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Why Temasek and Ontario Teachers’ are Betting on Smart Power Storage?

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With more renewable energy developments expanding across North America and Europe and advances in digital innovation, there is growing demand of storage technologies.

Asian sovereign funds, like GIC Private Limited and Temasek Holdings, and Canadian pensions such as PSP Investments, have been trying to identify cutting-edge technology companies in the energy storage space with solutions that can be scaled to market. Millbrae, California-based intelligent power storage provider Stem Inc. announced the closing of a US$ 80 million Series D round led by growth equity firm Activate Capital, which specializes in North American companies in the energy, transportation, and industrial technology industry. Activate Capital is based in San Francisco and one of its partners is Anup Jacob, a former Associate Director at Mubadala and former Partner at Masdar. Jacob also worked at the Virgin Green Fund, which was backed by Richard Branson’s Virgin Group.

The funding round, Stem’s tenth so far, also saw participation from the Ontario Teacher’s Pension Plan (OTPP) and Singapore’s Temasek Holdings, although exact figures remain confidential.

The AI Shtick in Smart Power

Stem Inc. touts the usage of artificial intelligence (AI) to build out and operate digitally-connected storage networks that aim to optimize the timing of energy use and help customers automate cost savings. Since arriving on the scene in 2009, Stem Inc. counts among its clients more than 30 Fortune 500 companies and eight utilities providers across North America and Tokyo Electric Power in Japan. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Why Did Virtus Investment Partners Buy Sustainable Growth Advisers?

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On February 2, 2018, Virtus Investment Partners, Inc. revealed they acquired a 70% interest in Stamford, CT-based Sustainable Growth Advisers, LP, a high-conviction U.S. and global growth equity portfolio management company, from private equity firm Estancia Capital Management and a portion of equity held by the asset manager’s partners (including Sustainable Growth Advisers’ three co-founders). Scottsdale, Arizona-based Estancia Capital Management bought a minority interest in Sustainable Growth Advisers in August 2013 when it had US$ 5.3 billion in assets. Estancia Capital Management is noted for having a number of partners being from Lovell Minnick Partners LLC, a private equity firm specializing in asset management company buyouts.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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