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VRS - who has written 13898 posts on Opalesque Sovereign Wealth Funds Briefing.


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Kazakh National Welfare Fund to put over 200 companies on sale

Posted on 16 April 2014

Kazakh National Welfare Fund, Samruk-Kazyna will put up over 200 companies for sale within the framework of privatization program, the Chairman of the Board of Samruk Kazyna, Umirzak Shukeev said. In particular, the companies which are engaged in non-core business will be privatized, for example, those companies which produce solar panels in Kazatomprom.

Samruk-Kazyna head on forthcoming IPOs and privatization plans

Posted on 16 April 2014

Umirzak Shukeyev, Head of Samruk-Kazyna Sovereign Wealth Fund, announced a list of companies to run IPOs in 2014-2016 and unveiled plans to privatize some state-owned companies. “In 2014 plans are there to float 10% minus one share in Kazakhstan Electricity Grid Operating Company (KEGOC) and 75% in Mangistau Distribution Company. 100% in the Atyrau thermal [...]

$2.7 billion out of Kazakhstan National Oil Fund to stimulate economy in 2014

Posted on 16 April 2014

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, Tengrinews.kz reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev.

$1.3 billion to finance Toxic Assets Fund of Kazakhstan

Posted on 16 April 2014

$1.3 billion will be allocated out of the National Oil Fund to finance the Toxic Assets Fund, the country’s Minister of Economic Affairs Yerbolat Dossayev told a briefing April 14. The vehicle will be buying out toxic assets from the country’s banks. Regulating rules will be formulated by July 1, 2014.

Norges Bank goes shopping in Tesco despite analysts’ fears over sales

Posted on 16 April 2014

Do the Norwegians know something the market doesn’t? Norway’s $840 billion national government pension fund, run by the country’s central Norges Bank, seems to.

Abu Dhabi SWF and CVC in GBP1.5bln Spire race

Posted on 16 April 2014

Abu Dhabi’s vast sovereign wealth fund has joined forces with the largest shareholder in Formula One motor racing in the race to buy Spire Healthcare, one of Britain’s biggest private hospital groups. Abu Dhabi Investment Authority (ADIA) is backing a takeover bid for Spire that is being assembled by CVC Capital Partners, the London-based private [...]

Zimbabwe: A sovereign wealth fund is critical to development

Posted on 16 April 2014

In the Zimbabwe we want, a Sovereign Wealth Fund must be managed as the country’s endowment to future generations. It is not a fund to be plundered by government and used to meet current needs, but a savings account that must accumulate over time and be used to meet future developmental needs.

KIA’s Al-Ajial Fund invests 400 mln euro in Morocco

Posted on 16 April 2014

Al-ajial investment fund of kuwait investment authority (kia) is investing 400 million euro in the wessal capital gulf-morocco venture an equal share to that put in by the sovereign funds of saudi arabia qatar the uae and morocco.

1MDB’s accounts finally submitted

Posted on 16 April 2014

1Malaysia Development Bhd (1MDB) has submitted its long-awaited accounts for the financial year ended March 31, 2013 on April 9, according to the Companies Commission of Malaysia (SSM). “1MDB has submitted the company’s annual return together with the audited financial statement for the financial year ended March 31, 2013 on April 9, 2014,” SSM said.

Temasek widens its Africa footprint

Posted on 15 April 2014

Temasek, Singapore’s state investment company, has signalled a big push into the booming sub-Saharan African market, closing on Monday its first major deal in Nigeria.

Temasek’s dealmaking reflects big bets on rise of the consumer

Posted on 15 April 2014

From toothpaste and shampoo in China to instant noodles and tomato paste in Africa, Temasek is betting big on growth in an emerging middle class – a significant shift for Singapore’s $171bn national investment agency, long known for its emphasis on the financial sector.

Lessons for Australia from Norway’s petro-wealth debate

Posted on 15 April 2014

As the Minerals Council of Australia launches its latest defence against the fossil fuel divestment campaign and Prime Minister Abbott directs the Clean Energy Finance Corporation to cease financing renewables, on the other side of the world Norway is considering whether to divest its Sovereign Wealth Fund of fossil fuels and invest more of its [...]

Kazakhstan: $2.7 bln out of the National Oil Fund to stimulate the economy in 2014

Posted on 15 April 2014

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, Tengrinews.kz reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev.

Codelco could tap sovereign wealth fund for needed mine expansions

Posted on 15 April 2014

Chile’s state-owned copper producer Codelco needs to invest roughly $30 billion in the next decade to counter dwindling ore grades in its massive mines and deposits, and has not ruled out turning to its sovereign wealth fund to finance such investment, CEO Thomas Keller told Minería Chilena (in Spanish).

Qatar Investment Authority again reduces ABC H-shares

Posted on 15 April 2014

Biggest sovereign wealth fund from Middle East Qatar Investment Authority once again reduced shares in Agricultural Bank Of China Limited.

The Zimbabwe we want - A sovereign wealth fund is critical to development

Posted on 15 April 2014

In the Zimbabwe we want, a Sovereign Wealth Fund must be managed as the country’s endowment to future generations. It is not a fund to be plundered by government and used to meet current needs, but a savings account that must accumulate over time and be used to meet future developmental needs.

Australia looks to Gulf funds for A$700bln infrastructure investment

Posted on 14 April 2014

Australia is seeking Gulf sovereign wealth fund investment to help plug a A$700 billion (Dh2.41 trillion) infrastructure funding gap. It comes as the country launches its largest ever trade and investment mission to the Gulf states – targeting agribusiness, education and infrastructure among other sectors.

Malaysia: Time for a sovereign fund derived from O&G?

Posted on 14 April 2014

The question of whether Malaysia should have a sovereign wealth fund derived from its natural resources is one that has been raised many times. The government has been using revenue derived from the country’s natural resources – in particular dividends from the nation’s oil and gas (O&G) company Petroliam Nasional Bhd (Petronas) – for development.

Iraqi Farouk al-Kasim behind Norway oil fund that is envy of world

Posted on 14 April 2014

Norway has squirrelled much of its oil revenue away in an $850B fund for future generations. Today, less than 25 years since its inception, that nest egg has grown into the world’s most valuable sovereign wealth fund, worth about $850 billion – more than $165,000 per Norwegian citizen, according to an SWF Institute report. It [...]

Swiss bank UBS to relocate head of SWF business to Dubai

Posted on 14 April 2014

UBS is relocating Alberto Palombi, head of the investment bank’s global sovereign wealth fund business, to Dubai as deals pick up in the Middle East, said two people familiar with the decision who asked not to be identified as the information is not public.

SOFAZ 2014 expenditures reduced up to AZN 760 mln

Posted on 14 April 2014

President Ilham Aliyev has issued a decree on amendments to the decree “On 2014 budget of State oil Fund of Azerbaijan”. APA-Economics reports that the amendment is related to task to the State Oil Company of Azerbaijan on establishment of closed joint-stock company (OJSC), of which authorized capital makes AZN 100 mln and 51%-equity belongs [...]

Taxpayers’ AIB stake worth up to EUR11bln – Noonan

Posted on 14 April 2014

State-owned AIB could be worth between “€10bn and €11bn”, according to Finance Minister Michael Noonan. This is the first time that the Government has revealed what its stake in AIB could be worth.

Codelco plans expansion via sovereign wealth fund

Posted on 14 April 2014

Chile is betting on the expansion of state-owned copper producer Codelco, and may turn to its sovereign wealth fund to finance the investment, even as metal prices and economic growth approach four-year lows.

Why not the Permanent Fund?

Posted on 14 April 2014

Unlike other resource issues, Alaskans stand pretty much united in our efforts to monetize the huge gas reserves of Alaska’s North Slope. The Legislature has spent a good portion of the current session holding hearings and listening to consultants on the administration’s proposal (SB138) and its two components, the MOU and the Heads of Agreement.

Angolan wealth fund buys fixed income but no project investments yet

Posted on 11 April 2014

Angola’s $5 billion sovereign wealth fund, sub-Saharan Africa’s second-biggest, has this year made its first investments by buying fixed income securities but is yet to start financing infrastructure projects, its chairman said.

Qatar SWF executive said to start hedge fund

Posted on 11 April 2014

A top investment executive at Qatar’s sovereign wealth fund is leaving to start a hedge fund, people briefed on the development said. Kamel Maamria has served as head of the global investment portfolio at Qatar Holding, a branch of the Qatar Investment Authority, the emirate’s sovereign wealth fund. He has also served on the board [...]

RRJ, Temasek’s fund invest $250 mln in Chinese developer

Posted on 11 April 2014

RRJ Capital Ltd., run by Charles Ong, and a fund owned by his former employer, Temasek Holdings Pte, have invested $250 million in Chinese logistics warehouse developer Shanghai Yupei Group Co.

It’s official: Temasek spins off PE holdings into Astrea II

Posted on 11 April 2014

Temasek Holdings, the investment arm of Singapore government, has launched a new co-investment vehicle, Astrea II. The $215-billion fund will hive off part of its holdings into this new vehicle to enable participation by wider set of investors.

Alvin Jiang, the princeling of private equity

Posted on 11 April 2014

The 28-year-old wears black-framed glasses perched on cheeks still round with youth. A discerning eye might notice the resemblance to his grandfather: former Chinese president and Communist Party leader Jiang Zemin.

Reserve currency: Is the yuan tearing down the US dollar?

Posted on 11 April 2014

At least 40 central banks have invested in the yuan and several others are preparing to do so, putting the mainland currency on the path to reserve status even before full convertibility, Standard Chartered said.

Bill would let landlords garnish Permanent Fund dividends

Posted on 11 April 2014

Landlords would be entitled to garnish the Permanent Fund dividends of renters under a bill approved by a House committee. House Bill 282 updates the Alaska Landlord and Tenant Act for the first time in decades.

GIC to buy Tokyo property for $1.3 bln from Lone Star-sources

Posted on 10 April 2014

Singapore sovereign wealth fund GIC will buy a Tokyo property from US investment fund Lone Star Funds for about 134 billion yen (S$1.6 billion), the highest price since Japan’s real estate market recovery accelerated last year, people with direct knowledge of the sale told Reuters.

Temasek sets up private-equity investment vehicle Astrea II

Posted on 10 April 2014

Singapore investment company Temasek has launched a new co-investment vehicle, Astrea II, which has broadly diversified holdings in 36 private equity funds.This is the latest of Temasek’s continuing efforts to develop co-investment platforms where diversified portfolios of assets can be made available to a broader base of investors, including retail investors in the long term.

Temasek spins off selected investments into special-purpose vehicle

Posted on 10 April 2014

Temasek Holdings is securitising more of its investments into a special-purpose vehicle to reach a broader base of investors, including retail investors, over the longer term. The Singapore investment firm has launched Astrea II, a co-investment vehicle with broadly diversified holdings in 36 private equity funds.

NewQuest, GIC partially exited stake of IKang in its $153mln IPO

Posted on 10 April 2014

Beijing-based private medical services provider iKang Guobin Healthcare Group has raised $153 million by offering 10.9 million shares at $14 per share on the NASDAQ. NewQuest Capital Partners and Singapore’s GIC Private Ltd. has partially exited from iKang.

Angolan wealth fund buys fixed income but no project investments yet

Posted on 10 April 2014

Angola’s $5 billion sovereign wealth fund, sub-Saharan Africa’s second-biggest, has this year made its first investments by buying fixed income securities but is yet to start financing infrastructure projects, its chairman said.

Norway to examine return on $850bln wealth fund before restructuring

Posted on 10 April 2014

Norway will wait to see whether property investments by its $850bn (€616bn) sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity. “Whether we do it next year or the year after, that hasn’t been decided,” Paal Bjoernestad, state secretary in charge of the fund at the Finance Ministry, said. [...]

Dubai would “do the same again” – CEO of sovereign wealth fund

Posted on 09 April 2014

Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers.

Kerzner deal a good fit for Investment Corporation of Dubai

Posted on 09 April 2014

Last week’s transaction between Investment Corporation of Dubai (ICD) and Kerzner International is a transformational deal on multiple levels. ICD, under its chief executive Mohammed Al Shaibani, bought about 46 per cent of the company that controls the international up-market hotel group.

LIA presents its 2013 annual report to Audit Bureau

Posted on 09 April 2014

The Libyan Investment Authority (LIA), Libya’s sovereign wealth fund, presented its 2013 annual report to the Audit Bureau last week, the Audit Bureau reports.The presentation was attended by, amongst others, the Audit Bureau head Khalid Shakshak, GNC LIA Committee member Asia Megherbi, Central Bank of Libya Governor Sadik El-Kabir, LIA head Abdulmajid Briesh, as well [...]

Angola’s sovereign wealth fund appoints audit board

Posted on 09 April 2014

Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), now has its first audit board that will guarantee the “highest level” of openness in its operations, it emerged on Tuesday.

1MDB yet to notify SSM of meeting date

Posted on 09 April 2014

Companies Commission of Malaysia (SSM) is monitoring 1Malaysia Development Bhd (1MDB) which is yet to notify and update the former on the status of its AGM to table its overdue accounts, as at press time.

Temasek private equity arm backs Southeast Asia cab booking app

Posted on 09 April 2014

A unit of Singapore state investor Temasek Holdings is putting its substantial clout behind an app that eases the pain of booking taxis in Singapore and Malaysia, aiming to expand the service in other busy Southeast Asian cities.

Norway hands SWF ethical investment responsibilities to central bank

Posted on 09 April 2014

The Norwegian finance ministry has adopted a report recommending changes to the way the country’s sovereign wealth fund – the Government Pension Fund Global (GPFG) – is run, including giving more power over its ethical investment policy to the fund managers at the Norwegian central bank.

Use Norway sovereign fund’s top holdings to your own advantage

Posted on 09 April 2014

Founded in 1990, Norges Bank Investment Management (a.k.a the Government Petroleum Fund), the fund has since grown to a size in excess of $80B. Over the past two decades, it has undergone dramatic changes in asset mix: up until 1997, the capital was fully invested in government securities, while as of the end of 2013 [...]

Kazakhstan’s international reserves figure announced

Posted on 09 April 2014

Kazakhstan’s international reserves, including gold and FX reserves of the National Bank and the assets of the National Oil Fund grew from $95.222 billion to $99.304 billion from January to March 2014, according to the country’s National Bank.

SOFAZ revenues from Shah Deniz, ACG projects made public

Posted on 08 April 2014

Azerbaijan’s state oil fund SOFAZ has gained more than $1.7 billion from 2007 to April 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ received some $115.6 million as part of the Shah Deniz project from January 1 to April 1, SOFAZ said.

Biggest wealth fund put on review for move to new asset classes

Posted on 08 April 2014

Norway will wait to see whether real estate investments by its $850 billion sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity.

Jensen defends oil fund changes

Posted on 08 April 2014

Norwegian Finance Minister Siv Jensen rejected criticisms the government’s planned changes to the management of the nation’s massive sovereign wealth fund didn’t go far enough to ensure greener, socially responsible investments, saying the “Oil Fund” is a return-oriented investment scheme, and not a environmental or foreign policy tool.

Norway fund RE reforms disappoint

Posted on 08 April 2014

Norway’s government has disappointed green groups by coming up with proposals for using the country’s $790bn oil fund that fall well short of expectations over increased renewables investments.

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