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VRS - who has written 15428 posts on Opalesque Sovereign Wealth Funds Briefing.


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New Mexico earmarks $400m for real estate fund commitments in 2015

Posted on 19 December 2014

The New Mexico State Investment Council is to allocate $300m-400m (€320.9m) to real estate funds next year. Vince Smith, deputy investment officer for New Mexico, said most of the capital will be placed in a non-core strategy.

Angola Sovereign Fund invests in building hotel academy in Benguela

Posted on 19 December 2014

The Angola Sovereign Fund (FSA) announced that it plans to invest in setting up an academy for training in the hotel business, in Benguela, which should start operating at the end of 2015.

Sovereign funds eye Mumbai’s commercial complex

Posted on 19 December 2014

Global pension and sovereign funds including Canada Pension Plan Investment Board (CPPIB), APG, Abu Dhabi Investment Authority are in talks with private equity firm Milestone Capital to acquire 1.12-million-sq-ft commercial property 247 Park in Mumbai, two persons familiar with the development said. The deal, expected to be valued over Rs 1,000 crore, indicates the rising [...]

We’re sorry, Jentayu Danaraksa tells Khazanah Nasional

Posted on 19 December 2014

Jentayu Danaraksa Sdn Bhd (JD) today expressed its profound regret over events that have transpired since the company’s media briefing on Dec 15. “We sincerely hope we have the opportunity to share, elaborate and explain in greater detail our proposal to Khazanah Nasional Bhd and apologise if we have caused any inconvenience,” JD said in [...]

Khazanah rejects Malaysia Airlines’ assets bid

Posted on 19 December 2014

Malaysian sovereign wealth fund Khazanah Nasional Berhad has poured cold water on a proposal from Malaysian venture capitalists to buy selected assets of the recently delisted Malaysia Airlines (MAS).

Khazanah brushes off Jentayu plan

Posted on 19 December 2014

Khazanah Nasional Bhd was dismayed with Jentayu Danaraksa Sdn Bhd’s “unprofessionalism” in presenting its proposed complementary plan to rescue ailing Malaysia Airlines (MAS), describing it as “a very unusual way of conducting business in corporate Malaysia”, sources said.

Ahmad Maslan: 1MDB should engage more with the public

Posted on 19 December 2014

The management of state investment fund 1Malaysia Development Bhd (1MDB) should increase public engagement to be more transparent and avoid any unclear accusations against the company, said Deputy Finance Minister I Datuk Ahmad Maslan.

1MDB should clear the air, says Ahmad Maslan

Posted on 19 December 2014

Putrajaya today urged the top management of embattled 1Malaysia Development Bhd (1MDB) to face the public and clear the air over the company’s finances, theedgemarkets.com reported.

Norway Central Bank to Decide Oil Fund Exclusions

Posted on 19 December 2014

Norway’s government said Thursday that from Jan. 1 the central bank will take over deciding which companies to exclude from the portfolio of the country’s sovereign-wealth fund and that it would no longer have the final word. “The changes in the governing documents are a result of a long-term effort to strengthen the work on [...]

Nigeria: $1bn not missing from ECA account – minister

Posted on 19 December 2014

Nigeria’s Minister of Finance, Dr Ngozi Okonjo-Iweala, has said that no money is missing from the Excess Crude Account (ECA).Okonjo-Iweala said in Abuja on Wednesday while presenting the proposed 2015 budget that the report that $1 billion was missing from the account was not true.

Qatar’s New Diversification Fund Attracts Investors

Posted on 19 December 2014

Qatar is the richest country in the world, when figured on a per capita basis. In 2005, to reduce the risk to its surplus income from oil and gas revenues from fluctuations in energy prices, it launched its sovereign wealth fund the Qatar Investment Authority (QIA), which now reportedly manages as much as $300 billion.

Qatar Investment Authority picks up $150 Million stake in Flipkart

Posted on 19 December 2014

Qatar Investment Authority (QIA) has picked up a $150-million stake in India’s e-commerce poster boy Flipkart, which closed a $700-million fund-raising on Wednesday, sources directly involved with the matter said.

Ex-Wall Street executive founds community for sovereign women

Posted on 18 December 2014

The founder of a new women-focused organization explains its rationale and goals to Opalesque. Sefi Shliselberg worked on Wall Street, at Moody’s and Deutsche, for many years and got to meet many people from the sovereign financial sector; she realized that the few women working there did not know each other, and there were no [...]

GIC to develop two projects near Delhi

Posted on 18 December 2014

Sovereign wealth fund GIC continues to have a strong appetite for real estate - turning its sights on India for its latest deal. It has entered into a joint venture with Indian property firm Vatika Group to develop two residential projects in Gurgaon near the nation’s capital New Delhi. The two firms said in a [...]

India HDFC’s fund targets raising $500 million for real estate: sources

Posted on 18 December 2014

A private equity fund set up by Housing Development Finance Corp Ltd (HDFC.NS), India’s biggest mortgage lender, is targeting raising $500 million to invest in residential real estate projects, said people directly involved in the process.

Adyen raises S$326m in new funds from investors

Posted on 18 December 2014

Adyen, a payments processor, has raised US$250 million (S$326 million) in new funds from a group of investors including Singapore’s Temasek Holdings, global growth equity investor General Atlantic, Index Ventures and Felicis Ventures. This is one of the largest amounts raised so far this year in the sector.

Putin’s Secret Gamble on Reserves Backfires Into Currency Crisis

Posted on 18 December 2014

Kremlin insiders gathered in secret last February to answer a crucial question for Vladimir Putin: Could Russia afford the economic blowback from taking over Crimea? Moscow said yes. Markets aren’t so sure.

The only cure for what plagues Russia

Posted on 18 December 2014

Belatedly, financial markets have realised that July 16 was Russia’s Lehman moment. On that day, the US imposed sectoral sanctions on Russia because of its military aggression in eastern Ukraine. Two weeks later the EU introduced similar sanctions. However, it was only in December that the markets recognised the severity and tenacity of the financial [...]

$1 bn excess crude money “missing” as FAAC meeting ends in confusion

Posted on 18 December 2014

The Federation Accounts Allocation Committee, FAAC, meeting for November ended in confusion Tuesday as representatives of Nigeria’s 36 states and the Federal Capital Territory accused the federal government of not accounting for about $1billion(N168 billion) of excess crude oil money.

Gulf can cope with low oil: IMF

Posted on 18 December 2014

The Arab energy exporting states of the Gulf can cope comfortably with sliding oil prices, an International Monetary Fund official said on Tuesday, as a plunge in regional stock markets showed some local investors were panicking. Most of the GCC countries have quite significant buffers in the form of foreign assets in sovereign wealth funds [...]

Russian oil major Rosneft to get aid from Welfare Fund for at least 2 projects — CEO

Posted on 17 December 2014

The Russian government will support at least two out of oil major Rosneft’s seven projects for financing from the National Welfare Fund, Rosneft CEO Igor Sechin said on Tuesday.

China: CIC’s opaque offshore investment plans

Posted on 17 December 2014

In early September, Li Jiange, the vice-chairman of Central Huijin Investment, said something rather puzzling while speaking at a banking conference in Germany. “When we invest in China, efficiency and investment return has gone down,” he said, through a translator. “If we can then expand abroad, then we are highly interested in looking into European [...]

1MDB In RM42 Billon Debt - Is Malaysia On The Verge Of Financial Turmoil?

Posted on 17 December 2014

For the more political-aware and savvy people of Malaysia, the name Datuk Seri Khairuddin Abu Hassan would probably ring a bell. He was propelled into the limelight when he published the controversial book “50 Dalil Kenapa Anwar Ibrahim Tidak Boleh Jadi PM” that was used against Anwar and eventually contributed to the former Deputy Prime [...]

Why table hudud bill now, PKR asks Kelantan PAS

Posted on 17 December 2014

PKR today questioned the timing of a special state assembly meeting to discuss the implementation of hudud in Kelantan, just as Umno and Barisan Nasional were thrust firmly under the 1Malaysia Development Berhad (1MDB) spotlight.

Jentayu, Khazanah meet on MAS takeover postponed

Posted on 17 December 2014

The highly anticipated meeting between Jentayu Danaraksa Sdn Bhd and Khazanah Nasional Bhd to discuss the unknown firm’s RM8.75 billion plan to save ailing Malaysia Airlines (MAS) have been postponed indefinitely.

Jentayu laments Khazanah cancelling meeting to discuss MAS takeover

Posted on 17 December 2014

Jentayu Danaraksa Sdn Bhd is disappointed with the sudden cancellation of its meeting with Khazanah Nasional Berhad to discuss its RM8.75 billion plan to save ailing Malaysia Airlines (MAS).

Qatar Fund Acquires HSBC’s London Base From Korean Pension Fund

Posted on 17 December 2014

Qatar Investment Authority, the sovereign-wealth fund seeking to gain control of London’s Canary Wharf financial district, bought the headquarters of HSBC Holdings Plc from the National Pension Service of Korea.

Qatar Replaces Top Dealmaker at $100b Wealth Fund

Posted on 16 December 2014

Ahmed Al-Sayed, the Qatari dealmaker who played a pivotal role in some of the Gulf state’s biggest overseas investments, has been replaced as chief executive officer of the nation’s $100 billion sovereign-wealth fund. Royal family member Sheikh Abdullah bin Mohamed bin Saud al-Thani was named to head the state-owned Qatar Investment Authority, which owns stakes [...]

Qatar Fund Buys HSBC’s London Headquarters

Posted on 16 December 2014

Qatar’s sovereign-wealth fund has completed the purchase of the London headquarters of HSBC Holdings PLC, in the U.K.’s largest-ever real-estate deal, giving Qatar a huge slice of Canary Wharf office space even if it fails in its bid to buy the company that owns much of the rest of the business district.

Singapore’s GIC forms venture with Vatika Group

Posted on 16 December 2014

GIC Pte Ltd, Singapore’s sovereign wealth fund, formed a joint venture with property developer Vatika Group for two residential projects near New Delhi, the two firms said in a statement on Monday.

Singapore’s GIC enters Indian residential property joint venture

Posted on 16 December 2014

GIC has entered a joint venture on Indian residential housing.Singapore’s sovereign wealth fund said it agreed to co-invest in the development of two residential projects with local builder the Vatika Group.

Emperador OKs issuance of shares to GIC affiliate

Posted on 16 December 2014

Andrew Tan-led Emperador Inc. has approved the issuance of shares of up to P22 billion to Arran Investment Private Limited, an affiliate of Singapore’s sovereign wealth fund GIC.

Spies drawn by Norway’s wealth

Posted on 16 December 2014

Norway’s emergence as a wealthy country, with one of the biggest and most powerful investment funds in the world, is being cited as one of the reasons that spies are targeting Norwegian government and business leaders. More reports on Monday of advanced spying equipment detected in and around Oslo puts Norway on the list of [...]

Why Sovereign Wealth Funds Need Private Equity

Posted on 16 December 2014

According to the Sovereign Wealth Fund Institute (SWFI), direct sovereign wealth fund transactions from the 3rd Quarter of 2014 back 12 months, totaled US$ 203.61 billion. This is an unprecedented amount of sovereign wealth capital flowing toward direct investing in assets and companies. With that being said, sovereign wealth funds are constantly on [...]

Julie Bishop urging PNG to establish a sovereign wealth fund

Posted on 15 December 2014

Julie Bishop is in Papua New Guinea urging its government to establish a sovereign wealth fund to ensure the whole nation benefits from its natural gas boom. Ms Bishop flew to PNG yesterday with Immigration Minister Scott Morrison, Defence Minister David Johnston and Justice Minister Michael Keenan for talks that will also focus on [...]

Energy revenues focus of Aust-PNG talks

Posted on 15 December 2014

Australia will encourage Papua New Guinea to set up a sovereign wealth fund to take advantage of revenues from a new LNG project. Foreign Minister Julie Bishop will on Sunday fly to PNG to chair the annual Australia-Papua New Guinea Ministerial Forum, and she said the country’s booming economy will be a major focus of [...]

National pension fund sells office building in London

Posted on 15 December 2014

South Korea’s national pension fund said Sunday it has sold a prime office building in London to Qatar’s sovereign wealth fund, reaping a profit of 960 billion won (US$871 million).

Despite probe, Najib must answer questions on 1MDB, says DAP leader

Posted on 15 December 2014

Prime Minister Datuk Seri Najib Razak cannot turn his back on 1Malaysia Development Berhad (1MDB) just because police have begun their investigations into the alleged improprieties in the management of the sovereign wealth fund, said Lim Kit Siang.

1MDB top officials received tongue-lashing from Dr M, says veteran journalist

Posted on 15 December 2014

Top officials of 1Malaysia Development Berhad (1MDB) received a tongue-lashing from former prime minister Tun Dr Mahathir Mohamad during a recent meeting, veteran newsman Datuk A. Kadir Jasin said.

Umno leader’s police report against 1MDB proves fund in trouble, says DAP

Posted on 15 December 2014

The police report lodged against controversy-ridden 1Malaysia Development Berhad (1MDB) by an Umno leader yesterday is proof that the company’s finances are in shambles even as it continues the struggle to pay off its burgeoning debts, said DAP’s Tony Pua.

Penang Umno leader lodges report against 1MDB

Posted on 15 December 2014

A Penang Umno division leader today lodged a report against Putrajaya’s controversial sovereign wealth fund 1Malaysia Development Berhad over the mismanagement of its finances. Khairuddin Abu Hassan, who is Batu Kawan division leader, lodged the report at the Dang Wangi district police headquarters earlier today.

Cabinet discussed 1MDB issue at this week’s meeting, say sources

Posted on 15 December 2014

The controversy-ridden 1Malaysia Development Bhd (1MDB) was discussed at this week’s Cabinet meeting chaired by Deputy Prime Minister Tan Sri Muhyiddin Yassin after a minister brought up the issue, sources confirmed today.

Dominique Senequier: A French financier’s burden

Posted on 15 December 2014

On a mild autumn day about three months ago, the head of China’s main sovereign wealth fund visited an office on Place Vendôme in Paris, just across from the Ritz Hotel. Accompanied by his staff — but with no attendant fanfare — Ding Xuedong, chairman of China Investment Corporation, had come to pay his respects [...]

Norway’s Oil Decline Accelerating

Posted on 15 December 2014

Since 1990, Norway has diverted much of its oil earnings to a sovereign wealth fund, which has become the world’s largest. The money, reaching $890 billion as of June 2014, amounts to $178,000 for every Norwegian citizen. The sovereign wealth fund helps Norway avoid some of the problems associated with the “resource curse” by investing [...]

BTK project to contribute to diversification of Azerbaijan’s economy – ambassador

Posted on 15 December 2014

Baku-Tbilisi-Kars railway project will make contribution to the diversification of Azerbaijan’s economy and allow to turn it to a regional center, Turkey’s Ambassador to Azerbaijan, Ismail Alper Coskun told reporters. He said there can be delays for economic and technical reasons in the process of implementation of such major projects.

Bahrain fund sells McLaren shares to Dennis

Posted on 15 December 2014

Bahrain’s sovereign wealth fund Mumtalakat has agreed to sell some of its stake in McLaren to the Formula One team’s overall head Ron Dennis, who is set to become the majority shareholder.

Alberta caught in a fiscal bind

Posted on 15 December 2014

However, when it comes to oversight of the bounty afforded by natural resource revenues, Alberta has not been as persistent as other jurisdictions when it comes to investing natural resource rents in sovereign wealth funds. An adequately managed fund would have resulted in a substantial sum that could yield earnings to help stabilize the province’s [...]

Singapore’s GIC buys Rio de Janeiro office tower

Posted on 12 December 2014

Singaporean sovereign wealth fund GIC Pte Ltd has agreed to buy an office building in Brazil’s Rio de Janeiro for an undisclosed amount, in its first wholly owned investment in Latin America.

Russian Direct Investment Fund and IDFC sign MoU to invest $1 bn

Posted on 12 December 2014

The Russian Direct Investment Fund (RDIF) and financial services company IDFC Ltd on Thursday signed a memorandum of understanding for up to $1 billion in joint investments in infrastructure and related industries, IDFC said in a statement. Each company will invest up to $500 million in the joint projects.

Tata Power, RDIF to explore investment opportunities in Russia

Posted on 12 December 2014

Seeking to strengthen its international footprint, Tata Power, along with Russian sovereign wealth fund RDIF, will explore investment opportunities in the Russian energy sector.

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