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VRS - who has written 19290 posts on Opalesque Sovereign Wealth Funds Briefing.


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Australia’s Future Fund leads $77 million raising in US big data startup MapR

Posted on 10 August 2016

Australia’s Future Fund has emerged as the surprise lead investor in a $US50 million ($77 million) capital raising by US technology startup MapR Technologies, which also included Google’s venture capital funds.

Sovereign Wealth Fund law to be submitted to Parliament as new driving force for mega projects

Posted on 09 August 2016

Finance Minister Naci Ağbal said the draft law on the establishment of the Turkish Sovereign Wealth Fund will be submitted to Parliament’s Planning and Budget Commission today. “While the fund helps to decrease fluctuations in the market, it will also serve as the driving force behind Turkey’s mega projects,” Ağbal said.

Norges wealth fund increases stake in Dialog, EPF reduces

Posted on 09 August 2016

Norges Bank has increased its shareholding in Dialog Axiata PLC to 96.6 million shares as of end June, data filed with the Colombo Stock Exchange shows. Norway’s Norges Bank, which manages the world’s biggest sovereign wealth fund, is now the fifth biggest shareholder in telecommunications company Dialog with a 1.19 percent stake.

Korean Investment Corporation to take stake in Melbourne office complex

Posted on 09 August 2016

The South Korean sovereign wealth fund, the Korean Investment Corporation (KIC), is believed to be part of a group acquiring a half stake in a Melbourne office complex for AUD289m (€188m).

Temasek buyout target SMRT Q1 profit down 23%

Posted on 09 August 2016

Transport operator SMRT Corp reported on Monday (Aug a 22.9 per cent year-on-year decline in profit to S$15.5 million for its fiscal first quarter, its first decline in a year, as losses in the rail business deepened.

Singaporean wealth fund eyes 7% of Vietcombank

Posted on 09 August 2016

Singaporean sovereign wealth fund GIC Private Limited is currently negotiating with Vietcombank over securing a stake of at least 7 per cent, according to Reuters. Vietcombank will issue new shares to GIC should the deal go through, which will be at a discount to market prices. Full details are yet to be disclosed.

Silk Road revival drives Chinese investment push

Posted on 09 August 2016

Beijing’s ambition of reviving trade along the ancient Silk Road is rapidly opening up new markets to Chinese investors looking for opportunities away from their slowing domestic economy.

MACC man’s 1MDB ‘not corruption’ logic mind-boggling

Posted on 09 August 2016

Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians.

Malaysia 1MDB: A Major Heist, An Unfortunate Pattern

Posted on 09 August 2016

For decades, American stocks, treasury bonds, real estate, and business investments have provided stable and attractive opportunities for foreign money to grow. The United States’ laws protecting an individual’s financial assets have incentivized foreign investors to trust U.S. markets, to the point where billions of dollars worth of foreign currency are entrusted to foreign wealth [...]

Of $40 oil and forced SWF selling

Posted on 09 August 2016

You know who doesn’t like a falling oil price? Sovereign wealth funds for countries dependent on high oil prices and in love with their (endangered) petrodollars. And a risk based on that dislike is a presumption of forced selling and equity market weakness becoming self-fulfilling as/ if oil prices slide. Stable oil prices means SWFs [...]

Gurus Worried, What Should Sovereign Funds Do?

Posted on 09 August 2016

Several prominent investment gurus have recently made public comments regarding the state of the markets - playing a bearish tone of what is to come. Even investment banking mammoth Goldman Sachs gave a warning signal, as well as GOP U.S. Presidential candidate Donald J. Trump chiming in on August 2, 2016 on Fox Business, [...]

Economists see lower Temasek, GIC returns denting govt coffers

Posted on 08 August 2016

The current brittle investment climate has weighed on Singapore’s sovereign wealth fund GIC and state investor Temasek Holdings. This will in turn affect the government’s coffers, observers told The Business Times.

Vietcombank to sell shares to Singaporean investment fund

Posted on 08 August 2016

Singapore government’s investment fund GIC Private Limited (GIC) is negotiating to buy at least 7 percent of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). That would be the second largest investment that the Singaporean sovereign fund has made this year in Vietnam.

HKMA Buys Stake in NYC’s Salesforce Tower from Ivanhoe for $1.2B

Posted on 08 August 2016

Hong Kong Monetary Authority, the city’s de facto central bank, has become the latest Asian investor to jump into the New York market after investing $1.15 billion to acquire a 49 percent stake in an office tower in at 1095 Sixth Avenue in midtown Manhattan.

MACC man’s 1MDB ‘not corruption’ logic mind-boggling

Posted on 08 August 2016

Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians.

New York regulator queries Goldman again on Malaysia’s 1MDB fund

Posted on 08 August 2016

New York state’s financial regulator has sent a second request to Goldman Sachs Group Inc for information about its fundraising for Malaysian sovereign wealth fund 1MDB, a person familiar with the matter said.

Inside Ireland’s €8 billion Strategic Investment Fund

Posted on 08 August 2016

Abrakebabra; Lily O’Brien’s. The AA. Carrolls Cuisine. House building. Student accommodation. Office blocks. Loans to milk farmers. Life-changing drug treatments and technology R&D. Is there any part of the economy that the state-backed Irish Strategic Investment Fund (ISIF) doesn’t touch?

New York regulator queries Goldman again on Malaysia’s 1MDB fund: source

Posted on 05 August 2016

New York state’s financial regulator has sent a second request to Goldman Sachs Group Inc for information about its fundraising for Malaysian sovereign wealth fund 1MDB, a person familiar with the matter said.

Khazanah eyes SunEdison’s solar assets

Posted on 05 August 2016

Hinduja Group, the industrial conglomerate controlled by four billionaire brothers, and Malaysian sovereign fund Khazanah Nasional Bhd are among parties vying for SunEdison Inc’s Indian solar assets, people familiar with the matter said.

CIC seeks to buy $500m Mirvac stake

Posted on 05 August 2016

Eight billion dollar property giant Mirvac’s recently-inked deal with China Investment Corporation looks set to pay its first dividend, with the pair believed to be in talks about a $500 million stake in a Melbourne CBD property.

Securities Regulator Appointed Deputy GM of China’s Sovereign Wealth Fund

Posted on 05 August 2016

China’s sovereign wealth fund China Investment Corporation (CIC) has appointed a veteran securities regulator as its deputy general manager. Qi Bin, who was at the China Securities Regulatory Commission (CSRC) for 16 years, assumed responsibilities in his new role on August 3, sources with knowledge of the matter told Caixin. CIC has not announced the [...]

Indonesian ride-hailing app Go-Jek raises over $550 million from investors

Posted on 05 August 2016

Indonesian ride-hailing service Go-Jek has raised fresh funding of more than $550 million from KKR, Warburg Pincus and other investors, giving it more ammunition in the battle for market share in the country of 250 million people.

Singapore’s GIC acquires shares in China Telecom

Posted on 05 August 2016

Singapore’s GIC Pte Ltd acquires 3.632 million shares in China Telecom at an average price of HK$3.91 a share.

Declining oil revenue could prompt Norway to tap into its $876 billion SWF

Posted on 05 August 2016

Norway’s state-owned oil and gas fields contributed 29% less to the government’s oil revenue in the first half from a year earlier, reflecting depressed prices, state-owned oil company Petoro AS said Thursday. Declining oil revenues mean Norway may have to tap into its $876 billion sovereign-wealth fund this year to cover its expenses.

Banks haven’t money enough again to buy SOFAZ-offered entire currency

Posted on 05 August 2016

The State Oil Fund (SOFAZ) and the Central Bank obtained shortage of banks’ money for purchase of currency offered by the State Oil Fund. SOFAZ reports that the Central Bank (CBA) has held the next foreign exchange auction.

Browne: Heritage & Stabilisation Fund not following best practices

Posted on 04 August 2016

Trinidad and Tobago’s sovereign wealth fund (SWF), the Heritage and Stabilisation Fund (HSF), is not following best practices as outlined in the Santiago Principles and exemplified by the Norway’s SWF, Mariano Browne, a former minister of state in the Ministry of Finance said last month.

China Investment Corp Appoints Qi Bin As Vice General Manager

Posted on 04 August 2016

China Investment Corp has appointed Qi Bin (pictured), former director of the international cooperation department at the country’s securities regulator, as vice general manager, Chinese media reported.

Goldman Employees to Pull $350 Million From Och-Ziff Fund

Posted on 04 August 2016

Goldman Sachs Group Inc.’s retirement plan is pulling cash from one of the investment bank’s most famous alumni, liquidating a hedge fund run by Daniel Och’s Och-Ziff Capital Management Group. The U.S. has been investigating whether Och-Ziff paid bribes in exchange for an investment from Libya’s sovereign wealth fund and to participate in other deals [...]

Malaysia’s $3.5 billion scandal will not go away (Video)

Posted on 04 August 2016

Malaysia is embroiled in a financial scandal where billions of dollars have gone missing from a sovereign wealth fund. CNN’s Andrew Stevens reports.

Libyan Sovereign Wealth Fund case offers good lessons for Uganda

Posted on 04 August 2016

The Libyan Investment Authority (LIA) has taken two international banks to courtseeking to recover over $3.3 billion (11 trillion shillings) that the oil-producing country lost in ‘bad deals’ that were initiated by the banks during former President Muammar Gaddafi’s reign.

Turkey’s sovereign wealth fund to support economy

Posted on 04 August 2016

Turkish Prime Minister Binali Yildirim sent a bill on creating a sovereign wealth fund to parliament after his cabinet’s approval, according to a copy of the draft obtained by Bloomberg on Aug. 2. This was done to stabilize markets and fund infrastructure projects in the wake of a coup attempt.

Shareholders thwart Kazakh state oil group’s plan

Posted on 04 August 2016

Kazakhstan’s state oil company has been defeated in its attempt to tighten control over its London-listed subsidiary after investors led by China’s sovereign wealth fund voted against the deal. The voting figures imply that China Investment Corporation, which is KMG EP’s largest minority shareholder with a stake of about 11 per cent, voted against the [...]

Sovereign funds’ European shareholdings up to four times bigger than thought

Posted on 03 August 2016

Sovereign wealth funds’ combined shareholdings are likely to be far bigger than previously thought, running to an average of at least 6-7 percent for Europe’s largest listed companies, according to a study.

Will the Oil Retreat Shift Sovereign Fund Allocation?

Posted on 03 August 2016

For the first time since April 2016, the price of oil dipped below US$ 40 per barrel – causing headache among some oil-based sovereign funds. Tumbling down from a June 2016 high of US$ 51.23 per barrel, oil prices then reversed course. The price of oil is an essential ingredient that impacts commodity-based [...]

Turkey Unveils Draft Details of Planned Sovereign Wealth Fund

Posted on 03 August 2016

Turkey’s government took the first steps toward creating a sovereign wealth fund that officials say can be used to stabilize markets and fund infrastructure projects in the wake of a failed coup attempt. Prime Minister Binali Yildirim sent a bill on the fund to parliament after his cabinet’s approval, according to a copy of the [...]

In wake of coup attempt, Turkey eyes sovereign wealth fund

Posted on 03 August 2016

Turkish lawmakers on Tuesday put forward legislation to create a sovereign wealth fund intended to boost annual growth over the next decade, an ambitious target for a fund with $16 million in start-up capital and a country with little energy revenue.

Draft to launch Turkish sovereign wealth fund sent to parliament

Posted on 03 August 2016

A draft law for the establishment of the Sovereign Wealth Fund of Turkey was sent to parliament in a bid to create an additional 1.5 percent contribution to annual growth in the next decade, as Reuters has reported on Aug. 2.

QIA snaps up 24.9% in St Petersburg airport shares

Posted on 03 August 2016

Qatar Investment Authority (QIA) has scooped up shares in German group Fraport’s ailing St Petersburg airport. QIA has bought operator shares in St Petersburg airport, which is suffering from low traveller numbers on the back of the flailing Russian rouble and regional unrest.

Singapore State Investment Fund Chaired By Its Prime Minister Reports Multi-Billion Dip In Profits

Posted on 03 August 2016

Government Investment Corporation of Singapore (GIC) which is chaired by its prime minister Lee Hsien Loong reported “a dip in its 20-year annualised real rate of return to 4 per cent” in its 2016 annual report. GIC reported a dip in its 20-year annualised real rate of return to 4 per cent from the previous [...]

Malaysia forfeits US support with 1MDB graft

Posted on 03 August 2016

The US Justice Department’s decision to seize more than $1bn in assets allegedly stolen from Malaysia’s sovereign wealth fund has sent shockwaves through the Southeast Asian nation. Until the US announcement last month, most Malaysians were resigned to creeping authoritarianism in their country as the prime minister, Najib Razak, concentrated power in his hands and [...]

1MDB Figure Bought Stake in Wall Street Firm Electrum Group

Posted on 03 August 2016

Malaysian financier Jho Low’s Jynwel Capital made a $150 million investment in Electrum in 2012, purchasing a 7% piece of the firm. U.S. prosecutors have linked Malaysia’s prime minister to hundreds of millions of dollars allegedly siphoned from one of the country’s economic-development funds to buy hotels, luxury real estate, fine art and back the [...]

Norway To Drill For Oil To Fund Its Green Spending

Posted on 03 August 2016

Norwegian government officials announced Monday they intend to fight global warming by spending money derived from oil and gas drilling on green projects. The country is pouring lucrative subsidies into the electric car market from its oil and gas funded $890 billion sovereign wealth fund, and which they plan to use to become carbon neutral [...]

Russia’s Reserve Fund edges down to $38.18 bln by Aug. 1

Posted on 03 August 2016

Russia’s Reserve Fund shrank slightly over July in dollar terms and was worth $38.18 billion as of the start of August, the finance ministry said on Tuesday. The fund was worth $38.22 billion at the start of July.

Azerbaijani banks buy over $49M from State Oil Fund

Posted on 03 August 2016

The State Oil Fund of Azerbaijan (SOFAZ) sold $49.1 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said Aug. 2. SOFAZ offered $50 million at the auction, but the banks’ demand was $49.1 million.

Bank short of money to buy SOFAZ-offered entire currency

Posted on 03 August 2016

The State Oil Fund (SOFAZ) and the Central Bank obtained shortage of banks’ money for purchase of currency offered by the Sate Oil Fund. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.

Avoiding the Pitfalls: Invest in Skills for Deal Evaluation

Posted on 03 August 2016

Venture and private equity investment are important components of the portfolios of sovereign wealth funds (SWFs). However, access to these asset classes has come with hefty management fees. For SWFs, there are several advantages to direct investment in venture and private equity deals.

SWF safety net disappears amid commodities rout

Posted on 02 August 2016

According to a report from Bocconi University in Milan, the flow of funds from Sovereign wealth funds (SWFs) that formed a safety net during the last financial crisis of 2008/09 in the form of direct investment has disappeared. SWFs are investing less money now, compared to last five years. In 2015, the SWFs invested only [...]

Saudi plans $1.1 bln fund for smaller companies

Posted on 02 August 2016

Saudi Arabia will establish a $1.1 billion fund to develop its venture capital industry and support the creation of small and medium-sized companies, the cabinet said on Monday, as the kingdom tries to strengthen its economy in an era of cheap oil. The cabinet approved a plan for the Public Investment Fund, Saudi Arabia’s top [...]

Mumtalakat acquires an equity stake in Italy’s KOS Group

Posted on 02 August 2016

Bahrain’s sovereign wealth fund Mumtalakat Holding Company has bought an equity stake in KOS Group, the European healthcare group focused on long-term care and rehabilitation services, with additional activities in hospital equipment management, diagnostics and cancer care services, and is a diversification play by the fund. The sovereign wealth fund says it has a “significant” [...]

Qatar Investment Authority buys stake in Russian airport

Posted on 02 August 2016

Qatar now owns almost a quarter of St. Petersburg’s Pulkovo Airport, after closing a deal with airport operator Fraport to buy part of its stake in the Russian business.

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