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VRS - who has written 15858 posts on Opalesque Sovereign Wealth Funds Briefing.


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Future Fund goes haute couture, investing in fashion website Moda Operandi

Posted on 06 March 2015

The Future Fund is flexing its muscles as one Australia’s largest venture capital investors, tipping funds into a high-end fashion website as it seeks to take more direct stakes in promising technology start-ups.

China CIC Sets Up Direct Investment Unit to Boost Efficiency

Posted on 06 March 2015

China Investment Corp., the nation’s $653 billion sovereign wealth fund, set up a company in January to focus on direct equity investments, a senior executive said.The new unit, which will integrate CIC’s existing direct investment operations, will seek to work with Chinese companies looking for overseas investment opportunities, Zhao Haiying, a member of executive committee [...]

Singapore’s GIC nearly doubles stake in Merlin Entertainments

Posted on 06 March 2015

Britain’s Merlin Entertainments, the operator of Madame Tussauds waxworks and Legoland, said Singapore sovereign wealth fund GIC Private Ltd GIC.L nearly doubled its stake in the company to about 5.2 percent.

Malaysia’s 1MDB to be dismantled under debt plan: sources

Posted on 06 March 2015

Malaysia’s indebted and controversy-ridden state investor 1MDB will be left as a skeletal structure and possibly dissolved under a debt repayment plan in which most of its assets will be sold, sources with direct knowledge of the matter said.

POSCO to Accelerate Entry to Middle East Partnering with Saudi Arabia’s Sovereign Wealth Fund

Posted on 06 March 2015

POSCO is to forge a comprehensive partnership with Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, in many areas including the construction and automobile industries. POSCO Chairman Kwon Oh-joon, who has been a member of an economic mission accompanying President Park Geun-hye on her trip to the four Middle Eastern countries, met with PIF [...]

HKBN IPO priced at top of range as GIC, CVC, Carlyle raise nearly S$1b

Posted on 06 March 2015

US private equity firm CVC Capital Partners, Singapore’s sovereign wealth fund GIC and a unit of Carlyle Group raised a combined HK$5.5 billion (S$966 million) after Hong Kong’s second-largest broadband Internet provider HKBN priced its initial public offering at the top end of the marketed range, people familiar with the deal said today (March 5).

Feeling Hungry, SWFs Ramp Up Food and Agriculture Purchases

Posted on 06 March 2015

Sovereign wealth funds’ appetite for agriculture and fertilizer companies is growing as concerns about stable food supplies rise. Last year, Ding Xuedong, chief executive officer of China Investment Corp.(CIC), the country’s $650 million sovereign wealth fund, put the the issue of food security squarely on the agenda for state-owned investors. In a June 2014 op-ed [...]

Qatar Investment Authority Acquires Full Interest in Milan City Core Development Project

Posted on 06 March 2015

Qatar Investment Authority recently completed the purchase of a major development in the Italian city of Milan. The company acquired 100 percent interest in the Porta Nuova project through its wholly owned subsidiary, Qatar Holding LLC. The company had acquired a 40 percent interest in the investment funds owning the asset back in May 2013.

Dubai and South Korean sovereign wealth funds in landmark cooperation deal

Posted on 05 March 2015

Investment Corporation of Dubai (ICD), the government investment group, has struck a landmark deal with the sovereign wealth fund of South Korea to cooperate on financial opportunities around the world. The deal – signed in Dubai – involves ICD and Korea Investment Corporation (KIC) developing a platform that “facilitates communication between the two organisations, while [...]

Exec reveals how Brookfield, Qatar conquered Canary Wharf

Posted on 05 March 2015

Brookfield Property Partners’ chief executive has lifted the lid on the three-month long battle for Canary Wharf, which culminated in the largest UK property deal for a decade. Canada’s Brookfield and the Qatar Investment Authority (QIA), the state’s sovereign wealth fund, first launched their £2.6bn bid for Songbird, the estate’s owner, in November.

ICD to develop $1bn office project in Dubai

Posted on 05 March 2015

Investment Corporation of Dubai (ICD), the state’s sovereign wealth fund, has partnered with Canadian property manager Brookfield to build a $1 billion development in the heart of the emirate’s financial district, said a report.

Saudi Arabia sovereign fund to invest in POSCO E&C

Posted on 05 March 2015

Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is forecast to take a big stake in POSCO Engineering & Construction. “The deal is included in a comprehensive partnership agreed between PIF and POSCO,’’ a company official said on Wednesday.

Polye Queries LNG Revenue Commitments Outside Of Sovereign Wealth Fund

Posted on 05 March 2015

Opposition Leader Don Polye is concerned about the government’s prior usage of the LNG revenues without the establishment of Sovereign Wealth Fund. “When the work on the set-up of SWF was still in progress, advance payments were made to purchase oil search shares and CUE Energy purchase.

JTC, Temasek to merge urban solutions units

Posted on 05 March 2015

JTC Corporation, the Singapore government agency responsible for the development of industrial infrastructure, and Singapore investment company Temasek have entered into an agreement to merge four of their operating subsidiaries into an integrated platform for sustainable urban development.

CVC, GIC, Carlyle raise $750 mln after HKBN prices IPO at top of range

Posted on 05 March 2015

Private equity firm CVC Capital Partners, a unit of Carlyle Group LP and Singapore’s sovereign wealth fund GIC raised a combined $750 million after Hong Kong’s second-largest broadband Internet provider, HKBN, priced its initial public offering at the top of expectations, IFR reported on Thursday citing people familiar with the deal.

Hong Kong’s new €25bn sovereign fund to target real estate

Posted on 05 March 2015

Hong Kong’s planned new €25bn sovereign wealth fund could invest 50% of its assets in alternative assets, including real estate and private equity, signaling the arrival of a sizeable and powerful new player on the international property scene.

SWC Talks to Panama’s SWF on New Equity Strategies

Posted on 05 March 2015

The Panama Canal is a renowned feat of engineering — but by the early 2000s its century-old infrastructure was creaky, and it was struggling to meet demand. In 2006, the Panamanian government started a project to renovate the canal and double capacity. Anticipating a big increase in revenue, Panama in 2012 created a new [...]

Norway Pushed to Review Oversight of World’s Biggest Wealth Fund

Posted on 04 March 2015

Norway’s $880 billion sovereign wealth fund is facing new calls for tighter oversight as the government prepares its annual strategy document. Labor, Norway’s largest political party, wants to use the process to reassess the supervision framework as the fund’s rapid growth and expanding investment universe may require “more comprehensive management,” said Torstein Tvedt Solberg, who [...]

Russian state’s rainy day fund drops as finances squeezed

Posted on 04 March 2015

The Russian government’s rainy-day fund has shrunk by almost 10 percent in dollar terms in February after the state sought to fill a hole in its budget, where revenues have suffered due to low oil prices. The Reserve Fund is used to support Russian public finances in time of low oil and gas prices and [...]

Russian Wealth Fund Falls Most Since 2010 as Deficit Widens

Posted on 04 March 2015

Russia’s Reserve Fund dropped the most in more than four years last month as the government unsealed one of the country’s two sovereign wealth funds to cover a widening budget deficit.

UK Pensions Told to Copy Canada, SWFs

Posted on 04 March 2015

UK pensions should be able to compete on the international stage, and can draw inspiration from major overseas investors, London’s pensions body believes. The UK’s public sector pensions should be competing for infrastructure assets alongside sovereign wealth funds and other major international investors, the deputy chairman of the London Pension Fund Authority (LPFA) has said.

Dubai to build $1bn financial zone development

Posted on 04 March 2015

Dubai’s sovereign wealth fund is to build a $1bn development in the heart of the emirate’s financial district, the first new construction project there since the real estate crash of 2008. The development, next to the core cluster of Dubai International Financial Centre buildings, is also the first project by a joint venture between Investment [...]

Oil Price Slump: NSIA Rules Out Withdrawal from SWF

Posted on 04 March 2015

The federal government is unlikely to make withdrawals from Nigeria’s Sovereign Wealth Fund (SWF), even as the price of crude oil declines. The Nigeria Sovereign Investment Authority (NSIA), set up in 2012, isn’t yet large enough to make withdrawals worthwhile, the organisation’s Managing Director/Chief Executive, Mr. Uche Orji, said in an interview with Bloomberg Television [...]

Fund cuts US investment in Europe push

Posted on 04 March 2015

The Kuwait Investment Office (KIO), the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on US assets after keeping that position for seven years, its chief executive said.

Middle East and Africa private wealth set to hit $7.2t by 2018

Posted on 04 March 2015

With private wealth in the Middle East and Africa projected to reach $7.2 trillion by 2018, Dubai International Financial Centre is well positioned with its laws and regulations modified specifically to help firms tap this opportunity and bring world-class wealth management competence into the region, Abdul Aziz Al Ghurair, vice-chairman of the Dubai International Financial [...]

Transparency International joins calls for probe of Malaysia fund 1MDB

Posted on 04 March 2015

Anti-graft watchdog Transparency International on Tuesday (Mar 3) joined mounting calls for Malaysia’s prime minister to launch an investigation into a sovereign wealth fund hit by reports of murky deals and missing millions. The state-backed fund, 1Malaysia Development Bhd (1MDB), has quickly emerged as a major liability for premier Najib Razak, who championed its launch [...]

MAS turnaround takes off with Khazanah’s $603m boost

Posted on 04 March 2015

Sovereign wealth fund Khazanah Nasional said yesterday it will kick-start the immensely challenging task of turning around flag carrier Malaysia Airlines (MAS) with a RM1.6 billion (S$603 million) injection and cost savings through contract reviews.

How Temasek Has Driven Singapore’s Development

Posted on 04 March 2015

Last year marked the 40th anniversary of Temasek, one of Singapore’s two sovereign investment funds (SIFs), along with the Government Investment Corporation (GIC). Set up in 1974 as part of the newly independent city-state’s nation- building effort, Temasek has evolved from a sleepy holding company shepherding an initial portfolio of 35 inherited government-linked companies (GLCs) [...]

Temasek faces new normal as Singapore eyes funds

Posted on 04 March 2015

Temasek Holdings’s long-term investing strategy will have to include more short-term and liquid assets after the Government opened up the option to draw more funds from the state-owned investment company.

Future Fund seeks global tax consultant

Posted on 03 March 2015

The $110 billion Future Fund is in the market for a global tax consultant to help the sovereign wealth fund put its tax affairs in order following the Lux Leaks scandal that erupted last year. The tender for the Future Fund’s new Melbourne tax service comes just months after the group was revealed to have [...]

Chinese Investors End Bid for New China Life Insurance Stake

Posted on 03 March 2015

A consortium of Chinese investors including Yunfeng Capital ended talks to acquire a $5.7 billion stake in New China Life Insurance Co. from China’s sovereign-wealth fund due to difficulty in agreeing on a price and other terms after a sharp run-up in the insurer’s shares.

Temasek: Inclusion in NIR framework will not affect strategy or dividend policy

Posted on 03 March 2015

The move to include the projected earnings of Temasek Holdings in the Net Investment Returns (NIR) framework will not impact the investment holding company’s strategy or dividend policy, a spokesperson for Temasek said. Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam announced the inclusion of Temasek’s total expected returns into the NIR framework in his [...]

No change to Temasek investment strategy despite capital-gains inclusion

Posted on 03 March 2015

Temasek Holdings said it will not change its strategy of seeking sustainable long-term investment returns, amid suggestions that it should hold more liquid assets and settle for lower returns now that its capital gains are to be included in the Government’s coffers.

Nigerian Sovereign Fund Doesn’t Expect State to Tap It for Funds

Posted on 03 March 2015

The government of Nigeria is unlikely to make withdrawals from the sovereign wealth fund in Africa’s largest oil producer, even as the price of crude declines. The Nigeria Sovereign Investment Authority, set up in 2012, isn’t yet large enough to make withdrawals worthwhile, Uche Orji, managing director and chief executive officer, said in an interview [...]

Angolan sovereign wealth fund eyes hotel investments

Posted on 03 March 2015

The Angolan sovereign wealth fund, Fundo Soberano de Angola (FSDEA), was officially launched in October 2012 with US$5bn in initial capital, and reportedly receives a $3.5bn injection a year from Angolan oil proceeds.

Kuwait sovereign fund turning its focus from US to EU investments

Posted on 03 March 2015

The Kuwait Investment Office (KIO), the London branch of Kuwait’s sovereign wealth fund, is gradually cutting its exposure to the United States in favour of Europe, its chief executive said. The KIO a unit of the Kuwait Investment Authority (KIA), is boosting its investments in Europe because of the bond-buying programme in euro zone countries [...]

Kuwait Buys European Stocks Versus U.S. on ECB Easing

Posted on 03 March 2015

The Kuwait Investment Office, part of the Gulf state’s sovereign wealth fund, will increase its allocation to European equities as it shifts away from U.S. stocks. The KIO is reducing its overweight allocation to U.S. equities, that it has held for the past seven years, Osama Alayoub, chief executive officer of the fund, said.

Abu Dhabi fund kicks off bidding war for London luxury hotels

Posted on 03 March 2015

The Abu Dhabi Investment Authority has made a £1.6bn takeover offer for a trio of London’s luxury hotels, in a move that could resolve an acrimonious ownership dispute.The bid from the Middle Eastern sovereign wealth fund for London landmark Claridge’s, along with The Connaught and The Berkeley, values the hotels at £3m per key — [...]

Exactly where sovereign wealth funds are stashing their cash

Posted on 03 March 2015

The world’s premier state-owned investment decision money have been investing profits from oil and fuel reserves to economical markets to aid diversify absent from their reliance on commodities.

India’s de-facto sovereign wealth fund

Posted on 02 March 2015

Finance minister Arun Jaitley said the National Investment Trust, which the government plans to set up as a vehicle to drive its infrastructure push will be an independent entity managed by world class professionals. “We have said effectively this will be a de-facto sovereign wealth fund. We are putting in Rs 20,000 crore a [...]

Temasek faces new normal as Singapore eyes funds

Posted on 02 March 2015

Temasek Holdings’s long-term investing strategy will have to include more short-term and liquid assets after the Government opened up the option to draw more funds from the state-owned investment company.

Singapore investors complete $8.1 billion IndCor acquisition

Posted on 02 March 2015

Global Logistic Properties and Singapore’s sovereign wealth fund completed their acquisition of IndCor Properties, the Chicago-based industrial landlord valued at $8.1 billion. Singapore-based Global Logistic said it acquired 55 percent of the IndCor portfolio and plans hold a 10 percent stake after syndicating the investment, while GIC, the sovereign wealth fund, owns 45 percent.

NZ Super Fund challenges European senior bank debt precedent

Posted on 02 March 2015

The New Zealand Superannuation Fund is concerned its loss of US$150 million in the collapse of Portugal’s Banco Espirito Santo has set a precedent endangering protections for holders of senior bank debt under Europe’s new bank resolution laws.

Khazanah to float RM1b sukuk to fund schools

Posted on 02 March 2015

Khazanah, Malaysia’s sovereign wealth fund, yesterday announced plans to issue a sukuk (Islamic bond) worth up to RM1 billion to help fund schools. The fund’s managing director Tan Sri Azman Mokhtar, speaking to Reuters on the sidelines of an Islamic finance function here, said the planned “social impact sukuk” is awaiting regulatory approval from Malaysian [...]

Of Najib, 1MDB & the DISAPPEARANCE of Malaysia’s public funds

Posted on 02 March 2015

The statements given by Prime Minister Datuk Seri Najib Razak and 1Malaysia Development Berhad (1MDB) chairman Tan Sri Lodin Wok Kamaruddin pertaining to the funding and the status of the 1MDB, and whether it involves public funds or not, are rather confusing for the people to grasp.

Abu Dhabi fund in $2.5bn bid for Claridge’s hotel owner

Posted on 02 March 2015

Abu Dhabi’s sovereign wealth fund has launched a $2.5 billion takeover bid for Maybourne Hotel Group, owner of luxury London hotels Claridge’s, the Berkeley and the Connaught. According to a report in the Sunday Times, Abu Dhabi Investment Authority (ADIA) has sent a letter declaring interest in Maybourne’s holding company Coroin.

Qatar sovereign fund buys full control of €2bn Milan Porta Nuova

Posted on 02 March 2015

Nearly two year after it bought an initial minority stake, sovereign wealth fund Qatar Investment Authority is taking full control of the giant €2bn-plus Porta Nuova development in the heart of Milan from a consortium of investors led by Hines Italia.

Mumtalakat ‘has no plans to sell assets’

Posted on 02 March 2015

Mumtalakat does not plan to sell off any assets this year and would pursue business projects as usual, its top official has said. The sovereign wealth fund’s chief executive Mahmood Al Kooheji said this during a keynote interview on the fund’s priorities for the year ahead and the importance of transparency and corporate governance.

Angolan sovereign wealth fund seeks mine, timber investments

Posted on 02 March 2015

Angola’s $5 billion sovereign wealth fund, Fundo Soberano de Angola, is seeking investments in mining, timber, health and agriculture in order to diversify its asset base and increase returns. “A large portion of the portfolio is invested in international securities,” Jose Filomeno dos Santos, the fund’s chairman, said in an interview with Bloomberg Television on [...]

SOFAZ to expand currency basket

Posted on 02 March 2015

Azerbaijan’s state oil fund SOFAZ which is in charge of accumulating and managing the country’s oil and gas revenues, keeps on agenda the inclusion of Chinese yuan in the Fond’s currency basket. SOFAZ head Shahmar Movsumov told Trend that SOFAZ’s all assets, including the investment portfolio, are in foreign currency.

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