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Wanted: Sovereign Wealth Funds to Join Dell Deal

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Mega U.S. buyout deals involving public investors in consortiums are a rare occurrence. Several large sovereign funds and public investors are keen on these types of consortium deals; however, they are stapled with unwanted public attention. In addition, if the investment sours, then public funds won’t hear the end of it in the media and board meetings. Dell Inc. is contemplating going private and has formulated a special committee to assess the best possible outcomes. Silver Lake Partners, a private equity firm, is trying to assemble partners for a consortium to take Dell private. The leveraged buyout price according to news sources was speculated to be at US$ 13 to 14 per share. This would make Dell a mega buyout. If Dell’s share price were to jump, then the future LBO consortium would have to pony up billions more burdening the company with excessive debt. As of January 22, 2012, Dell had a market capitalization of US$ 22.79 billion and an enterprise value of US$ 20.06 billion. Microsoft Corporation has expressed interest in some funding, possibly between US$ 2 to 3 billion. This would be a strategic investment for Microsoft, leveraging software and channel opportunities.

What do sovereign wealth funds and other long-term public investors think of the Dell deal?

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Manager of China’s Foreign Reserves Could be CalPERS Next CIO

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Numerous financial media outlets, including the Wall Street Journal (WSJ), are reporting that Ben Meng is in key position to become Chief Investment Officer of CalPERS. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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