China

GIC and Temasek Sell Stakes in Dufry to HNA Group

HNA Group, the Chinese conglomerate that owns properties and overseas company stakes, finalized a deal to purchase a 16.2% ownership stake in Dufry AG, a Swiss-based airport retailer. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


MassMutual Sells Asia Unit to Yunfeng Financial Led Group

Massachusetts Mutual Life Insurance Company (MassMutual) is selling its Hong Kong business, MassMutual Asia Ltd., to an investor group led by Yunfeng Financial Group Ltd. for US$ 1.68 billion (HK$ 13 billion) in a cash and stock deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Temasek Leads Series B Round in Hangzhou Just Biotherapeutics

Institutional investors are taking a deeper look into China’s healthcare sector, especially in the area of biotherapeutics. Singapore’s Temasek Holdings led a Series B round in Hangzhou Just Biotherapeutics, Ltd. (Just China), a company focused on developing global antibody and recombinant protein bio-therapeutics. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please […]


SWFI First Read, August 8, 2017

EDBI Participates in iflix Investment Round Kuala Lumpur-based iflix Sdn. Berhad, a subscription video service like Netflix, raised US$ 133 million in funding. This round was led by Hearst. Other investors in the round include clients of DBS private bank and EDBI, the dedicated corporate investment arm of the Singapore Economic Development Board. Existing backers […]


SCALE: National Social Security Fund to Oversee More Provincial Assets

A number of Chinese provincial governments have agreed to transport their basic pension funds to the National Council for Social Security Fund (NCSSF) in a bid to improve returns, enhance diversification and deal with the problems associated with an aging population. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to […]


GIC Invests in Chinese P2P Lender Dianrong

Shanghai-based Dianrong has raised US$ 220 million from a group of investors led by Singapore’s GIC Private Limited. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SoftBank Fund Moves Money into Slack and WeWork, Eyes Flipkart

Japan’s SoftBank Group, which oversees the massive Vision Fund, moved money into two notable startups. The Vision Fund is backed by a host of entities, including sovereign wealth fund capital and tech giants like Apple and Qualcomm. SoftBank and Hony Capital kicked in US$ 500 million to WeWork, a real estate company providing flexible leasing […]


SWFI First Read, July 28, 2017

BREXIT WHAT? Walkie Talkie Building Sold to Hong Kong LKK Health Products Group Infinitus Property Investment, a subsidiary of Hong Kong-based LKK Health Products Group, has acquired the 37-storey Walkie Talkie building in London for approximately £1.3 billion. The property is located at 20 Fenchurch Street. The sellers were Canary Wharf Group and Land Securities. […]


Portion of CIC Funding Bonds to be Rolled Over

China’s Ministry of Finance had issued roughly 1.55 trillion RMB of notes back in 2007 to help establish the China Investment Corporation (CIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


ZTO Express Faces Lawsuit Over Alleged Exaggeration of Profit Margins Before IPO

Some people called it China’s FedEx, ZTO Express (Cayman) Inc had its initial public offering (IPO) in 2016, luring institutional investors such as pensions and some sovereign funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Schlumberger to Acquire a Majority Interest in Eurasia Drilling Company

Schlumberger Limited has agreed to acquire a majority 51% equity interest in Eurasia Drilling Company Limited, a Russian-based onshore and offshore drilling and well services contractor. The deal is subject to approval by the Federal Antimonopoly Service of Russia (FAS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view […]


tibbles

SWFI First Read, July 16, 2017

Verizon Communications Plans Massive New Corporate Campus Project in Las Colinas Verizon Communications revealed plans to construct a massive new 110-acre corporate campus in Las Colinas, an upscale suburb of Irving, Texas. The mixed-use development is called Hidden Ridge and is being developed by KDC. Korea Development Bank Plans to Invest in the Haikou International […]


ETF GAME: CICC Buys a Majority Stake in Krane Funds Advisors

China International Capital Corporation Limited (CICC) is adding more capabilities to its product line by buying a majority 50.1% ownership stake in Krane Funds Advisors, LLC. Krane Funds Advisors is a New York-based asset manager known for its exchange-traded fund (ETF) product suite known as KraneShares. The deal also enables CICC a greater entry way […]


CIC Experiences AUM Growth in Overseas Investment Unit

The China Investment Corporation (CIC) released its 2016 annual report. Like many other peer sovereign fund reports, there was an emphasis on political uncertainty regarding powerful Western countries and how they had impacted returns for the 2016 fiscal year. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. […]


SWFI First Read, July 5, 2017

General Atlantic Hires Former HKMA Direct Investments CIO Private equity firm General Atlantic has hired Yong Hak Huh as a special advisor. He is the former Chief Investment Officer of Private Markets and Direct Investment at the Hong Kong Monetary Authority (HKMA). “We are excited to welcome Yong Hak to the firm as we expand […]


Russian Direct Investment Fund Expands Relationship into China

On July 4, 2017, the Russian Direct Investment Fund (RDIF) inked a number of deals with various Chinese governmental investment entities. The RDIF and the China Investment Corporation (CIC) increased capital for its joint fund, the Russia-China Investment Fund (RCIF). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view […]


Russia-China Investment Fund Invests in Online Steel Trading Platform Zhaogang

The Russia-China Investment Fund, a joint investment fund overseen by the Russian Direct Investment Fund (RDIF) and China Investment Corporation, is investing in China’s largest online steel trading platform Zhaogang. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


With $50 Billion, Trending Slowdown in 1H Sovereign Fund Direct Investments for 2017

Source: Sovereign Wealth Fund Transaction Database As of June 28, 2017, the Sovereign Wealth Fund Institute (SWFI) can report that first half direct transactions made by sovereign wealth funds for 2017 totaled US$ 50 billion, compared to the first half of 2016 at US$ 54.17 billion and 2015 at US$ 67.3 billion. However, overall, from […]


GIC Extends Wiggle Room on Green Dragon Gas Convertibles

Singapore’s GIC Private Limited has given Green Dragon Gas Ltd. flexibility on its financing. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Bumi Resources Gets Approval on Rights Issue

PT Bumi Resources Tbk. is the biggest thermal coal miner in Indonesia and one that is mired in a massive pile of debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]