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VRS - who has written 18687 posts on Opalesque Sovereign Wealth Funds Briefing.


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Norwegian oil fund attacks VW corporate governance

Posted on 16 May 2016

Norway’s $850bn oil fund does not like commenting about individual companies it owns shares in. It usually goes out of its way to avoid saying anything about any of its more than 9,000 investments.

Glencore Said in Talks to Sell Further Stake in Agriculture Unit

Posted on 16 May 2016

Glencore Plc is in talks to sell a further 9.9 percent stake in its agriculture unit to investors from Qatar, Saudi Arabia and Canada, pressing ahead with plans to reduce its debt, according to people with knowledge of the matter.

1MDB Default Shows Malaysia SOE Debt, Governance Risks

Posted on 16 May 2016

1Malaysia Development Berhad’s (1MDB) missed bond coupon payment in April highlights ongoing uncertainty around the finances and governance of the state-owned fund. The situation is unlikely to lead to an immediate crystallization of the existing guarantee obligations of the Malaysian sovereign for 1MDB securities affected by cross-defaults, Fitch Ratings says.

Malaysia Q1 GDP beats expectations

Posted on 16 May 2016

Malaysia’s economy grew faster than expected in the first quarter of 2016 even as tensions over its sovereign wealth fund and the prime minister’s role in alleged misappropriation of state spending escalated.Global attention has been keenly focused of late on the finances of Malaysia’s state investment fund, 1MDB, which is now the target of several [...]

KIC to appoint domestic managers for offshore alternative mandates

Posted on 16 May 2016

Korea’s sovereign wealth fund (SWF), Korea Investment Corporation (KIC), is reportedly planning to select a roster of local asset managers and securities brokerages as general partners responsible for the operation of its overseas alternative investments.

KIC to team with local firms for overseas investments: chief

Posted on 13 May 2016

Korea’s sovereign wealth fund is willing to team up with local brokerages and asset management firms to invest in overseas infrastructure projects, its chief said Wednesday. The Korea Investment Corp., which manages about $90-billion assets, has rarely cooperated with local investment firms before.

1MDB cash linked to property deals

Posted on 13 May 2016

At least $US50 million allegedly diverted from a state investment fund in Malaysia was spent on luxury properties in New York and Los Angeles by the stepson of the Malaysian prime minister, according to documents reviewed by The Wall Street Journal and people familiar with the matter.

Malaysia’s Khazanah Divestments

Posted on 13 May 2016

Malaysia’s sovereign wealth fund Khazanah Nasional Bhd. is considering paring 2 percent of its holdings in Tenaga Nasional Bhd., IHH Healthcare Bhd. and Axiata Group Bhd., people familiar with the matter said earlier this week. EPF owns shares in all three companies, and Employees Provident Fund Chief Executive Officer Shahril Ridza Ridzuan said. [...]

Malaysian sovereign wealth fund Khazanah invest $100 in Fractal Analytics

Posted on 13 May 2016

Data analytics company Fractal Analytics Pvt Ltd., has raised around $100 million (Rs. 667 crore) from Malaysian sovereign wealth fund Khazanah Nasional Berhad, in one of the biggest investments in tech ecosystem segment, this year. After this fresh investment, the value of the US and India-based company will increase to nearly $300 million (Rs. 2,000 [...]

The Scourge of Negative Rates and Norway’s Shrinking Wealth Fund

Posted on 13 May 2016

Norway’s massive wealth fund is projected to get smaller this year for the first time since early last decade. Budget documents on Wednesday showed the government expects the fund to shrink about 4 percent to 7.15 trillion kroner ($881 billion) at the end of 2016 after ending last year at 7.46 trillion kroner.

Norway Uses Oil Wealth Fund Again to Stay Afloat

Posted on 13 May 2016

The Norwegian government will tap into its wealth fund once again to sustain government operations, as the sting of a low-priced oil market burdens the Scandinavian country, according to Reuters. Officials have used the fund once before as a rainy day fund and may continue to do so as the economy lacks the necessary revenue. [...]

Azerbaijan to exploit trade crossroads potential as Iran sanctions ease

Posted on 13 May 2016

In the wake of the lifting of Iranian sanctions, Azerbaijan is determined to exploit its key location at the crossroads of the East-West silk road from China to Europe and the North-South axis from Iran to Russia.

The State of Russian Sovereign Wealth Fund Assets

Posted on 13 May 2016

Much has changed since a decade ago. Russia’s fast growing spurt in oil is now in a different phase, as the price of crude oil is impacting the country. Russia’s Ministry of Economic Development in a 2017-2019 study forecasts the amount of assets in both the Russian Reserve Fund and National Welfare Fund will [...]

Africa investor Infrastructure and Sovereign Investment Summit and Awards Engages Pension and Sovereign Funds

Posted on 13 May 2016

Africa investor (Ai), a leading international investment and communications group, successfully closed the 9th Africa investor (Ai) CEO Infrastructure and Sovereign Investment Summit and Awards in Johannesburg, South Africa.

Top SWF alternatives allocator questions hedge funds’ nous

Posted on 13 May 2016

A top allocator to alternative investments at the $750 billion China Investment Corporation, one of the world’s largest state investment funds, is unsure most hedge fund managers are as smart as they think they are.

The Middle East’s 10 Biggest Sovereign Wealth Funds (For Now)

Posted on 12 May 2016

Saudi Arabia’s plan to create a $2 trillion sovereign wealth fund has set an ambitious new standard for state-run investment vehicles. These funds are an increasingly common sight around the world, but particularly in the Middle East, where oil-rich governments like to squirrel away money when oil prices are high in preparation for leaner times.

Sovereign Funds Augmented Direct Energy Investments in 2015

Posted on 12 May 2016

Despite falling oil prices and bubbles forming in solar energy stocks, sovereign wealth funds had increased exposure to allocating directly into energy sector investments before and after the equity market turmoil in December 2015, according to data from SWFI’s Sovereign Wealth Fund Transaction Database (SWFTD).

Hedge Fund Crowd Acts Like Chinese Retail Traders, CIC Says

Posted on 12 May 2016

China Investment Corp.’s Roslyn Zhang, a managing director at the nation’s sovereign wealth fund, criticized hedge fund managers for everything from herding into bets against the yuan to lacking skills to make money.

GIC’s address found in new Panama Papers leak

Posted on 12 May 2016

Among the Singapore-based entities, officers, intermediaries and addresses released by the International Consortium of Investigative Journalism (ICIJ) is the address of GIC.

Khazanah to raise US$900 million from share disposals

Posted on 12 May 2016

Malaysia’s sovereign wealth fund Khazanah Nasional Berhad (Khazanah) made headlines recently on reports that it is offloading some 3.6 billion ringgit (US$890.51 million) worth of equity shares it currently holds in three major listed companies on the local bourse, Bursa Malaysia.

Abu Dhabi raises stakes in 1MDB dispute with $1.2bn demand

Posted on 12 May 2016

The row between Abu Dhabi’s sovereign wealth fund and the Malaysian government escalated on Wednesday as the Gulf fund claimed $1.2bn and accrued interest from Malaysia and its troubled state investment vehicle.

1MDB bonds decline as deadline for another coupon payment looms

Posted on 12 May 2016

1Malaysia Development Bhd (1MDB) bonds dropped to the lowest in more than two weeks as the Malaysian state investment company faces another interest payment after defaulting on notes last month.

Malaysia’s 1MDB Bonds Rise After Abu Dhabi Fund Pays Interest

Posted on 12 May 2016

1Malaysia Development Bhd. bonds rose after Abu Dhabi’s sovereign wealth fund, which guarantees some of the Malaysian fund’s notes, paid interest due Wednesday on 1MDB securities. 1MDB’s 5.99 percent dollar notes due 2022 jumped 3 cents on the dollar, set for the biggest daily move in at least three weeks, to 103.8 cents, according to [...]

1MDB default highlights uncertainty surrounding fund: Fitch

Posted on 12 May 2016

1Malaysia Development Bhd’s (1MDB) missed bond coupon payment in April highlights ongoing uncertainty surrounding the finances and governance of the state-owned fund, said Fitch Ratings. The rating agency said the situation is unlikely to lead to an immediate crystallisation of existing guarantee obligations of the Malaysian sovereign for 1MDB securities affected by cross-defaults.

Najib, even an IPO can’t save doomed 1MDB

Posted on 12 May 2016

As usual, PM Najib Razak is trying to blame others for 1MDB’s failures, except himself. With cheap land at its disposals and billions of government-guaranteed loans, there was sufficient cash to run the business. To blame others for subverting its issues of IPO (initial public offering) is an excuse.

New Zealand SWF Axes Eight Private Equity Funds

Posted on 12 May 2016

The New Zealand Superannuation Fund has cut most of its ties with non-specialist private equity funds based outside the country. Sales of eight fund stakes closed in the last three weeks, according to the NZ$30 billion ($20 billion) sovereign wealth investor.

Partners Group acquires several real estate positions from NZ Superannuation Fund

Posted on 12 May 2016

Partners Group AG, a Switzerland-based private markets management firm, has purchased a number of real estate fund positions from New Zealand Superannuation Fund, a sovereign wealth fund. The purchase of the stake was at a discount.

Jensen dips into the oil fund again

Posted on 12 May 2016

Norwegian Finance Minister Siv Jensen announced plans on Wednesday to bolster Norway’s surprisingly resilient economy once again, by tapping another NOK 10.4 billion of the country’s Oil Fund reserves. NOK 900 million will be earmarked to combat unemployment in the southwestern portions of Norway that have been hit hardest by the dive in oil prices.

Goldman Sachs loses against sovereign wealth fund in pre-trial review

Posted on 12 May 2016

Goldman Sachs has lost a key costs argument at London’s High Court in a pre-trial review of the upcoming $1bn court battle between it and the Libyan Investment Authority (LIA).

Fractal Analytics raises $100 million from Malaysian sovereign wealth fund Khazanah

Posted on 11 May 2016

Data analytics company Fractal Analytics, founded in 2000, has raised $100 million (Rs 667 crore) from Malaysian sovereign wealth fund Khazanah in one of the largest investments in the technology ecosystem in 2016.

Khazanah’s Selling, Take Note

Posted on 11 May 2016

When a company’s biggest shareholder starts cashing in, savvy investors often take it as a sign to also bail. News Tuesday then that Malaysian sovereign fund Khazanah Nasional is considering paring its stakes in three companies should have hedge funds on high alert.

Khazanah said to mull selling RM3.6bil of listed stocks

Posted on 11 May 2016

Sovereign fund Khazanah Nasional Bhd is considering paring its stakes in three listed companies, in deals that could raise as much as RM3.6bil, according to people familiar with the matter.

Little risks now to Malaysia’s sovereign credit profile from 1MDB’s bond default payment : Fitch

Posted on 11 May 2016

State investment fund 1Malaysia Development Bhd’s bond default payment last month is not likely to lead to a crystallisation of the existing guarantee obligations of the Malaysian sovereign for 1MDB securities affected by cross-defaults, says Fitch Ratings. There is little risk to the sovereign credit profile as yet, said its analysts, adding that the risk [...]

Temasek backs London startup Farfetch, an online shopping site for high-end boutiques

Posted on 11 May 2016

Singapore state fund Temasek Holdings led investors who pumped in US$110 million in a London-based startup venture Farfetch, which sells clothing for high-end boutiques. Temasek’s partners included China venture firm IDG Capital Partners, existing investor Vitruvian Partners and French investment company Eurazeo.

GIC participates in Hellman & Friedman’s acquisition of MultiPlan

Posted on 11 May 2016

Singapore’s sovereign wealth fund GIC, and Leonard Green & Partners, are participating in a transaction led by private equity (PE) firm Hellman & Friedman to acquire MultiPlan, Inc., a provider of healthcare cost management solutions.

New Zealand Super exits real estate funds as it culls external managers

Posted on 11 May 2016

The New Zealand Superannuation Fund (NZ Super) has announced the sale of its stake in five offshore private equity real estate funds to Partners Group for an undisclosed price.

Snapdeal may SWFs to raise money for FreeCharge

Posted on 11 May 2016

Online marketplace Snapdeal is in talks with multiple investors including Chinese firms and sovereign funds to raise money for FreeCharge, seeking to bulk up its digital payments platform before pitting it against market leader Paytm.

Central Bank remains buyer of Oil Fund’s currency, but not key

Posted on 11 May 2016

The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. According to SOFAZ, today it has applied for sale of $50 million and sold $47.8 million through the auction.

HSF client Goldman Sachs loses costs argument against sovereign wealth fund ahead of $1bn

Posted on 11 May 2016

A pre-trial review of the upcoming $1bn court battle between Goldman Sachs and the Libyan Investment Authority (LIA) has seen the bank lose a key costs argument at London’s High Court.

Norway’s Wealth Fund Faces Bill as Budget to Reveal Withdrawals

Posted on 10 May 2016

Norway’s wealth fund, the world’s biggest, is about to find out just how much the government aims to withdraw this year. On Wednesday, the government will unveil a revised budget with new estimates on how much of the country’s $854 billion piggy bank will be used up during the course of 2016.

SOFAZ reveals revenues from largest oil project

Posted on 10 May 2016

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the development project of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields totaled $118.502 billion from early 2001 to May 1, 2016, SOFAZ told Trend May 4.

Saudi Arabia to transfer KAFD ownership to state wealth fund

Posted on 10 May 2016

Saudi Arabia is to transfer ownership of Riyadh’s floundering King Abdullah Financial District to the Public Investment Fund (PIF) from the Public Pension Agency (PPA), according to four sources aware of the matter.

Dubai Seen Weathering Mideast Slump as IMF Predicts Rapid Growth

Posted on 10 May 2016

Dubai, the emirate that teetered on the brink of default during the global recession, is weathering the economic slowdown afflicting its oil-rich Gulf neighbors, according to the International Monetary Fund.

1MDB scandal: Malaysia weighs cost of bailing out fund

Posted on 10 May 2016

As investors brace for another ­potential default on debt issued by a troubled Malaysian government investment fund, attention is turning to the possible cost to the ­Malaysian government if it has to bail the fund out.

Market braces for second 1MDB bond payment

Posted on 10 May 2016

1Malaysia Development Bhd (1MDB), which defaulted on a US$1.75 billion (RM7.04 billion) bond late last month, will have to make interest payment on a second US$1.75 billion bond it issued, which is due tomorrow. The troubled state investment fund has not yet decided whether or not to pay, except to say that it is “exploring [...]

Qatar SWF, access to global debt markets cushion energy demand drop: BMI

Posted on 09 May 2016

Qatar’s $256bn sovereign wealth fund as well as the country’s continuing ability to tap international debt markets provide the economy with “significant bulwarks against a sustained dropoff in demand” for oil and gas, BMI has said in a report.

Qatar Investment Authority, Starwood in rumoured talks for major US hotel purchase

Posted on 09 May 2016

Qatar’s sovereign wealth fund is reportedly in talks to buy luxury hotels in New York and San Francisco from Starwood Hotels & Resorts Worldwide. Bloomberg reported on Thursday that the Qatar Investment Authority is in advanced talks to buy the St Regis hotels, citing people with knowledge of the discussions.

Nigeria: FG to Reposition Sovereign Wealth Fund

Posted on 09 May 2016

The federal government has disclosed that it plans to reposition the Sovereign Wealth Fund managed by the Nigeria Sovereign Investment Authority (NSIA). The planned repositioning is in tandem with the infrastructure objectives of the federal government.

Saudi Arabia’s Vision 2030 is remarkable, but it will still need oil in four years

Posted on 09 May 2016

Prince Mohammed bin Salman’s TV interview to launch Saudi Arabia’s Vision 2030 was an unprecedented event, where headline writers rushed to describe the details as a transformational plan to wean the country off oil. Most remarkable of the things said in that interview on April 25 was the deputy crown prince’s promise to end oil [...]

Dubai’s ICD snaps up Montenegro super-yacht marina

Posted on 09 May 2016

Investment Corporation of Dubai (ICD) has acquired an exclusive marina development in Montenegro for a price thought to be in the region of $287.5 million. The Dubai sovereign wealth fund has bought Canadian billionaire Peter Munk’s majority stake in Porto Montenegro, one of the world’s largest super yacht marinas.

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