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VRS - who has written 16141 posts on Opalesque Sovereign Wealth Funds Briefing.


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Kazakhstan may establish an innovation company in the Silicon Valley

Posted on 16 April 2015

Kazakhstan’s Sovereign Wealth Fund Samruk-Kazyna is considering establishment of a daughter company, Samruk Innovation, in the Silicon Valley in the United States. The Fund reported that the possibility of creating such a company was considered within the framework of the visit of working group leaders of a number of companies Samruk-Kazyna to Silicon Valley under [...]

A shale gas wealth fund for northern England, but what about the south?

Posted on 16 April 2015

The UK’s Conservative party, running neck-to-neck in the polls with the Labour party ahead of the country’s May 7 general election, has released its 2015 manifesto. Among the commitments is a pledge to establish a shale gas wealth fund for the north of England.

Macau’s sovereign fund proposal ready in Q4

Posted on 16 April 2015

The AMCM head says Macau will support the central government’s ‘one belt, one road’ development strategy and the China-led Asian Infrastructure Investment Bank. The president of the Monetary Authority of Macau (AMCM), Anselmo Teng, said the authorities are trying to have the Macau SAR investment fund’s detailed proposal ready by the fourth quarter of this [...]

Temasek chief to take 3-month sabbatical

Posted on 16 April 2015

Ho Ching, Temasek chief executive, is taking a three-month “part-time sabbatical”, the Singapore state investment agency said on Wednesday. Ms Ho has headed Temasek since January 2004 and will continue with “board duties and specific stewardship duties”, according to a two-line statement.

Temasek’s Ho Ching to spend time on ‘longstanding things’ during sabbatical

Posted on 16 April 2015

Temasek Holdings’ chief executive Ho Ching said on Wednesday she plans to “spend some time on a couple of longstanding things” which she has wanted to do during her three-month sabbatical leave.

Temasek is single-largest foreign investor in Chinese banks: report

Posted on 16 April 2015

Singapore’s Temasek Holdings is the single-largest foreign investor in Chinese banks, data from SNL Financial showed on Tuesday. And this comes as Chinese banks have outdone their peers in the region, according to indices from SNL. Its SNL China Bank index gained 34.71 per cent in the one year through March 31, far outperforming the [...]

Singapore’s GIC to acquire Shriram SEZ

Posted on 16 April 2015

Singapore’s sovereign wealth fund GIC is in advanced talks to acquire Shriram Group’s nearly 2 million sqft IT SEZ in Chennai for Rs 860 crore ($136 million), marking its third big-ticket commercial office purchase in the last five months in India.

Qatar’s outbound property purchases largest in the Gulf

Posted on 16 April 2015

Middle East sovereign wealth funds (SWFs) cut their new investments in real estate in the rest of the world by almost a third last year because of the plunge of oil prices, consultants CBRE estimated. However Qatar’s $4.87 billion of outbound property purchases made it the largest source of capital from the Middle East. Saudi [...]

Abu Dhabi Investment Authority to place remaining shares in Deutsche Annington

Posted on 16 April 2015

Abu Dhabi Investment Authority to place remaining 23.5 mln shares in Deutsche Annington at 750 mln euros - source. Price range for Deutsche Annington between 30.80 euros and 31.79 euros - source.

Down Under, SWFs Compete for Hard Assets Amid Rising Prices

Posted on 16 April 2015

Across Australia, sovereign wealth funds are buying up real estate and infrastructure, hoping to profit from favorable long-term demographic trends. But as prices rise and competition heats up, is the window of opportunity closing? On March 27, voters in New South Wales, Australia, returned right-wing Liberal politician Mike Baird to power as state premier at [...]

Sovereign Wealth Funds Increase CRE Allocations, Falling Oil Prices or Not

Posted on 16 April 2015

In spite of concerns about how falling oil prices might affect sovereign wealth funds’ investment strategies, the funds’ have been steadily growing their assets under management well into March of this year, according to a report from London-based research firm Preqin. In fact, the proportion of sovereign wealth funds investing in real estate assets has [...]

Norway oil fund begins policy of revealing how it votes

Posted on 15 April 2015

Norway’s $880bn oil fund will on Wednesday usher in a new era in corporate governance when it begins to disclose in advance how it will vote at companies’ shareholder meetings, in a bid to become a more active investor.

Govt appoints Future Fund board members

Posted on 15 April 2015

The federal government has appointed Carolyn Kay and Jane Wilson as new board members of Australia’s $100 billion sovereign wealth fund. Finance Minister Mathias Cormann said today that Ms Kay and Dr Wilson had been made members of the Future Fund Board of Guardians for the next five years.

Temasek launches up to $25 mln selldown in Shanghai Pharma - IFR

Posted on 15 April 2015

Singapore state investor Temasek Holdings on Tuesday launched a selldown of up to $25 million in Shanghai Pharmaceuticals, IFR reported, citing a term sheet of the transaction.

Singapore’s Temasek buys debt finance company SVB India

Posted on 15 April 2015

The Singapore government-controlled Temasek Holdings has acquired debt financing company SVB India Finance for about Rs 300 crore. This marks Temasek’s entry into the venture-debt lending market. After the acquisition, SVB India Finance has been renamed InnoVen Capital India.

GIC in luck with $65m block as it exits Far East Horizon

Posted on 15 April 2015

Singapore’s GIC made a complete exit from Hong Kong-listed Far East Horizon on the evening of April 13, netting HK$506.77m ($65m) in the process, with pricing driven by funds’ desire for a lucky number.

Angola Sets Up Five Venture Capital Funds Worth $1.4 Billion

Posted on 15 April 2015

The Angola Sovereign Fund has set up five venture capital funds for high-growth industries and the economic and social development of Angola and sub-Saharan Africa, the fund said in a statement sent to Macauhub.

Sovereign wealth funds driving Middle East deals

Posted on 15 April 2015

Barclays sees local firms and sovereign wealth funds driving Middle East deals after advising on about $15 billion (R180bn) of equity and mergers and acquisition (M&A) transactions in the first quarter.

Mideast Sovereign Funds Cut Outbound Property Purchases 31% In 2014 – CBRE

Posted on 15 April 2015

Middle East sovereign wealth funds (SWFs) cut their new investments in real estate in the rest of the world by almost a third last year because of the plunge of oil prices, consultants CBRE estimated. Outbound property investment by the SWFs, the vast majority of which are from the wealthy Gulf Arab oil exporters, dropped [...]

How Sovereign Wealth Funds Can Benefit From Changing Global Trends

Posted on 15 April 2015

Size, investment horizons, and few liabilities make sovereign wealth funds a unique investor class. In a low-yielding environment, such characteristics mean those funds have discreet advantages. Institutional investors face a new landscape — one shaped by zero-interest-rate policies of many central banks, quantitative easing and low growth. Sovereign wealth funds face the same issues as [...]

Sovereign Wealth Funds increase assets in 2014, despite sharp drop in oil prices

Posted on 15 April 2015

The majority of sovereign wealth funds globally have increased their assets under management over the course of 2014. The growth in assets, up from USD5.38tn in October 2013 to USD6.31tn in March 2015, has been driven by continued funding from governments and reserves, as well as from investment returns. This growth has also been in [...]

Angola’s sovereign fund allocates further $1.4 billion to Africa projects

Posted on 14 April 2015

Angola’s sovereign wealth fund said on Monday it was allocating $1.4 billion to five new vehicles that will invest in sectors such as mining, timber, agriculture and healthcare within the country and elsewhere in Africa.

Angola’s sovereign fund pays $100 million to a shell company

Posted on 14 April 2015

On 22 January 2015, Angola’s Sovereign Wealth Fund (FSDEA) transferred the sum of 9,948,750,000 kwanzas (equivalent at the time to US$100 million) to the company Kijinga S.A. This company is nothing more than a shell company set up as a front for shady transactions by Banco Kwanza Invest (BKI), a bank created by the 36-year-old [...]

Bahrain SWF wants to double assets under management by 2022

Posted on 14 April 2015

Bahraini sovereign fund Mumtalakat wants to double its $6.4 billion assets under management in the next seven years, preferably through partnerships with global investment firms, its chief executive told Reuters.

Barclays Sees Extension of ‘Blow-Out’ Quarter in Mideast

Posted on 14 April 2015

Barclays Plc sees local firms and sovereign wealth funds driving Middle East deals after advising on about $15 billion of equity and M&A transactions in the first quarter.

Deals raise oversight concerns at Abu Dhabi wealth fund

Posted on 14 April 2015

The managing director of one of Abu Dhabi’s sovereign wealth funds used his private shell companies to secure deals with businesses closely connected to the fund, raising concerns about corporate governance. Khadem al-Qubaisi, managing director of state-owned International Petroleum Investment Company, used a Luxembourg-based company to take out a lease in Spain’s tallest building, according [...]

Abu Dhabi sovereign wealth fund said to invest in Spotify

Posted on 14 April 2015

An Abu Dhabi-based fund has reportedly invested in Spotify during the seventh funding round held by the music-streaming service. Spotify is close to completing its latest funding round, raising $400 million and valuing the company at $8.4 billion, sources told the Wall Street Journal.

SOFAZ gains $79.5 million of profit from development project of Shah Deniz field

Posted on 14 April 2015

Azerbaijan’s State Oil Fund (SOFAZ) gained $2.199 billion of profit from 2007 to April 1, 2015 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea, AzerTag reports.

Norges Bank warned against greater investment risk as property grows

Posted on 14 April 2015

The development of an infrastructure portfolio and further growth of its real estate holdings beyond 5% of assets must not change the investment risk profile of Norway’s NOK6.4trn (€706bn) sovereign wealth fund, the government has ruled.

New Mexico State Investment Council’s Vince Smith On Diversification

Posted on 14 April 2015

The New Mexico State Investment Council, with more than $20 billion in assets under management, is the second largest sovereign wealth vehicle in the U.S. It traces its history back to land grants in the late nineteenth century. Today it oversees four separate funds and a widely diversified asset base.

Temasek is single-largest foreign investor in Chinese banks: report

Posted on 14 April 2015

Singapore’s Temasek Holdings is the single-largest foreign investor in Chinese banks, data from SNL Financial on Tuesday showed. The data includes all classes of publicly traded common shares, but excludes investments reported before Jan 1, 2014. The market value of each investor’s stake in a company was calculated based on the March 31 closing price.

NZSF Files Portuguese Legal Proceedings Regarding Oak Finance Investment

Posted on 14 April 2015

The New Zealand Superannuation Fund (NZSF) announced it has filed legal proceedings in Portuguese courts against the Bank of Portugal – the country’s central bank. The sovereign fund is trying to recover US$ 150 million. According to a press release, the proceedings “challenge the validity of a Bank of Portugal decision which purported to [...]

SWF assets surge by Dh3.3trn in 18 months: What’s behind the boost?

Posted on 14 April 2015

Despite a drop in oil prices over the last year, sovereign wealth fund (SWF) assets have grown nearly 17 per cent. Alternative assets industry data collector Preqin said SWF assets under management expanded by more than $900 billion (Dh3.3 trillion) over the past 18 months, from October 2013 to March 2015, reaching $6.31 trillion (Dh23.15 [...]

Go greener: Norway to clean up sovereign wealth fund

Posted on 13 April 2015

Norway said Friday it would bar its state pension fund, the world’s biggest sovereign wealth fund, from investing in the worst climate-polluting companies. In its annual white book on managing the fund, the right-wing government proposed to “introduce a new criterion to exclude companies whose conduct to an unacceptable degree entail greenhouse gas emissions.”

Norway Opposition Pushes for Sovereign Fund to Exit Coal

Posted on 13 April 2015

A six-party majority in Norway’s parliament aims to negotiate a deal that would force the country’s sovereign-wealth fund to divest from coal this year, against the advice of the minority government, the parties’ spokesmen told The Wall Street Journal on Friday.

Norway seeks more oversight, green investments at wealth fund

Posted on 13 April 2015

Norway wants to increase oversight at its $885bn sovereign wealth fund, consider investments in more real assets and expand the fund’s environmental mandate, the government said on Friday.

Norwegian oil fund adopts ‘broad criteria’ for climate change exclusion

Posted on 13 April 2015

Norway’s sovereign wealth fund is to introduce a criteria-based exclusion policy to divest from companies that make an “unacceptable” contribution to greenhouse gas emissions, the government has announced. Adopting the recommendations of a report and consultation, the Norwegian Finance Ministry said the exclusion policy would work alongside a strengthening of its engagement.

New bank will not enhance China’s global power at America’s expense

Posted on 13 April 2015

When China set up its sovereign-wealth fund in 2007, many feared that it would take control of strategic resources, acquire sensitive technology and disrupt global financial markets. But the China Investment Corporation, which controlled US$575 billion (S$787 billion) last year, has been struggling with losses, partly because of mismanagement, according to China’s National Audit Office.

Aviation Commission must report to Parliament, not PM, says PKR

Posted on 13 April 2015

The newly created Aviation Commission must report to Parliament for scrutiny and public safety, and not the prime minister who is already tainted by his links to debt-laden sovereign wealth fund 1Malaysia Development Bhd (1MDB), PKR said today.

The 1MDB: Tragedy or farce?

Posted on 13 April 2015

The Malaysian government’s ambitious investment experiment, 1Malaysia Development Bhd (1MDB), has turned into a political and financial minefield for Prime Minister Datuk Seri Najib Razak and his ministers. In recent months, the debt-laden sovereign wealth fund has made domestic and international headlines with explosive allegations of corruption, widespread mismanagement of public funds, serious political misbehaviour [...]

Spotify to be worth $8.4bn after fundraising

Posted on 13 April 2015

Goldman Sachs and Abu Dhabi’s sovereign wealth fund have agreed to invest in Spotify, according to reports. Spotify is nearing a deal to raise $400m (£273m), valuing the music streaming service provider at $8.4bn, according to reports.

SGRF joins sovereign wealth fund forum

Posted on 13 April 2015

The State General Reserve Fund (SGRF) has joined the International Forum of Sovereign Wealth Funds (IFSWF) with full membership, after being a permanent observer since the forum’s inception. Founded in 2009, IFSWF is a voluntary group of sovereign wealth funds (SWFs) which meets to exchange views on issues of common interest and to facilitate [...]

Much more sovereign wealth could be headed to NYC real estate

Posted on 13 April 2015

Sovereign wealth funds made quite a splash in Manhattan real estate in 2014, with north of $2 billion in deals. But that may only be the beginning. A growing number of government funds are looking to increase their investments in real estate worldwide, according to new data by research firm Preqin exclusively reviewed by The [...]

Preqin: Sovereign wealth fund assets rise 17% in 18 months to $6.3 trillion

Posted on 13 April 2015

Aggregate assets managed by a universe of 73 sovereign wealth funds increased 17% to $6.3 trillion as of March 31, up from $5.4 trillion at the start of October 2013, the last time researcher Preqin reviewed this part of the asset owner industry.

59% Of Sovereign Wealth Funds Increase Assets In 2014, Despite Sharp Drop In Oil Prices

Posted on 10 April 2015

Assets under management for sovereign wealth funds globally reach $6.31tn as of March 2015, increasing by more than $900bn over the past 18 months. The majority of sovereign wealth funds globally have increased their assets under management over the course of 2014. This is despite falling commodity and oil prices, which many of these institutions [...]

Why Sovereign Wealth Funds Should Not Invest at Home

Posted on 10 April 2015

A SWF is a type of extra-budgetary fund that operates outside the annual government budget process. SWFs have traditionally been created for a macroeconomic objective (e.g., fiscal stabilization), or to save for future generations. All invest at least partly in foreign assets.

3 Large Sovereign Fund Cross-Border Bids Shaping the Industry

Posted on 10 April 2015

Bidders are quietly lining up as Australia’s New South Wales (NSW) government pushes forward on a plan selling leases on select infrastructure. NSW Premier Michael “Mike” Baird won a late March election, giving him a mandate to move forward with the lease sales. Essentially, the state government seeks to lease A$ 20 billion [...]

Temasek among investors in Dianping’s $850m funding round

Posted on 10 April 2015

Singapore state investment fund Temasek Holdings Pte Ltd is among several investor that participated Chinese restaurant-review and group-buying services app Dianping Holdings Ltd’s latest $800 million funding round, a report said. The Wall Street Journal in a recent report said Shanghai-based startup Dianping had raised $850 million from a group of investors including smartphone maker [...]

Malaysia’s i-VCAP aims to double AUM to $550m in two years

Posted on 10 April 2015

Sovereign wealth fund unit i-VCAP Management Sdn Bhd is targeting to double its assets under management (AUM) to over MYR2 billion ($550 million) in the next two years. i-VCAP has MYR1.1 billion assets under management, around MYR350 million of which is contributed by the exchange-traded funds (ETF).

Indonesia’s Bumi to post 2014 results by next week - director

Posted on 10 April 2015

Indonesia’s largest coal producer PT Bumi Resources Tbk aims to release its 2014 financial results by next week after it confirms how much it owes to several creditors, a company director said on Thursday. Bumi could not report its results for the full year ended December yet as it was “still waiting for debt confirmation [...]

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