggest IPO by a Russian company since the economic crisis.

Vedomosti said Rusal was now planning to set the IPO price and complete the transaction by Jan. 20. Pre-marketing will start on Jan. 5 and a roadshow on Jan. 11. Around one-third of the shares will go to Europe-based funds and another third to Chinese funds. The Hong Kong bourse is not expected to allow private investors to take part. The involvement of investors like Black Rock — which has US$1.44 trillion of assets under management — should attract smaller funds and mean Rusal has no problem attracting interest in the IPO, Vedomosti said.

Rusal and Black Rock declined to comment, Vedomosti said.”

read more: Taipei Times

KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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