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VRS - who has written 16298 posts on Opalesque Sovereign Wealth Funds Briefing.


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CIC Launches Overseas Investment Fund Arm

Posted on 22 May 2015

China’s sovereign wealth fund, China Investment Corporation (CIC), has created a new direct investment arm with US$5 billion in seed capital to help Chinese companies invest overseas, according to statements made by a senior government official quoted by Chinese media.

Restructuring plans for 1MDB to be tabled next week to Cabinet

Posted on 22 May 2015

1Malaysia Development Berhad’s (1MDB) restructuring report is expected to be tabled to the Cabinet next week, Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said. He said the restructuring of the alleged debt-ridden government investment arm was possible and he had concrete plans on how to do so.

Ahmad Husni: 1MDB’s US$1b assets in BSI Bank was ‘mistaken’ as cash

Posted on 22 May 2015

Second Finance Minister Datuk Seri Ahmad Husni Mohamad says 1Malaysia Development Bhd (1MDB) has made a mistake and misinterpreted the nature of its assets kept in BSI Bank in Singapore. “I feel it was a mistake, a mistake in the nature that it was interpreted when 1MDB said that it had redeemed (US$1.1 billion from [...]

Cash, then assets, 1MDB funds in Singapore now in ‘units’

Posted on 22 May 2015

1Malaysia Development Berhad (1MDB) is experiencing “short term” cashflow problem with the ability to pay its debts, said Finance Minister II Datuk Seri Husni Hanadzlah. He assured that the Government would find a solution for the debt-laden government investment arm.

Qatar’s PSG named the best paid team in world sport

Posted on 22 May 2015

Qatar-owned Paris Saint-Germain are the best paid team in world sport according to Sportingintelligence’s new Global Sports Salaries Survey (GSSS) for 2015. The average first-team pay at the French football club has been calculated at £5.3 million ($8.3 million) per year, or £101,898 ($159,797) per week in the period under review.

Bahamas’ Sovereign Wealth Fund Bill 2014.

Posted on 22 May 2015

“Sovereign wealth funds (are) where money is set aside for investment to benefit a country and its people,” Kenred Dorsett, Minister of the Environment and Housing, Bahamas said, adding that its purpose will be to “save and invest surplus funds derived from oil, gas minerals and other natural resources to provide a heritage for future [...]

Sovereign, public pension funds investing more in real estate and infrastructure: report

Posted on 22 May 2015

Sovereign wealth funds and public pension funds have been moving aggressively into real estate and infrastructure to offset low returns in traditional markets, raising the risk of asset bubbles, said the Global Public Investor 2015 (GPI 2015) report. The survey of 500 global public-sector institutions across 180 countries found that central banks, on the other [...]

Why Long-Term Investing Can Be Dangerous

Posted on 22 May 2015

Personally, I agree that, in general, large sovereign funds and pensions should invest for the long-term. There are scores of reasons why and thousands of papers produced by asset managers, think tanks and professors who believe so. Nearly every institutional investor with over US$ 100 billion in assets subscribes to the “long-term investor” [...]

Global state investors shift into property

Posted on 21 May 2015

Big public sector investors are joining the global property boom with plans to shift significant funds into real estate and infrastructure projects over the next three to five years to boost returns. Central bankers’ forum Omfif surveyed 500 public sector institutions with total assets of $29.7tn, which already hold 9.1 per cent in real estate [...]

With oil cheap, public pressure grows on Gulf sovereign funds

Posted on 21 May 2015

Running sovereign wealth funds in the Gulf has become an awkward business in the era of cheap oil, as their managers face growing pressure from politicians and the public to prove they’re investing national reserves wisely.

Lord Hutton: Ministers must not turn LGPS into a sovereign wealth fund

Posted on 21 May 2015

There are better ways to improve the local government pension scheme (LGPS) than merging it into one big sovereign wealth fund, according to Labour peer Lord John Hutton. He warned it is a “mistake” for ministers to look at the LGPS as a future UK sovereign wealth fund (SWF) that could boost investment in infrastructure [...]

Negative Rates in Europe, Shifted Sovereign Fund Behavior

Posted on 21 May 2015

Asian and Middle Eastern sovereign wealth funds and large pension investors have been awarding a slurry of mandates to opportunistic credit managers. For example, in May, the £4.8 billion London Pensions Fund Authority hired Apollo Global Management for a £150 million allocation to target distressed debt, real estate debt, leveraged senior loans and private [...]

Elementum selected as ILS manager for Future Fund of Australia

Posted on 21 May 2015

The Future Fund, an Australian sovereign wealth investor, has selected independent insurance-linked securities (ILS) and reinsurance-linked investment manager Elementum Advisors as its first investment manager to be focused on alternative risk premia.

Australia’s Future Fund Acquires €705 Portfolio from Hayfin

Posted on 20 May 2015

Major backers of Hayfin Capital Management have reduced their stakes in the direct lender after it offloaded a €705 million portfolio of loans to Australian sovereign wealth fund The Future Fund, one of its existing investors.

Investment Corporation of Dubai posts 83% profit rise

Posted on 20 May 2015

Investment Corporation of Dubai (ICD) posted an 83.5 per cent increase in profit during the first half of last year compared with the year-earlier period, the sovereign wealth fund said. Net profit attributable to the equity holders of ICD rose to Dh12.08 billion in the six months ended June 30 compared with Dh6.58bn in the [...]

SWFs must grasp ’substantial’ greenfield opportunities

Posted on 20 May 2015

Pension and sovereign wealth funds will in future play a significantly bigger role in building urban spaces in emerging economies, despite the associated regulatory risk, the head of a leading think tank has predicted.

After latest funding, Flipkart valued at $15 billion

Posted on 20 May 2015

Flipkart has raised $550 million from some of its existing investors, in a deal that now values the company at about $15 billion, The Wall Street Journal reported on Tuesday, citing an unnamed source.

Sovereign dreams

Posted on 19 May 2015

The concept of launching a sovereign fund, as suggested by the International Monetary Fund, wins the hearts of many as long as the government heeds public opinion. Although not everyone is convinced. Three years. That, apparently, is exactly how long the city’s fiscal reserves will take to accumulate its capital to “a comfortable level”. Indeed, [...]

Australia’s Future Fund picks Elementum for reinsurance debut

Posted on 19 May 2015

Australia’s A$117bn sovereign wealth fund has hired ILS specialist manager Elementum Advisors to manage a reinsurance portfolio on its behalf.

GIC, CPPIB to acquire Seoul mall for S$348m

Posted on 19 May 2015

Sovereign wealth fund GIC and Canada Pension Plan Investment Board (CPPIB) will be acquiring the D-Cube retail mall in Seoul in a joint venture for US$263 million (S$348 million). As part of a joint venture partnership, GIC and Canada Pension Plan Investment Board will each own a 50 per cent stake in the mall next [...]

Khazanah debuts ethical Islamic bonds with annual sales planned

Posted on 19 May 2015

Malaysia’s state-owned sovereign wealth fund is about to test appetite for the nation’s first socially responsible Islamic bonds and plans to issue such debt annually. Khazanah Nasional Bhd will start marketing as much as RM150 million (US$42 million) of the seven-year sukuk today, Chief Financial Officer Mohd Izani Ghani said in a May 14 interview [...]

Khazanah to test market with Malaysia’s first ethical sukuk

Posted on 19 May 2015

Malaysia’s sovereign fund Khazanah Nasional on Monday launched the country’s first sustainable and responsible sukuk (SRI) with a RM1 billion bond programme. Khazanah will price the first issuance next week: a seven-year RM100 million sukuk that will fund the rollout of 20 new government schools this year.

POSCO to Finalize Cooperation Deal with Saudi Fund

Posted on 19 May 2015

POSCO Co., South Korea’s largest steelmaker, likely will sign a comprehensive cooperation deal with South Arabia’s sovereign wealth fund next month that includes the sale of a stake in its construction unit, industry sources said.

Azerbaijani State Oil Fund reveals revenues from Shah Deniz project

Posted on 19 May 2015

The revenues of Azerbaijani State Oil Fund from the implementation of the project for development of Shah Deniz project totaled $2.237 billion since 2007 to May 1, 2015, SOFAZ told Trend May 18.

Norway’s 2015 GDP growth prediction slashed

Posted on 19 May 2015

Economic outlook for mainland economy in Norway isn’t looking quite as rosy as original hoped, with the minority government proposing a revision to the 2.0 per cent growth predicted, revised down to 1.3 per cent. The government is planning to spur the economy slightly more with ‘oil cash’ it has in reserve, a sovereign wealth [...]

Kazakhstan Privatizing Transtelecom

Posted on 19 May 2015

Around 49 percent of the shares in Transtelecom, the large Kazakh communications operating firm, have been sold as part of a new privatization program, the Samruk-Kazyna National Welfare Fund has said, according to Kazinform.

Qatar is interested in investment in transport infrastructure, energy and agriculture

Posted on 19 May 2015

Sheikh Faisal bin Saud Al Thani, Head of Business Development - Qatar Holding at Qatar Investment Authority declared interest in investment in transport infrastructure, energy and agriculture. Representatives of the Holding met with Bulgarian Prime minister Boyko Borisov and Bulgarian ministers who pay an official visit to Doha, the governmental information service announced.

Chinese sovereign wealth fund bets on Irish property market revival

Posted on 18 May 2015

Chinese Investment Corporation (CIC), the sovereign wealth fund of the People’s Republic of China, is part of a new commercial property debt fund, which is backing the purchase of projects out of Nama. CIC is a significant investor in the WLR Cardinal Mezzanine Fund, a €350m real estate debt fund, managed by a partnership between [...]

POSCO to finalize cooperation deal with Saudi fund

Posted on 18 May 2015

POSCO Co., South Korea’s largest steelmaker, likely will sign a comprehensive cooperation deal with South Arabia’s sovereign wealth fund next month that includes the sale of a stake in its construction unit, industry sources said Sunday.

Aussies set to buy Pendolino owner

Posted on 18 May 2015

An Australian pensions giant and Abu Dhabi’s sovereign wealth fund are part of a consortium closing in on a takeover of a third of Britain’s trains. The clutch of international investors, led by Australia’s AMP Capital, is leading the race to buy Angel Trains, which was recently put up for sale by its owners. AMP [...]

Grain listing in shape with COFCO, CIC venture

Posted on 18 May 2015

COFCO Corp, China’s largest food company, is setting up a joint venture with sovereign wealth fund China Investment Corp, in preparation of a full listing for its recently acquired grain, oil and sugar assets. The cooperation with COFCO is also in line with CIC’s plans.

GIC Invests in Sulekha

Posted on 18 May 2015

Sulekha.com, India’s leading digital platform for local services, today announced that GIC, the sovereign wealth fund of Singapore, and Norwest Venture Partners, a top-tier global investment firm, have invested $ 28 M into the company. Sulekha.com will use the capital to further expand its platform that connects one of the largest bases of users and [...]

Qatari fund reportedly acquiring Vietnam’s tallest building at $800mn

Posted on 18 May 2015

A Qatari sovereign wealth fund will likely become the new owner of the tallest building in Vietnam in a US$800 million deal. The Qatar Investment Authority has accepted the $800 million price set for the acquisition of the Keangnam Landmark 72 tower in Hanoi, according to English-language website The Korea Herald, which cited “investment bankers [...]

Qatari fund denies purchase deal for Korean-invested Hanoi skyscraper

Posted on 18 May 2015

The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has denied reports that it would purchase a South Korean-invested skyscraper in Hanoi, which is the tallest building in Vietnam, Korea Joongang Daily reported Friday.

QIA calls plan to acquire Keangnam fake news

Posted on 18 May 2015

Bahn Joo-hyun, managing director of a New York-based real estate firm, has been caught in the allegations of shady dealings over an attempted sale of a building. The building is built and owned by Keangnam Enterprises, once chaired by businessman Sung Wan-jong who hanged himself from a tree on a mountain in April, following the [...]

Total Assets Of Sovereign Wealth Funds Doubled Since 2008

Posted on 18 May 2015

Preqin’s May 2015 Private Equity Spotlight focuses on sovereign wealth funds’ increasing investment in private equity. The article highlights both the growth in sovereign wealth funds and the increasing percentage of their portfolios being committed to alternative investments including private equity.

Cofco Joins With China Wealth Fund to Create Global Grain Trader

Posted on 15 May 2015

Cofco Corp., China’s largest food company, joined forces with the country’s $650 billion sovereign wealth fund to create a global grain trading house. Cofco and China Investment Corp. set up a joint venture named Cofco International as a “platform for international agriculture investment,” the food company said Thursday in a statement. Cofco owns 80.1 percent [...]

The sustainable side of oil

Posted on 15 May 2015

While an abundance of natural resources can handicap an economy, oil-based sovereign wealth funds can turn a finite resource into a sustainable financial tool. “Having large reserves of oil and gas presents an economy with considerable opportunities over the short- and long-term”, read a government-sponsored proposal for a Scottish oil fund. This was a statement [...]

British Land and GIC plan to redevelop UBS offices

Posted on 15 May 2015

British Land and GIC, Singapore’s sovereign wealth fund, won approval to redevelop a building at the Broadgate office complex in the City of London financial district. The project, known as 100 Liverpool Street, was approved on Tuesday in London after a vote by the borough council. The landlords will extend and refurbish the existing building [...]

Libya’s split SWF: risks torpedoing challenge against Western banks

Posted on 15 May 2015

Rival managements of the $67bn Libyan Investment Authority are set to fight in London courts over claims of Tripoli and Malta. The Libyan Investment Authority’s multi-billion pound claims against Goldman Sachs and Société Générale, both of which underwent pre-trial hearings in late 2014 and are due to go to trial next year, may be undermined [...]

Sovereign Wealth Funds - Cure or Curse?

Posted on 15 May 2015

What a difference one letter ’s’ makes turning cure into curse. The small addition of one letter is linguistically huge as is asking a simple question of the value of Sovereign Wealth Funds (SWFs), as the implications for the global economy are equally as profound.

Kuwait fund staff made ‘deliberately bad’ deals

Posted on 14 May 2015

Kuwait has recalled staff from the London office of its multibillion-pound sovereign wealth fund amid allegations of accounting irregularities and claims that employees deliberately made bad investments.

Qatari sovereign fund to buy Keangnam skyscraper in Hanoi

Posted on 14 May 2015

The Qatar Investment Authority has agreed to buy the Keangnam Hanoi Landmark Tower in Vietnam for $800 million and gained exclusive rights for the ensuing negotiations, it was reported Wednesday. According to investment bankers and news reports, the Qatari sovereign wealth fund has notified Colliers International, the manager of the Korean-funded building’s sale, that it [...]

Alaska Permanent Fund returns 2.8% in quarter, up 4.7% for 9-month period

Posted on 14 May 2015

Alaska Permanent Fund Corp., Juneau, returned 2.8% in the quarter ended March 31 and 4.7% in the fiscal year-to-date, said a news release from the $53.9 billion sovereign wealth fund. The fund’s strategic risk benchmark returned 2.2% and 2.7%, respectively, during the same periods. The permanent fund’s fiscal year ends June 30.

Billions in foreign money finding haven in US real estate

Posted on 14 May 2015

Blockbuster real estate deals are back and breaking records as cash from around the globe pours into U.S. office buildings, apartment complexes and other investment properties. Real estate deals surged to $129 billion during the three months through March, marking the most active start to a year since 2007, according to Real Capital. The largest [...]

Sovereign wealth funds step up their property investments in Asia-Pacific

Posted on 13 May 2015

Sovereign wealth funds are stepping up their property investments to diversify their focus from listed equity assets. Even though mainland China is an important market for the sovereign funds, they often still prefer developed markets for long-term returns.

KIC portfolio ends 2014 at $84.7 billion, up 17.6% from year before

Posted on 13 May 2015

Korea Investment Corp.’s investment portfolio was valued at $84.7 billion at the end of 2014, up 17.6% from the year before, said its latest annual report, released Monday. For the year, KIC posted a total investment gain of $2.7 billion, or 3.8%, on total assets under management after costs, and 9.79% against a basket of [...]

Temasek’s contribution sought for govt coffers

Posted on 13 May 2015

A constitutional change was sought yesterday to make Temasek Holdings a bigger contributor to the Government’s coffers, as Singapore prepares for more social and infrastructure spending. The Constitution of the Republic of Singapore (Amendment) Bill - one of six new Bills tabled in Parliament yesterday - will allow the Government to include Temasek in its [...]

CIC to set up venture to run agricultural businesses

Posted on 13 May 2015

China’s largest grain trader COFCO is setting up a venture with sovereign wealth fund China Investment Corp (CIC) to control COFCO’s investments in Dutch trader Nidera and Noble Group Ltd’s agribusiness. The venture could increase CIC’s exposure to the agricultural sector, where the $653-billion fund has said it was eyeing more investments to help China [...]

GIC Win Approval to Redevelop UBS London Offices

Posted on 13 May 2015

British Land Co. and GIC Pte, Singapore’s sovereign wealth fund, won approval to redevelop a building at the Broadgate office complex in the City of London financial district. The project, known as 100 Liverpool Street, was approved on Tuesday in London after a vote by the borough council.

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