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Why the Launch of Japan Post Investment Corp is Huge News?

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The complex game of asset owner direct investing just got even more interesting. Japan Post investment officials recognize that the implementation of the 2014 stewardship code, coupled with increased equity participation in listed Japanese equities by domestic pensions is forcing more efficiency within these companies. A number of Japanese businesses have stepped back from conglomerate-building to shed off non-core businesses such as institutional real estate to boost return on equity (ROE) measures.

Larger Japanese corporations are spinning off divisions to boost internal rates of return. In late 2016, KKR agreed to buy Calsonic Kansei, which was 41% owned by automaker Nissan Motor Company Ltd. The side effects of the stewardship code has encouraged these types of transactions. Major Japanese banks are also happy to provide these types of loans to finance such transactions.

Japan Post Bank Co. and Japan Post Insurance Co. combined internal resources to back an asset management platform that is going to partake in Japanese private equity investments. Japan Post Bank already invests in private equity funds as a limited partner, forming its private equity unit in December 2015. In addition, Japan Post Bank already deploys capital toward select co-investments and secondaries. This move to create a platform is a gamechanger, as Japan Post Holdings has a massive balance sheet.

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Italian ANAS and RDIF Invest and Build the Fourth Section of Moscow’s Central Ring Road

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The Russian Direct Investment Fund (RDIF) inked a deal with ANAS S.p.A. (formerly known as Azienda Nazionale Autonoma delle Strade), the Italian state highway management company, to implement a concession agreement to build and operate the fourth section of the massive Moscow Central Ring Road. The transaction expects to be finalized in the first quarter of 2019. This is the final section of Central Ring Road, which is 96.5 kilometers long. According to the RDIF, “Under the terms of the concession agreement, the cost of construction is 85.4 billion rubles, of which the concessionaire will provide 49.7 billion rubles and private investors will provide 35.7 billion rubles.”

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Follow the Money – Episode 48

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This long-form podcast was recorded on December 11, 2018. Michael Maduell dissects the latest geopolitical trends that can impact institutional investors such as pensions, sovereign wealth funds, and endowments. Maduell lends his opinion on the lawsuit of Neiman Marcus and bumps in the road for augmented reality.

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CONTENTS
1:15 Huawei, Canada, Brexit, and Macron Headache
6:30 Sovereign Wealth Fund Asset Allocation
9:58 India Gets a New Central Bank Governor
13:26 Pensions Go Bust on U.S. Retailers
17:04 Augmented Reality and Sovereign Funds
22:00 Former CalPERS CIO Goes to Morgan Stanley Investment Management
24:30 Oman Investment Fund Goes on Defense in Public Markets
25:00 Japanese Scandals and Opportunities

EPISODE 48

Stream off Follow the Money

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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Danica Pensions Sells Danica Pension Sweden

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Danica Pension sold Danske Pension Försikringsaktiebolag (publ) (also known as Danica Pension Sweden) to a group of investors for around 2.6 billion SEK. Danica Pension is part of Danske Bank A/S. Of the total amount, 2.3 billion SEK is being paid in cash, while the rest is in the form of a debt instrument from Danica Pension.

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