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Why Rubenstein Believes SWFs May Become the Biggest Single Capital Source for Private Equity

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rubenstein_artDavid Rubenstein is the co-founder and CEO of the Carlyle Group – a well-known alternatives manager that has carved out a significant corner in the world of private equity. At one of the popular private equity conferences in Berlin, SuperReturn International 2014, Rubenstein laid out his perception on the current and future state of private equity – with an obvious tinge of optimism. A key message during the presentation is that private equity firms should look to sovereign funds as a source of capital. The asset growth rates of sovereign wealth funds has outpaced U.S. public pensions in the last five years.

In the future, David Rubenstein sees sovereign wealth funds as the biggest single source of capital, replacing U.S. pension funds.

When Rubenstein opines, private equity professionals tend to listen. Why? The publicly-traded private equity firm has been able to attract goliath-like limited partners such as large U.S. pension funds, endowments and sovereign funds. The billionaire philanthropist often makes forecasts in the private equity community – highlighting that more private equity firms may go public.

2014 – A Private Equity Renaissance

2013 was definitely a promising year for the private equity industry as deal flow and capital raises maintained upward trends since 2010. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Blackstone Defeated on Investa Office Fund Bid

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The Blackstone Group threw in the towel on a bid to take over the Investa Office Fund, a vehicle that owns prized Australian office properties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek’s Bond Expected to Lure Retail Investors

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Singapore’s Temasek Holdings, through its subsidiary Temasek Financial (IV) Private Limited, is planning a 5-year bond that aims to yield 2.7% for retail investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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