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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. ]

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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