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VRS - who has written 16790 posts on Opalesque Sovereign Wealth Funds Briefing.


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Singapore GIC Reports Higher Return, Cautions on Market Outlook

Posted on 30 July 2015

GIC Pte, manager of more than $100 billion of Singapore’s reserves, said its key performance measure improved but warned that higher global interest rates could dent future returns. Buoyant global markets helped GIC’s annualized real rate of return rise to 4.9 percent in the 20-year period to March 31, from 4.1 percent in the 20 [...]

GIC posts 4.9% return in past 20 years; sees tougher times ahead

Posted on 30 July 2015

The sovereign wealth fund says volatile markets could chip away at its returns in the next five to 10 years, and short-term losses are possible. GIC posted annualised real returns of 4.9 per cent in the past 20 years ending on March 31, 2015 - higher than 2014’s 20-year real return of 4.1 per cent.

GIC builds up real estate assets for steady returns

Posted on 30 July 2015

Sovereign wealth fund GIC has been acquiring more real estate assets in recent years, and is keeping its ear to the ground for more deals, even as competition in the sector intensifies. Toppish asset prices and lower returns will define the broader investment environment for the next 10 years, but GIC can use its 30 [...]

Singapore’s GIC sees opportunities in China market turmoil

Posted on 30 July 2015

Singapore sovereign wealth fund GIC is finding fresh opportunities to invest in the volatile China market amid restrictions imposed by the regulator on investors who own large stakes in Chinese companies. “It did open up some opportunities for people like us which take a longer-term view and we don’t have such kinds of liquidity constraints. [...]

CIC Launches Subsidiary to Invest in Overseas Projects

Posted on 30 July 2015

China’s sovereign wealth fund has launched a subsidiary to handle investment in overseas infrastructure projects as part of government efforts to expand business abroad to shore up growth. China Investment Corp. held a ceremony to launch its new subsidiary, CIC Capital Corp., on July 27. The subsidiary will focus on infrastructure, agricultural, forestry and fishery [...]

CIC Capital Officially Launched, Targets $100bln In Total Capacity

Posted on 30 July 2015

An overseas direct investment fund launched by China Investment Corporation earlier this year has officially begun operation, and plans to reach US$100 billion in total investment capacity eventually, according to Chinese media reports.

Chinese sovereign fund to buy biggest Aussie office assets

Posted on 30 July 2015

Sovereign fund China Investment Corp (CIC) plans to buy Australia’s biggest office block portfolio from Morgan Stanley for US$1.82 billion (S$2.5 billion), highlighting Beijing’s appetite for stable assets offshore as the mainland economy sputters. CIC, which established its international unit in 2011 to invest in overseas assets, will acquire the nine office buildings, held by [...]

Sovereign wealth funds step up property investments in Asia

Posted on 30 July 2015

Sovereign wealth funds around the world are pouring money into Asian property to diversify their portfolios as real estate prices surge in major Western cities. The looming U.S. interest rate hike has prompted investors to shift from short-term investments in Asia into the region’s real estate.

Fifth of Libya’s wealth fund untraced since Gaddafi

Posted on 30 July 2015

An estimated 20 percent of Libya’s $67bn-plus sovereign wealth fund, the Libyan Investment Authority (LIA), has yet to be fully traced since the death of Colonel Gaddafi. The LIA appointed Deloitte in 2012 to conduct an audit of all of its assets – many of which are tied up in investments outside the country.

LAP preparing ‘‘aggressive’’ rescue plan for LAP GreenN: to invest in new technology and growth

Posted on 30 July 2015

The Libya Africa Portfolio (LAIP or LAP) is preparing an aggressive rescue plan for its troubled African telecoms subsidiary LAP GreenN, Libya Herald has learnt. LAIP is a wholly-owned subsidiary of the Libyan Investment Authority (LIA), Libya’s main sovereign wealth fund entity.

Qatar-Backed Mining Fund Said to Scrap Expansion Plans on Rout

Posted on 30 July 2015

QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly and backed by Qatar’s sovereign wealth fund, has scrapped plans to expand amid a plunge in commodities, according to four people familiar with the situation.

QIA JV to build 57-storey residential tower in London

Posted on 30 July 2015

Canary Wharf Group, a wholly owned joint venture between Brookfield Property Partners and the Qatar Investment Authority , has received planning approval to build a striking residential tower at its New Phase site (formerly known as Wood Wharf).

Ireland Strategic Investment Fund forms residential lending platform with KKR

Posted on 30 July 2015

The Ireland Strategic Investment Fund, Dublin, Ireland, formed a €500 million ($549 million) joint venture with KKR Credit, which will lend to Irish residential development projects. The joint venture, Activate Capital, is a lending platform that could finance the construction of more than 11,000 new homes in Ireland. The platform will lend on a commercial [...]

Kazakhstan backs 2022 bid promises with oil fund

Posted on 30 July 2015

Kazakhstan will break into its $70 billion sovereign wealth fund to help pay the bills if it wins the 2022 Winter Olympics, Prime Minister Karim Massimov said yesterday ahead of an IOC vote. The International Olympic Committee, which will vote between the former Kazakh capital of Almaty and Beijing on Friday, has said the Central [...]

Kazakh wealth fund to sell 10 pct in state oil firm KMG to central bank

Posted on 30 July 2015

Kazakhstan’s sovereign wealth fund will sell 10 percent of shares in state oil firm KazMunaiGas to the central bank, the government said on Wednesday, in a move aimed at easing the debt burden of a company hit by low oil prices.

Southern Gas Corridor’s capitalization increases by over 7 times

Posted on 30 July 2015

The Southern Gas Corridor CJSC’s registered capital increased up to $725 million upon the decisions of the Supervisory Board and the Shareholders’ Meeting, the State Oil Fund of Azerbaijan (SOFAZ) said. The company’s initial capital amounted to $100 million. But its capital increased to $300 million in February 2015 as a result of changes in [...]

The major role of sovereign investors in the global economy: A European perspective

Posted on 30 July 2015

The global economy has witnessed the emergence of a new set of key actors over the last two decades. Sovereign Wealth Funds (SWFs) and Pension Funds (PFs) – or Sovereign Investors – have become pivotal players in global financial markets thanks to their liquidity, and continue to grow rapidly in number and in size. This [...]

Sovereign wealth funds pick up in popularity

Posted on 30 July 2015

In recent years, sovereign wealth funds have grown in popularity, and subsequently, so too have their investment credentials. First appearing around the midpoint of last century, sovereign wealth funds (SWFs) have long occupied a significant space in financial markets. However it’s only in recent years that these rainy-day funds have come into their own.

Will Goodman bear the cost of China’s $2.45bn Investa swoop?

Posted on 29 July 2015

China Investment Corporation’s $2.45 billion outlay on Investa’s portfolio of Australian skyscrapers has revived expectations the ­sovereign wealth fund will shed its $1bn-plus exposure to listed warehouser Goodman Group. While the Chinese heavyweight is not short on capital — its total assets under management climbed by $US93bn ($127bn) to $US750bn last year — the fund [...]

Investa acquisition just another day at the office for CIC

Posted on 29 July 2015

It may be the biggest direct real estate transaction in Australia ever but China Investment Corporation’s acquisition of the $2.45 billion Investa portfolio of office towers is just the latest purchase in a $7 billion global property spend by the Chinese sovereign fund this year alone.

SWF: Temasek rides China wave to near 20% return

Posted on 29 July 2015

Temasek has always looked a little bit different to other sovereign wealth funds. There’s the fact that it’s pretty much all in equities, for a start, either listed or a pre-listing stake; or that 70% of its portfolio is in Asia, with less than a third in what most investors consider the developed world.

Singapore’s GIC comes as anchor investor in Syngene

Posted on 29 July 2015

Singapore’s GIC, one of the most active sovereign wealth funds in the country, is among the anchor investors which have together invested Rs 150 core in Syngene International Ltd, the research and development subsidiary of Indian biopharmaceutical major Biocon Ltd, as part of an initial public offer (IPO) of the company.

Global Logistic Properties to Buy 200 U.S. Warehouses For $4.6 Billion

Posted on 29 July 2015

Global Logistic Properties, a warehouse owner part-owned by Singapore’s sovereign-wealth fund, said Tuesday it is acquiring about 200 U.S. warehouses for $4.6 billion in one of the largest real estate deals of the year.

ADIA names head of Japan for the fund’s internal equities department

Posted on 29 July 2015

Hisashi Kuroda joined the Abu Dhabi Investment Authority’s internal equities department as head of Japan, ADIA announced in a news release Tuesday. Kuroda replaces David Greenhalgh, who left in mid-2014 after more than a decade with ADIA to become chief investment officer of London-based New Chapel Asset Management.

UAE’s ADIA to buy $170m Irish property

Posted on 29 July 2015

Abu Dhabi Investment Authority (ADIA) will purchase a $170m site spanning seven acres in Dublin, Ireland. The site includes two hotels. ADIA will work with Irish developer Chartered Land to buy the two former Jurys and Berkeley Court hotels, located on one of Ireland’s most valuable properties.

QIA JV to build 57-storey residential tower in London

Posted on 29 July 2015

Canary Wharf Group, a wholly owned joint venture between Brookfield Property Partners and the Qatar Investment Authority, has received planning approval to build a striking residential tower at its New Phase site (formerly known as Wood Wharf).

Nigeria: Obi - Only the President Approves ECA Disbursement

Posted on 29 July 2015

A former Governor of Anambra State, Mr. Peter Obi, has condemned recent allegations that a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, supervised the alleged embezzlement of some funds from the Excess Crude Account (ECA).

Yuan joins top five basic currencies of Azerbaijan’s Oil Fund

Posted on 29 July 2015

Chinese yuan joins top five basic currencies of the State Oil Fund of Azerbaijan (SOFAZ). According to SOFAZ, as of July 1, 50.1% of its investment portfolio were denominated in U.S. dollars ($17.889 bn), 34% - in euro (€10.866million), 5.1% - in British pounds (£1.169bn), 1.8% - in Russian rubles (RUB 36.215 bn) and 1.4% [...]

China’s CIC wins $2.45b Investa office portfolio

Posted on 28 July 2015

Chinese sovereign wealth fund China Investment Corporation (CIC) has won Investa Property Group’s portfolio of nine office towers with a knockout bid of more than $2.45 billion, making it the biggest direct real estate transaction in Australia’s history.

China Sovereign Wealth Fund Breaks Record for Office Property Deal

Posted on 28 July 2015

One of the world’s largest sovereign wealth funds has acquired a nine-tower portfolio of office assets for a staggering $2.45 billion sum, in what is believed to be the largest direct property transaction in Australian history. An office deal clinched by sovereign wealth fund China Investment Corporation (CIC) has broken the record for the largest [...]

Korea SWF announces its external managers of the year for 2014

Posted on 28 July 2015

The $86 billion Korea Investment Corp. bestowed its “manager of the year” honor on AQR Capital Management for 2014, the second year in a row the sovereign wealth recognized the firm. But for the first time since the program’s 2010 launch, Seoul-based KIC honored managers in five separate categories instead of choosing a single [...]

No pressure on Temasek to offload NOL, Drewry says

Posted on 28 July 2015

Singapore’s Temasek may be interested in offloading some of its underperforming companies such as NOL, but there is no pressing need for the immense state investor to do it on the cheap through a distressed sale, Drewry says.

Libya in legal action on nationalisations

Posted on 28 July 2015

The Libyan Investment Authority has launched legal action against four African states alleging that they took advantage of Libya’s political turmoil to nationalise assets belonging to the $67bn sovereign wealth fund. Hassan Bouhadi, the LIA’s chairman who was appointed by the internationally recognised Tobruk government in October, said the legal action related to technology assets [...]

ADIA in bid for $1.9bn Irish shopping centre portfolio

Posted on 28 July 2015

Abu Dhabi’s sovereign wealth fund is reportedly in the running to purchase an Irish real estate loan portfolio valued at €1.7 billion ($1.9 billion). Abu Dhabi Investment Authority (ADIA) is understood to be a lead contender to buy Project Jewel – a loan portfolio that includes debt secured on Dundrum Town Centre, a 120,000 sq [...]

State Oil Fund of Azerbaijan hasn’t bought physical gold for 5 quarters at a run

Posted on 28 July 2015

The State Oil Fund of Azerbaijan (SOFAZ) hasn’t bought physical gold for five quarters in a row (2nd, 3rd, 4th quarters of 2014, and 1st -2nd quarter of 2015). The Fund informs that as of 1 July 2015 it owned physical gold worth $1.14 bn (last quarter it was $1.15 bn) which was equal to [...]

Azerbaijan Oil Fund’s investment portfolio exceeds limit for 2015 by 32.8%

Posted on 28 July 2015

By 1 July the State Oil Fund of Azerbaijan exceeded the investment portfolio limit (AZN 28.2 bn) set for 2015 by 32.8%. According to the Fund, in the first half of 2015 its investment portfolio in manats, as the basic currency, grew from AZN 28.79 bn up to AZN 37.459 bn or by 30.1%. In [...]

Sovereign, pension funds lose ground for nine months straight

Posted on 28 July 2015

The latest pension and sovereign wealth fund data shows that they account for a lesser proportion of the overall foreign portfolio investor (FPI) holdings than they did in the previous month. This was also true for the previous month, and the month before that.

Sovereign Funds: 3 Portfolio Moves They Are Contemplating

Posted on 28 July 2015

Sovereign wealth funds like the Abu Dhabi Investment Council (ADIC) and GIC Private Limited often take tactical bets while maintaining their long-term investment views. For example, GIC is an investor in Mumbai-based Eros International Plc, an Indian moviemaker – betting on India’s growing consumer class.

Kuwaiti MPs head to UK to check on SWF’s London office

Posted on 27 July 2015

Kuwaiti lawmakers scrutinising the country’s sovereign wealth fund departed to Britain on Friday to check the activities of its London bureau, Kuwait’s parliament said in a statement on the state news agency.

Brazil sovereign fund earns $39 mln with Banco do Brasil share sale

Posted on 27 July 2015

Brazil’s sovereign wealth fund earned about 134 million reais ($39 million) with the disposal of 5.625 million shares of state-controlled Banco do Brasil SA between the end of June and mid-July.

Iran’s foreign reserves total US$115-125 billion - minister

Posted on 27 July 2015

Iran’s foreign reserves total between US$115 billion and US$125 billion (£74.2 billion and £80.7 billion), including assets in its sovereign wealth fund, its industry minister said on Friday in one of the most detailed public descriptions of the reserves by an Iranian official.

Qatar spurs glorious future for Goodwood

Posted on 27 July 2015

As a result of the investment by Qatar’s sovereign wealth fund – the Qatar Investment Authority (QIA) – total prize money has soared from £2 million (Dh11.4m) to £4.5m. One race alone, the Group 1 Qatar Sussex Stakes, will be run for £1m, £700,000 more than last year, and Goodwood says this makes it one [...]

Abu Dhabi Investment Authority buying Irish hotels

Posted on 27 July 2015

Abu Dhabi Investment Authority (ADIA) is rumoured to be backing a US $170 million bid to buy the seven-acre Dublin site, including two hotels. ADIA has teamed up with Irish developer Chartered Land to buy the two former Jurys and Berkeley Court hotels, which sit on some of the most valuable land in Ireland, according [...]

Saudis to Boost Investment in Russia

Posted on 27 July 2015

On 7 July, Saudi Arabia’s Public Investment Fund (PIF),the sovereign wealth fund of the Kingdom of Saudi Arabia declared its intent to follow through in co-investing up to $10 billion in the Russian Direct Investment Fund (RDIF). This is following up on a 21 June 2015 signing of a memorandum of understanding between the institutional [...]

Temasek chief Ho Ching extends sabbatical leave

Posted on 27 July 2015

Temasek Holdings said its chief executive officer Ho Ching has taken the option of extending her part-time sabbatical leave to six months. Her sabbatical will be completed in October. She will continue with her board duties and specific stewardship duties, the Singapore investment company said in a statement on its website.

1MDB is a debt not wealth fund

Posted on 27 July 2015

Malaysia’s sovereign wealth creation vehicle, 1MDB, is today surviving on a lease extended by the sufferings of the wage earners. It is tax money, fuel price hikes and savings from institutions that seem to head to save 1MDB with urgently needed breathing space on time.

SOFAZ announces H1 statement on revenue and expenditure

Posted on 24 July 2015

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2015 reached 4 054. 0 mln. manats, while budget expenditures constituted 4 042.1 mln. manats.

Assets of the State Oil Fund of Azerbaijan Republic fell by 3.6% to $35.8 bn in spite of budget surplus

Posted on 24 July 2015

The State Oil Fund of Azerbaijan Republic (SOFAZ) has published data on its activities in the first half of 2015. According to the Fund, its assets as of July 1, 2015 have dropped by 3.56% compared to the beginning of 2015 (USD 37 104.1 mln.) and stood at USD 35,783.3 mln. “Decrease of assets since [...]

Taiwan’s SWF plan proceeds despite opposition

Posted on 24 July 2015

Government plans to create a sovereign wealth fund in Taiwan are being met with considerable opposition. In two separate moves in recent days, it has been suggested that sovereign wealth funds be created out of Taiwan’s central bank reserves, and that the nation’s four big public investment funds be managed under a sovereign fund ‘platform’.

Atlantia, CIC, Macquarie, Allianz bidding for Tank&Rast

Posted on 24 July 2015

Italian motorway operator Atlantia, Chinese sovereign wealth fund CIC, Australian infrastructure investor Macquarie and a consortium led by insurer Allianz are vying for Germany’s Tank&Rast, according to several people familiar with the deal. The four different groups are expected to hand in final bids of up to 3.5 billion euros ($3.84 billion) for the motorway [...]

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