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World’s Largest Sovereign Wealth Fund Generated 7.6% Return in 2014

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Photo Credit: Norges Bank Investment Management - Meeting - Yngve Slyngstad

Photo Credit: Norges Bank Investment Management – Meeting – Yngve Slyngstad

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, posted a 7.6% return in 2014 versus a 15.9% return in 2013. The highest performing asset class was real estate at 10.4%, followed by listed equities at 7.9%. Fixed income performed at 6.9%. Compared to previous years, the relative returns in fixed income and equities were slightly weaker. This can be attributed to the sovereign fund’s higher weight toward European equities (which could be a boon for 2015 due to the European Central Bank’s bond buying plan) and short duration investments in the fund’s fixed income allocation. The sovereign wealth fund pulled back from U.S. Treasuries, while increasing allocation to Japanese and U.K. government bonds. Norway’s sovereign wealth fund has invested in 9,134 companies at the end of 2014, compared to 8,213 companies in 2013. The sovereign wealth fund added equity allocation to Mauritius, Nigeria and Ghana in 2014.

As of December 31, 2014, Norway’s sovereign wealth fund owns 7% of U.S. asset manager BlackRock.

See Institutional Investor Profile of Norway’s Sovereign Wealth Fund

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SWFI First Read, June 21, 2018

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PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for it’s a A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Large Public Asset Owners Commit to Goodman Brazil Logistics Partnership

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Canada Pension Plan Investment Board (CPPIB) unveiled plans to commit 500 million BRL (C$ 175 million) in equity for a 20% interest in the newly established Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Supports Two European Aquaculture Transactions

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Mubadala Investment Company is keen on growing exposure to agribusinesses whether in farming or aquaculture. With money from Mubadala and AMERRA Capital Management LLC, Andromeda Group acquired Nireus SA (at 74.34% stake) and Selonda SA at (79.62% stake), two European aquaculture companies that focus on sea bream and sea bass. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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