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Why is AIMCo Struggling with Private Equity?

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Canadian pensions are known for direct investing, especially in asset classes such as private equity and infrastructure. The Alberta Investment Management Corporation (AIMCo) released its annual report, touting a 2017 calendar annual rate of return (net of fees) of 9.3%, beating the previous year’s return of 5.8%. AIMCo manages a number of funds, including the Alberta Savings Heritage Trust Fund. For 2017, AIMCo delivered a 14.1% annual return in its global small cap equity allocation, while posting a 16.1% return in timberlands. AIMCo manages C$1.4 billion in timberland and agriculture assets situated primarily in North America, Australia, and New Zealand. However, AIMCo has fared better in its public equity portfolio versus its private equity portfolio over the past five years.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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China’s Central Bank Creates Macro-Prudential Management Bureau

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The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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