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VRS - who has written 14644 posts on Opalesque Sovereign Wealth Funds Briefing.


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Sovereign wealth funds embark on global spending spree

Posted on 11 August 2014

The world’s big government owned investors went on a spending spree in the first half of the year, with the total value of transactions by sovereign wealth funds (SWFs) nearly back at levels recorded in late 2008, just before the global economic crisis hit in earnest.

Scottish independence and a Sovereign Wealth Fund

Posted on 11 August 2014

EY explained in a recent report on the anticipated implications of Scottish independence for the oil and gas industry that a central theme in the debate has been the proposal from the ‘Yes’ campaign that if Scotland become independent then it should follow the approach of oil-rich countries in setting up a Sovereign Wealth Fund.

Norway’s sovereign wealth fund to reveal voting intentions to improve shareholder transparency

Posted on 11 August 2014

The sovereign wealth fund of Norway will begin to reveal how it intends to vote ahead of companies’ annual general meetings (AGM) from next year, in a move to improve transparency. The $860 billion (£515bn) pension fund is one of the world’s largest investors and its decision could represent a significant shift in shareholder activities.

China Investment Corp. Gains 9.3% on Overseas Investments

Posted on 11 August 2014

China Investment Corp., the country’s sovereign wealth fund, reported a 9.3% return on its overseas investments in 2013, a decline from 10.6% in 2012. CIC said its net profit rose 11.8% to $86.9 billion in 2013, up from $77.7 billion a year earlier. It has recorded a 5.7% annualized return on its overseas investments since [...]

China Sovereign Fund Says Returns Decline Amid Volatility

Posted on 11 August 2014

China Investment Corp., the nation’s $653 billion sovereign wealth fund, said return on its overseas investments fell last year as volatility in global financial markets eroded the value of its portfolio and prompted the company to cut bond holdings.

CIC raises outsourcing, fears for deal-sourcing

Posted on 11 August 2014

China’s sovereign wealth fund increased its allocation to external managers last year and made a move into developed market equities, but expressed concern over the outlook for deal-sourcing.External firms managed $71.4 billion more of China Investment Corporation’s (CIC) assets at the end of 2013 than at the end of 2012 as it raised its allocations [...]

State fund to take over Malaysia Airlines, plans ‘complete overhaul’

Posted on 11 August 2014

Malaysia’s government will carry out a “complete overhaul” of its troubled national airline in an attempt to revive the loss-making company after it was hit by two devastating jetliner disasters this year.

Malaysia Airlines to be delisted after €320m offer

Posted on 11 August 2014

Malaysia Airlines will be delisted after sovereign wealth fund Khazanah Nasional offered to buy out minority shareholders in a restructuring plan for the national carrier that suffered two disasters this year.

Sovereign-Wealth Funds Pump Near Record Amount of Cash in Deals

Posted on 08 August 2014

Sovereign-wealth funds are putting more money to work through direct investing than at any time since 2008, as investors look to boost returns and bypass fees charged by fund managers.

SWFs go direct to pass $50bn

Posted on 08 August 2014

Sovereign wealth funds are putting more money to work through direct investing than at any time since 2008, as giant state-investment funds look to bypass fees charged by fund managers. Figures from the Sovereign Wealth Fund Institute show that levels of direct investment hit over $50 billion during the first half of the year, up [...]

Norway’s sovereign wealth fund to reveal voting intentions

Posted on 08 August 2014

Norway’s sovereign wealth fund will start issuing public statements, to declare which way it intends to vote on issues being presented at companies’ annual meetings, the fund told the Financial Times. “We think this (move) will contribute to the transparency of how we manage the fund and assess questions for voting,” the paper quoted the [...]

Norway’s wealth fund voted against Fiat-Chrysler merger

Posted on 08 August 2014

Norway’s sovereign wealth fund was the single largest shareholder to vote against Italian carmaker Fiat’s merger with its U.S. unit Chrysler, according to minutes of the Aug. 1 shareholder meeting.

UAE’s ADIA most open sovereign fund in Gulf – Euromoney

Posted on 08 August 2014

In its report for August, Euromoney magazine said that the Abu Dhabi Investment Authority (ADIA) is the most open sovereign wealth fund in the Gulf region, following the fund’s recently published fifth annual report. Examining ADIA’s hiring trends over the past few years affirms the idea that ADIA seeks to bolster its in-house efficiency.

Korea’s NPS to invest $386 million through private equity

Posted on 08 August 2014

The National Pension Service (NPS), South Korea’s sovereign wealth fund, will invest 400 billion Korean won (US$386 million) into a fund managed by Hamilton Lane, a US-based private equity firm. In April this year, the US house closed its Private Equity Fund VIII, a fund of funds vehicle with $426.8 million AUM, which exceeded its [...]

Sovereign wealth funds buy into Prestige’s QIP

Posted on 07 August 2014

Prestige Estates Projects has closed the issue of its qualified institutional placement (QIP) mopping up close to Rs 615 crore. The Bangalore-based developer tendered in 25 million shares– belonging to the promoter family — to a clutch of fund houses based in the US, UK, and Asia, said sources briefed on the matter.

Australian sovereign wealth fund reports assets of AUD101bn+

Posted on 07 August 2014

The Future Fund reports that in the 2013/2014 financial year investment returns added AUD12bn to its value. Original contributions to the fund from government valued at AUD60.5bn have generated investment returns of over $40bn and overall, the value of the sovereign wealth fund has increased to AUD101bn.

Baring, GIC in talks to buy stake in Indian mortgage lender: Sources

Posted on 07 August 2014

Singapore sovereign wealth fund GIC and Hong Kong-based Baring Private Equity Asia are in separate talks to invest about US$175 million (S$218 million) to buy a 49 per cent stake in India’s PNB Housing Finance currently held by investment firm New Silk Route, two people with knowledge of the matter said.

China Life poised to take $250m stake in TPG

Posted on 07 August 2014

China Life is set to inject $250m into TPG, in one of the first Chinese investments in the buyout industry since CIC took a $3bn stake in US private equity group Blackstone in 2007 – and suffered bruising initial losses.

Sovereign Wealth Fund Direct Transactions Highest YTD Since 2008

Posted on 07 August 2014

Direct deals and transactions by global sovereign wealth funds touched US$ 50.02 billion in the first half of 2014. This is a 23.1% increase in transactions comparing it to the first half of 2013 (US$ 40.64 billion). The highest first half on record of direct sovereign wealth fund transactions was the first [...]

SWF buys hit near-decade level

Posted on 06 August 2014

Acquisitions by global sovereign wealth funds (SWF) total US$15.2 billion in 2014 YTD, down 4 percent from 2013 year-to-date (US$15.7 billion) and the lowest YTD level since 2005 (US$8.5 billion), according to figures from data specialist Dealogic. Singapore is the top acquiring nation for SWF acquisitions with US$8.8 billion in 2014 YTD, up 69 percent [...]

Ardian Said in Talks Over $2 Billion of Abu Dhabi SWF Stakes

Posted on 06 August 2014

Ardian, the private-equity firm formerly known as Axa Private Equity, is in talks to purchase more than $2 billion in private-equity fund stakes from Abu Dhabi Investment Authority, according to two people with knowledge of the deal.

Saudi funds abroad cross SR385 billion

Posted on 06 August 2014

Financial assets belonging to independent Saudi organizations, including the Saudi Arabian Monetary Agency (SAMA) and Public Investment Fund (PIF), in foreign countries amounted to SR385.3 billion, comprising 63 percent of their total assets.

Foreign investments in GCC slumps by 14.6 in 2013

Posted on 06 August 2014

The foreign direct investment (FDI) in the Gulf Cooperation Council (GCC) states dropped by 14.6 percent in 2014, said Tuesday a report by the National Bank of Kuwait citing UN data. The NBK report stated that fell for the fifth consecutive year in 2013 to USD 24 billion against USD 28 billion in 2012, down [...]

Oman Fund ‘Expected to Make Proposal about KTB Soon’ - Bank Owner

Posted on 06 August 2014

CorpBank major shareholder Tsvetan Vasilev has announced that a consortium of investors led by a state fund of the Sultanate of Oman is to present an offer how to help the bank.

Kazakhstan wants to host Tour de France stage

Posted on 06 August 2014

Kazakhstan will bid to host a Tour de France stage, Tengrinews reports citing AFP. Nibali’s triumph on the Champs Elysees on Sunday concluded an eight year campaign by his Astana Pro Team — named after the Kazakh capital and funded by the country’s sovereign wealth fund Samruk Kazyna — to get people talking about the [...]

Myanmar: Caution urged over a sovereign wealth fund

Posted on 05 August 2014

Sweeping reforms have increased the opportunity for foreign investors to develop Myanmar’s 11.8 trillion cubic feet of natural gas and 50 million barrels of crude oil, potentially worth more than US$60 billion over the next 30 years. This anticipated influx of investment in the petroleum sector raises concerns that Myanmar should implement resource management strategies [...]

Value of Australia’s Future Fund Exceeds $100 Billion for the First Time

Posted on 05 August 2014

Australia’s Future Fund has reached $101 billion on Monday, exceeding the $100 billion mark at the end of June after its investment returns for the 2013-14 financial year yielded $12 billion. Former Treasurer Peter Costello established the fund in 2006. Since then and despite the global financial crisis in 2008, the fund enjoyed an average [...]

Future Fund facing super shortfall

Posted on 05 August 2014

A lack of budget surplus contributions to the Future Fund could see it come up short in meeting federal public service superannuation liabilities, The Australian reports. Yesterday the Future Fund announced returns in fiscal 2014 that far exceeded the target rate, but the government’s super liabilities for 2020 – when the Fund is due to [...]

Super Fund to hold on to Israeli investments

Posted on 05 August 2014

The Superannuation Fund’s rejected the Green Party’s call to divest from Israeli companies - until their country ends its strikes on Gaza. Just over $7 million is invested in 38 Israeli companies and the Super Fund plans to keep it there for now.

Temasek bets on India, says will continue to be active here

Posted on 05 August 2014

Singapore government-owned investment firm Temasek Holdings is bullish on India story. The firm is learnt to have been scouting for unlisted companies, especially in consumer goods and healthcare sectors.

GIC manages pool of Govt funds, not just SSGS or CPF monies: DPM Tharman

Posted on 05 August 2014

The GIC is not managing the Special Singapore Government Securities (SSGS) or CPF monies on their own, but a combined pool of Government funds including a significant sum of unencumbered assets, said Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam on Monday (Aug 4).
“That is why the GIC’s mandate is to take calculated investment [...]

Singapore’s GIC issues market warning

Posted on 05 August 2014

Singapore’s sovereign wealth fund has for a second consecutive year undershot two performance indicators and forecast a decade of weak financial market returns. The Government Investment Corporation’s (GIC) annualised nominal return in US dollars was 12.4% over five years, 7% over 10 years and 6.5% over 20 years in the financial year to March 31.

Singapore’s GIC upped asset exposure to PE, bonds & emerging mkt equities in FY14

Posted on 05 August 2014

Singapore’s GIC, one of the most active sovereign wealth funds in India, upped its exposure to private equity as an asset class besides bonds and emerging markets equities for the year ended March 31, 2014, as per its annual report.

Singapore GIC’s warning on investment climate in next decade

Posted on 05 August 2014

Singapore sovereign wealth fund GIC, which manages more than $100 billion of the city-state’s foreign reserves, on Saturday warned of a tough investment outlook over the next decade as global central banks withdraw ultra-easy monetary policies.

BTG Teams Up With Abu Dhabi Fund for Ariel Re Acquisition

Posted on 05 August 2014

Grupo BTG Pactual, Brazil’s only publicly traded independent investment bank, is partnering with shareholder Abu Dhabi Investment Council to expand its reinsurance business, said Chief Executive Officer Andre Esteves.

Kazakhstan Grapples With Reform of Sovereign-Wealth Fund

Posted on 05 August 2014

When Astana launched its sovereign-wealth fund in 2008, authorities asserted that Samruk-Kazyna would modernize Kazakhstan’s economy and help attract foreign investors. Six years later, critics say the fund is bloated and lethargic, and privatization plans are stoking concerns among employees and analysts.

Mid Europa raises €810m for fourth fund

Posted on 05 August 2014

Mid Europa Partners, the largest private equity group in central and eastern Europe, has raised €810m for its fourth fund – half the amount it raised before the financial crisis – as investors take a cautious view on the region amid mounting tensions between Russia and the west.

CalPERS and UBS Global Asset Management Announce USD 500 Million Infrastructure Partnership

Posted on 05 August 2014

California Public Employees’ Retirement System (CalPERS) and UBS Global Asset Management (Americas) Inc. (UBS” have formed a strategic infrastructure partnership, Golden State Matterhorn, LLC (GSM LLC), to pursue infrastructure investment opportunities across core, OECD markets. CalPERS and UBS have made capital commitments of USD 485 million and USD 15 million, respectively, to the partnership.

AEDC Says Permanent Fund Dividend May Rise This Year

Posted on 05 August 2014

Forecasting suggests that this year’s Permanent Fund Dividend is expected to rise significantly. KDLG’s Chase Cavanaugh has more on the market analysis. The Anchorage Economic Development Corporation predicts that the declining dividends in the Alaska Permanent Fund are expected to reverse this year.

Singapore’s GIC Says Investment Environment Will Be More Challenging

Posted on 04 August 2014

Singapore’s sovereign-wealth fund warned of a challenging investment environment over the next decade, as global central banks unwind easy-money policies amid a modest growth outlook for many developed economies.

GIC More Positive on Emerging Markets on Growth Opportunities

Posted on 04 August 2014

GIC Pte, manager of more than $100 billion of Singapore’s reserves, said it’s more positive on emerging markets, citing growing middle classes, valuations and the progress of reforms.

Singapore’s GIC bets on emerging market tech investments

Posted on 04 August 2014

Singapore sovereign wealth fund GIC Private Ld believes emerging markets now offer better value than developed ones and is particularly interested in exploring increasing investments in their technology sectors, a senior fund executive said.

Singapore to increase investment in China

Posted on 04 August 2014

Singapore’s sovereign wealth fund has signalled its confidence in China’s structural reforms by increasing its allocation to the country, as part of a push to boost its emerging markets exposure.

Singapore’s GIC sees tougher decade ahead

Posted on 04 August 2014

Singapore sovereign wealth fund GIC, which manages more than $US100 billion ($A108 billion) of the city-state’s foreign reserves, has warned of a tough investment outlook over the next decade as global central banks withdraw ultra-easy monetary policies.

GIC reports steady returns

Posted on 04 August 2014

Singapore investment fund GIC posted brighter returns on the nation’s nest egg as the world economy kept growing and financial markets stayed robust. ver five years to March 31 this year, GIC’s assets across the globe returned 12.4 per cent in US dollar terms - well above the 2.6 per cent for the five years [...]

Singapore’s GIC names ex-Temasek chairman to board

Posted on 04 August 2014

Singapore sovereign wealth fund GIC has appointed S. Dhanabalan, former chairman of Temasek Holdings, as a board member. hanabalan retired as chairman of Temasek a year ago after serving the state investor for 17 years. He previously served on the GIC board from 1981 to 2005.

Norway’s oil fund buys Paris property for 425.6 mln euros

Posted on 04 August 2014

Norway’s $870 billion oil fund purchased a retail and office property in Paris from BlackRock Europe Property Fund III for 425.6 million euros, it said on Friday.

Abu Dhabi-backed Carlyle see Q2 earnings double

Posted on 04 August 2014

Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, announced its second-quarter earnings doubled from a year earlier as one of its European buyout funds started paying performance fees, highlighting the growth potential of its private equity business in Europe.

Russian Direct Investment Fund Not Affected by US, EU Sanctions

Posted on 01 August 2014

The Russian Direct Investment Fund, a sovereign wealth fund, said Thursday its investment activity will not be affected by recent sectoral sanctions imposed on Russia by the United States and the European Union as the entity does not directly attract equity or debt financing.

Norway c.bank will not make any FX transactions in Aug

Posted on 01 August 2014

Norway’s central bank will not sell any Norwegian crowns in August to buy foreign exchange for the country’s sovereign wealth fund, the bank said on Thursday, in line with its practice in recent months.

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