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Abu Dhabi fund interested in Woori

Posted on 31 August 2015 by VRS  |  Email |Print

Abu Dhabi’s sovereign wealth fund has shown interest in buying a stake in Woori Bank, Korea’s second-largest lender by assets, the Financial Services Commission (FSC) said. The FSC controls Woori through the state-run Korea Deposit Insurance Corp., which holds a 51 percent stake in the bank.
“The Abu Dhabi Investment Authority (ADIA) said it is interested in buying shares in Woori Bank. The vice chairman will leave for the country soon to meet officials of the fund,” an FSC spokesman said. Another official said that FSC Vice Chairman Jeong Chan-woo also plans to visit Saudi Arabia, Dubai and Kuwait on the one-week trip………………………………………..Full Article: Source

Temasek said to be in bid for Tesco’s S Korean business

Posted on 28 August 2015 by VRS  |  Email |Print

Temasek Holdings has teamed up with South Korean private equity firm MBK Partners to bid for the South Korean arm of British supermarket operator Tesco, two people familiar with the deal said. Asia-focused MBK has already entered the race for the business, valued at about US$6 billion (S$8.4 billion). It is vying against United States private equity giant Carlyle Group and a rival consortium comprising Affinity Equity Partners and KKR.
The sources said Temasek’s entry marks a rare instance where the Singapore investment giant is bidding against Singapore sovereign wealth fund GIC, which has partnered Carlyle. Temasek’s latest interest in the consumer sector comes more than a year after it bought almost a quarter of health and beauty products retailer AS Watson, backed by Hong Kong tycoon Li Ka-shing, for about US$5.7 billion in its single biggest investment………………………………………..Full Article: Source

Temasek joins MBK in bid for Tesco’s South Korea business

Posted on 28 August 2015 by VRS  |  Email |Print

Singapore state investor Temasek Holdings (Private) Ltd has partnered Asia-focused private equity firm MBK Partners to bid for the South Korea arm of British supermarket operator Tesco PLC, two people familiar with the matter told Reuters. MBK has already entered the race for the business, valued at $6 billion. It is vying against Carlyle Group LP and a consortium comprising Affinity Equity Partners and KKR & Co.
Temasek’s latest interest in a consumer-sector deal comes more than a year after it bought almost a quarter of health and beauty retailer A.S. Watson, backed by Hong Kong tycoon Li Ka-shing, for about $5.7 billion in its single biggest investment………………………………………..Full Article: Source

Mitsubishi to buy at least 10 percent of Temasek-controlled Olam

Posted on 28 August 2015 by VRS  |  Email |Print

Japanese trading house Mitsubishi will buy a stake of at least 10 percent in agri-trader Olam International in a deal worth $500 million or more, people familiar with the matter said. Reuters earlier reported that the Singapore-based firm was set to announce a strategic partnership with a Japanese peer, after Olam, majority-controlled by state investor Temasek Holdings, halted trading of its stock on Thursday.
One of the sources said Mitsubishi had done extensive due diligence and had also looked at other strategic investments before choosing Olam. The people declined to be identified as discussions were private………………………………………..Full Article: Source

Japan’s Mitsubishi buys 20% stake in Olam

Posted on 28 August 2015 by VRS  |  Email |Print

Japan’s Mitsubishi Corporation has bought a 20 per cent stake in global-agri business Olam through two transactions as the companies launch a strategic partnership. Singapore’s sovereign wealth fund Temasek Holding retains a majority stakeholding of 51.4 per cent in Olam. While it has sold no shares, its position has been diluted from 58.4 per cent by the issuance of the new shares.
Singapore-listed Olam sold 332.73m new shares — the equivalent of 12 per cent of the enlarged issue — to Mitsubishi for S$915m, the company said in a statement, David Sheppard writes in London………………………………………..Full Article: Source

DLF plans to sell a majority stake in Delhi project to Singapore’s GIC

Posted on 28 August 2015 by VRS  |  Email |Print

DLF, India’s largest real estate developer, is close to selling a majority stake in a residential project in New Delhi to Singapore’s sovereign wealth fund GIC, two people aware of the deal said. The transaction may be valued at Rs 1,500 crore- Rs 2,000 crore.
The 25-acre project in the Moti Nagar area of west Delhi, to be called DLF Capital Greens 6, has secured all approvals and is likely to be launched in the next few months. The builder did not find many takers when it assessed demand for the project through local brokers some months ago, one of the persons said. “DLF may be looking at commencing construction and selling only when the market improves,” the person said, asking not to be identified………………………………………..Full Article: Source

Norway sovereign wealth fund joins bidding for tower owned by Blackrock

Posted on 27 August 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund is among bidders for BlackRock’s Asia Square Tower 1, an office building in Singapore’s central business district, according to people familiar with the matter.
CapitaLand, Singapore’s largest developer, and Keppel Land. have also made offers for the property, said the people, who asked not to be identified because the process is private. The office tower could be valued at more than S$3.5bn (€2.3bn), according to the people………………………………………..Full Article: Source

Norway Fund Said Among Bidders for BlackRock Singapore Tower

Posted on 26 August 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund is among bidders for BlackRock Inc.’s Asia Square Tower 1, an office building in Singapore’s central business district, according to people familiar with the matter.
CapitaLand Ltd., Singapore’s largest developer, and Keppel Land Ltd. have also made offers for the property, said the people, who asked not to be identified because the process is private. The office tower could be valued at more than S$3.5 billion ($2.5 billion), according to the people………………………………………..Full Article: Source

As deals dry up more Singapore bankers seek exit to sovereign wealth funds

Posted on 26 August 2015 by VRS  |  Email |Print

As deals dry up in Southeast Asia, an increasing number of Singapore-based investment bankers are contacting recruiters about moving to GIC, the Singaporean sovereign wealth fund, or Temasek, the state investment company.
“Over the past six months I’ve seen more banking candidates than ever wanting to join the two asset managers,” says Christina Ng, executive director at LMA Recruitment in Singapore. “These aren’t underperformers either, they’re good-calibre people who could just as well get another job in banking.”……………………………………….Full Article: Source

Norway Fund Could Suffer Heavy Loss From Stock-Market Rout

Posted on 25 August 2015 by VRS  |  Email |Print

With stocks forming nearly two-thirds of its $836 billion portfolio, Norway’s sovereign wealth fund, the world’s biggest, could stand among the day’s biggest losers by the closing bell on the New York Stock Exchange on Monday. If the stock-market rout continues, the fund’s third-quarter results will be poor, said Nordea Markets analyst Erik Bruce. “The fund’s strategy may be questioned,” he said.
The fund, which holds 1.3% of the world’s listed stocks, and 2.4% of all listed European shares, posted its first quarterly loss in three years last week. Norges Bank Investment Management, the arm of Norway’s central bank running the fund, blamed losses on its equity and fixed-income investment………………………………………..Full Article: Source

SWF To Team Up With OTPP, Hermes

Posted on 24 August 2015 by VRS  |  Email |Print

One of the world’s biggest sovereign wealth funds is part of a consortium that is plotting a bid for London City Airport, which has been valued at 2bn, says an article in the Telegraph. Wren House Infrastructure Management, which is an investment vehicle owned by the Kuwait Investment Authority; Canadian giant Ontario Teachers’ Pension Plan; and investment firm Hermes have teamed-up to make an offer for the airport, according to sources in the infrastructure sector. The KIA is the world’s fifth largest sovereign wealth fund with some 592bn in assets.
Oaktree Capital owns the remaining 25pc of the airport and has agreed to the sale. London-based Wren House was set up in 2013 to facilitate direct infrastructure investment by Kuwait’s sovereign wealth fund. Kuwait was part of a consortium that unsuccessfully attempted a 5bn takeover of water utility Severn Trent two years ago. OTPP, which manages about C154.5bn in assets, is one of Canada’s largest investment houses and is a major player in British infrastructure………………………………………..Full Article: Source

Kuwaitis part of $3bn bid to buy London City Airport

Posted on 21 August 2015 by VRS  |  Email |Print

An international consortium of sovereign wealth and pensions funds, including a London-based division of the Kuwait Investment Authority (KIA), is lining up a bid to buy London City Airport for $3 billion, according to media reports.
Wren Infrastructure Management, a London-based division of the KIA, is part of a consortium that is lining up a bid for the airport located in the heart of the English capital. Canadian giant Ontario Teachers’ Pension Plan and investment fund manager Hermes have joined up to lodge a bid for airport, according to a report the Telegraph………………………………………..Full Article: Source

Norwegian oil fund sees losses as US equities drop in value

Posted on 21 August 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund saw its value decline by NOK53bn (€6bn) over the course of the second quarter, as the kroner strengthened and US equity holdings suffered negative returns.
Yngve Slyngstad, chief executive of Norges Bank Investment Management, in charge of the NOK6.9trn Government Pension Fund Global, said fixed income returns were impacted by a rise in yields across its main markets as he announced overall returns of -0.9%, ahead of its benchmark. Fixed income accounted for over a third of assets at the end of June and returned -2.2%, as only securitised debt seeing a positive return………………………………………..Full Article: Source

London City Airport could be bought by world’s fifth biggest sovereign wealth fund

Posted on 20 August 2015 by VRS  |  Email |Print

London City Airport could be bought by one of the world’s biggest sovereign wealth funds. Reports in The Telegraph suggest the Docklands site - valued at £2billion - could be snapped up by Wren House Infrastructure Management, an investment vehicle owned by Kuwait Investment Authority.
For the bid they are said to be teaming up with Canadian giant Ontario Teachers’ Pension Plan and investment firm Hermes. Boasting $592billion (£377billion) in assets, the KIA is the world’s fifth largest sovereign wealth fund………………………………………..Full Article: Source

Kuwait sovereign wealth fund linked to London City bid

Posted on 20 August 2015 by VRS  |  Email |Print

London City airport is reported to have attracted attention from two potential suitors after its owners signalled a £2 billion sale. According to the Daily Telegraph a consortium including the Kuwait sovereign wealth fund is gearing up to make a bid along with the Australian investment group Macquarie.
The Kuwait consortium consists of Wren House Infrastructure Management, an investment vehicle owned by the Kuwait Investment Authority, Ontario Teachers’ Pension Plan, which owns Bristol airport, and investment firm Hermes, according to the newspaper………………………………………..Full Article: Source

China’s sovereign wealth fund is betting big on a stock market recovery

Posted on 20 August 2015 by VRS  |  Email |Print

According to a report in the South China Morning post, Central Huijin Investment, a Chinese state-backed subsidiary of the China Investment Corporation, used more than 20 billion yuan ($3.125 billion) to increase its stake in Chinese banks during Wednesday’s trading session. The China Investment Corporation, or CIC, is China’s sovereign wealth fund.
Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, China Everbright Bank, and state-owned New China Life Insurance notified the Hong Kong stock exchange on Wednesday evening that Central Huijin increased its stake in their A-shares through transfer agreements, said the report………………………………………..Full Article: Source

GrabTaxi raises money from China’s sovereign wealth fund

Posted on 20 August 2015 by VRS  |  Email |Print

Chinese sovereign wealth fund China Investment Corporation is among backers pouring $350 million into South East Asia’s answer to Uber, cab-hailing app GrabTaxi. U.S.-based Coatue Management and China’s Didi Kuaidi, which competes with Uber on the mainland, also invested in the latest round which takes GrabTaxi’s total funding to $700 million, according to a company statement.
Existing shareholders also chipped in, GrabTaxi said without disclosing individual contributions. GrabTaxi plans to use the money to expand its service, which currently mostly comprises of cabs, to include private cars and motorbikes………………………………………..Full Article: Source

Korean Sovereign Fund Asks Elliott to Stop Investing in Korea

Posted on 19 August 2015 by VRS  |  Email |Print

South Korea’s sovereign wealth fund has asked Elliott Management Corp. to refrain from investing in Korean-based businesses after the activist hedge fund firm lost a high-profile proxy fight last month aimed at blocking a merger of businesses partly owned by the Samsung conglomerate’s controlling Lee family, said a person with direct knowledge of the matter.
The request was made in accordance with the Korean law that allows Korea Investment Corp. to invest in non-Korean businesses only, the person said. The 2005 law, the Korea Investment Corporation Act, mandated creation of the sovereign fund to invest in overseas assets. The fund’s assets now are worth more than $85 billion………………………………………..Full Article: Source

Kuwait eyes consortium bid for London City Airport

Posted on 19 August 2015 by VRS  |  Email |Print

The sovereign wealth fund of Kuwait is teaming up with Ontario Teachers’ Pension Plan and Hermes to bid for the airport, while Macquarie is leading a rival consortium. One of the world’s biggest sovereign wealth funds is part of a consortium that is plotting a bid for London City Airport, which has been valued at £2bn.
Wren House Infrastructure Management, which is an investment vehicle owned by the Kuwait Investment Authority; Canadian giant Ontario Teachers’ Pension Plan; and investment firm Hermes have teamed-up to make an offer for the airport, according to sources in the infrastructure sector. The KIA is the world’s fifth largest sovereign wealth fund with some $592bn in assets………………………………………..Full Article: Source

Norwegian oil fund stands behind Chinese stake despite stock slump

Posted on 19 August 2015 by VRS  |  Email |Print

The world’s biggest sovereign wealth fund isn’t about to lose its faith in China. The $870-billion (U.S.) fund, built on Norway’s oil riches, says the current selloff and policy shifts from China’s leadership won’t change its long-term view on the world’s second-biggest economy, where it’s prepared to increase its investment.
“We’re following the movements there and we see that they are steadily opening and taking steps in the direction of opening up the markets,” Ole-Christian Bech-Moen, chief investment officer of allocation strategies, said on Tuesday in an interview during a conference in Oslo. “We’re thinking long-term, so the short-term policies there and policy shifts – it’s not that important for the longer-term strategic thinking.”……………………………………….Full Article: Source

Oman fund acquires 90 per cent stake of Mariott Ambassador Paris Hotel

Posted on 19 August 2015 by VRS  |  Email |Print

State General Reserve Fund (SGRF), the Sultanate’s sovereign wealth fund, has acquired a majority stake in Marriott Ambassador Paris Hotel by purchasing 90 per cent of its shares. The transaction was completed through a joint venture with Westmont Hospitality Group (WHG) which will own 10 per cent of the hotel shares and will provide the operational oversight to the hotel, according to a press release.
WHG has significant experience in managing budget to upscale hotels and currently own and/or manage a portfolio of about 350 hotels across North America and Europe under multiple hotel franchise brands………………………………………..Full Article: Source

Greenko to sell Indian assets to Singapore wealth fund GIC

Posted on 18 August 2015 by VRS  |  Email |Print

Renewable energy firm Greenko Group has agreed to sell its Indian assets and trading activities to Singapore sovereign wealth fund GIC for £162.8m. The parties have signed non-binding heads of terms, which will see Greenko divest its shares in Greenko Mauritius.
The transaction, which includes the rights to several clean energy projects in India, would releive Greenko from all related financial liabilities. Greenko and GIC are currently in an advanced stage of negotiations. The disposal will be subject to a legally binding agreement. Greenko aims to distribute the proceeds from the sale, net of certain Indian taxation, transaction fees and running costs, to its own shareholders………………………………………..Full Article: Source

U.K. Wealth Fund to Target Private Equity, Infrastructure Investment

Posted on 17 August 2015 by VRS  |  Email |Print

London Mayor Boris Johnson’s fledgling British sovereign-wealth fund plans to combine local public pension funds and invest billions of pounds in private equity and infrastructure projects. The plan to develop a so-called citizens’ wealth fund with more than $100 billion is being led by Edmund Truell, a private equity investor and chairman of the London Pensions Fund Authority.
The London Pensions Fund Authority and the Greater Manchester Pension Fund joined forces in January to create a £500 million ($780 million) infrastructure fund. In December, the London fund agreed a separate £10 billion partnership with the Lancashire County Pension Fund……………………………………….Full Article: Source

India’s Modi to Visit UAE in Bid for Investments

Posted on 17 August 2015 by VRS  |  Email |Print

Indian prime minister Narendra Modi is looking to secure deals with Abu Dhabi’s sovereign wealth fund Narendra Modi heads to the United Arab Emirates this week to seek cash from the world’s second-richest sovereign wealth fund for everything from trains to toilets.
The Abu Dhabi Investment Authority’s $773 billion in assets is second only to those of Norway. Modi is scheduled to meet Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi’s Crown Prince who chairs the Abu Dhabi Investment Council, an offshoot of the sovereign wealth fund. A meeting with Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum is also on the agenda………………………………………..Full Article: Source

PM Modi in UAE: Abu Dhabi has deep pockets, but will it loosen purse strings for India?

Posted on 17 August 2015 by VRS  |  Email |Print

Prime Minister Narendra Modi has begun a stand-alone bilateral visit to the United Arab Emirates (UAE), a near-abroad country so important for India today that deserves a special attention from New Delhi that it has not been getting. Abu Dhabi, the UAE capital where Modi is currently camping, has a sovereign wealth fund of about $800 billion.
This fund is parked with the Abu Dhabi Investment Authority. Dubai, where PM Modi will be reaching on Monday, has a similar fund with Dubai Investment Authority boasting of around $500 billion in its kitty. Put together, the two sovereign wealth funds amount to a staggering $1.3 trillion. Not many countries in the world can boast of this kind of whopping sum set aside solely for the purpose of investment………………………………………..Full Article: Source

Singapore fund moves for Greenko

Posted on 17 August 2015 by VRS  |  Email |Print

UK-listed Greenko Group PLC has agreed a non-binding agreement to sell its Indian assets and trading activities to Singapore sovereign wealth fund GIC for £162.8m. The deal for Greenko Mauritius, if completed, will result in GIC acquiring rights to the developer’s clean energy projects in India, and would release it from all associated financial liabilities.
Greenko’s portfolio includes 402MW of operational wind capacity and 402MW in an advanced stage of construction. The Hyderabad-based company also operates 235.3MW of hydro assets in India, six biomass plants totalling 41.5MW, as well as a 36.8MW gas/liquid thermal plant………………………………………..Full Article: Source

Singaporean fund plans GBP-163m Greenko acquisition

Posted on 17 August 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC Pte Ltd plans to acquire the trading activities and assets of Indian clean power producer Greenko Group Plc (LON:GKO) for GBP 162.8 million (USD 254m/EUR 227.7m).
The fund, previously known as the Government of Singapore Investment Corp Pte Ltd, has signed a non-binding heads of terms with the London-listed company to buy the shares its affiliates do not already own in Greenko Mauritius, according to a Friday statement………………………………………..Full Article: Source

GrabTaxi raises $400M round led by China’s sovereign wealth fund

Posted on 17 August 2015 by VRS  |  Email |Print

Southeast Asia’s leading transportation app GrabTaxi now has new ammunition to battle against Uber and Go-Jek. The Singapore-headquartered startup has raised US$400 million in a round led by China Investment Corp (CIC), China’s sovereign wealth fund, according to the Wall Street Journal.
CIC, a big investor in commodities, is putting more money into startups lately. The US$740 billion fund has backed Didi Kuaidi, GrabTaxi’s equivalent who is leading the Chinese market. Didi Kuaidi is said to be worth US$15 billion………………………………………..Full Article: Source

NZ Super Fund invests in US smart glass company

Posted on 14 August 2015 by VRS  |  Email |Print

The New Zealand Superannuation Fund has taken a US$75 million (NZ$113m) stake in high-tech US company View, which makes dynamic-tinting glass. View’s glass can be tinted by passing a low electrical current through it, which commercial building owners can use to control, light, glare and preserve views by avoiding blinds and shades.
The Super Fund is New Zealand’s sovereign wealth fund, set up to help prefund some of the future costs of NZ Super by investing in assets all around the world. A portion of the fund is invested in higher risk, direct investments in New Zealand and overseas in a bid to diversify and earn higher returns………………………………………..Full Article: Source

Modi visit: UAE’s $800 bn sovereign wealth fund likely in talks

Posted on 14 August 2015 by VRS  |  Email |Print

A key focus area of talks during Prime Minister Narendra Modi’s visit to the UAE on August 16-17 is expected to be the Gulf country’s estimated $800 billion sovereign wealth fund that India will seek to tap for infrastructure projects. The Abu Dhabi Investment Authority (ADIA) sovereign wealth fund is said to be the world’s second largest sovereign wealth fund. It is believed to be one of the investors in HDFC’s $1-billion offshore fund to finance affordable housing projects in India.
Modi’s visit comes as the UAE has appointed Ahmad Sultan Al Falahi as the new trade attache at the United Arab Emirates embassy in New Delhi. Modi’s visit, the first by an Indian prime minister to the UAE in 34 years and his first to an Arab nation, has “been in the works for some time”………………………………………..Full Article: Source

Modi visit: UAE’s USD 800 bn sovereign wealth fund likely in talks

Posted on 13 August 2015 by VRS  |  Email |Print

A key focus area of talks during Prime Minister Narendra Modi’s visit to the UAE on August 16-17 is expected to be the Gulf country’s estimated $800 billion sovereign wealth fund that India will seek to tap for infrastructure projects.
The Abu Dhabi Investment Authority (ADIA) sovereign wealth fund is said to be the world’s second largest sovereign wealth fund. It is believed to be one of the investors in HDFC’s $1-billion offshore fund to finance affordable housing projects in India. Modi’s visit comes as the UAE has appointed Ahmad Sultan Al Falahi as the new trade attache at the United Arab Emirates embassy in New Delhi………………………………………..Full Article: Source

Indian PM Narendra Modi eyes UAE’s $800 billion sovereign fund to boost infrastructure spending

Posted on 13 August 2015 by VRS  |  Email |Print

Narendra Modi, whose foreign visits over the past year was aimed at attracting much needed foreign investment to boost the economy, would try to lure a share from $800-billion sovereign fund of the UAE for infrastructural needs as well as give momentum to Bilateral Investment Protection Agreements (BIPA) that has not functioned to its potential to attract investments.
Buoyed by the oil economy, UAE sovereign wealth fund is estimated at over $800 billion and Modi would like to attract part of this fund, imperative for the country’s infrastructural needs estimated at one trillion dollars, officials hinted. The Abu Dhabi Investment Authority (ADIA) is the sovereign wealth fund owned by Emirate of Abu Dhabi (in the UAE) founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi………………………………………..Full Article: Source

Temasek leads $40m funding into invoice marketplace C2FO

Posted on 13 August 2015 by VRS  |  Email |Print

Singapore state fund Temasek Holdings has led a $40 million funding round into US-headquartered innoice marketplace startup C2FO, the company announced. Temasek joins a growing list of C2FO investors including Union Square Ventures, Summerhill Venture Partners, OPENAIR Equity Partners, Mithril Capital, and Tiger Global.
C2FO, which is a fintech startup, said its business had quadrupled in the second quarter compared to the same period for the previous year. The amount of capital flowing through its platform reached a record $5.4 billion for the three months ended June 30, 2015, as against $1.2 billion during the same period a year ago, the company, whose service allows firms to get a discount from their vendors for upfront payment, added………………………………………..Full Article: Source

Norway’s Sovereign Wealth Fund Blasts HFT

Posted on 13 August 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund suggests stock exchange operators should abandon the race for faster data systems and instead focus on innovating for a changing investor landscape. Norges Bank Investment Management (NBIM), which holds over $500 billion in global equities, called for a more fundamental revamp of trading on exchanges in a recent white paper.
NBIM, one of the world’s largest equity managers, in its white paper titled: “Role of exchanges in well-functioning markets” argues that stock exchanges are growing increasingly unsuited to modern trading because of the growth of institutional investment………………………………………..Full Article: Source

GIC in Carlyle-led consortium to buy Veritas for $11b

Posted on 12 August 2015 by VRS  |  Email |Print

A consortium led by Carlyle Group, including sovereign wealth fund GIC, is buying information management service provider Veritas for US$8 billion (S$11 billion). The deal is the largest private-equity takeover of a technology company this year. GIC’s share was not disclosed but is understood to be significantly smaller than that of Carlyle’s. The deal is expected to be finalised by the end of this year.
Mr Bill Coleman, the founder of software company BEA Systems, will become chief executive officer, and Mr Bill Krause, a Carlyle operating executive who previously was president and chief executive of 3Com, will be chairman………………………………………..Full Article: Source

Noble Group mulls raising funds from strategic investor

Posted on 12 August 2015 by VRS  |  Email |Print

Noble Group is considering issuing a convertible note to a strategic investor, one of several steps the commodities trader is assessing to revive investor confidence after a damaging accounting dispute, a person with direct knowledge of the situation told Reuters. Bankers say China Investment Corp (CIC), Noble’s second-largest shareholder which owns a stake of about 9 percent, is a likely candidate.
Noble’s top shareholder is chairman and founder Richard Elman, who owns about a fifth of its shares. The Chinese sovereign wealth fund had cut its stake in Noble in September 2014 and has not made any public comment on the company since the accounting problems. CIC was not available for comment………………………………………..Full Article: Source

Norway’s sovereign wealth fund snaps up London landmarks

Posted on 11 August 2015 by VRS  |  Email |Print

Two of London’s most famous streets are now part-owned by Norway’s sovereign wealth fund after it paid £343m to snap up a share in an estate covering four acres of the capital’s West End. avile Row, the Mayfair street renowned for its men’s tailors and for hosting the Beatles’ final live performance at the former Apple offices, and the gallery-studded Cork Street are part of the Pollen Estate in which Norges Bank Investment Management (NBIM) has bought a 57.8% stake.
The fund, which is the world’s biggest sovereign wealth fund and invests government money from the oil industry, already has investments in a neighbouring Regent Street portfolio. he share in the Pollen Estate was bought from the Church Commissioners for England, which also sold a 6.4% share to the Crown Estate, raising a total of £381m, making it the largest ever property sale by the group………………………………………..Full Article: Source

Temasek Keen to Build Bantaeng Port

Posted on 11 August 2015 by VRS  |  Email |Print

Temasek Holding, an investment firm from Singapore, is keen to build Bantaeng port in South Sulawesi which will cost about Rp4 trillion, Investor Daily reported this morning. he government of Bantaeng regency and Temasek will in near term sign the memorandum of understanding (MoU) for this project.
Consortium of PT Samudera Indonesia and Mitsubishi, also consortium of BTN Power (Malaysia), China Maschinery Engineering Corporation, and PT Terminal Borneo Indonesia have previously expressed their interest to build port and industrial area in Bataeng………………………………………..Full Article: Source

ADIA, OMERS consortium to acquire German motorway company

Posted on 11 August 2015 by VRS  |  Email |Print

A group including the Abu Dhabi Investment Authority (ADIA) and the Ontario Municipal Employee Retirement System (OMERS) is investing in a German motorway services company. llianz Capital Partners and Munich Re’s MEAG joined the consortium, which is buying Tank & Rast from Terra Firma Capital Partners and a fund managed by Deutsche Asset and Wealth Management.
OMERS’s is investing through its Borealis Infrastructure Management platform, ADIA through its wholly owned Infinity Investments. ichael Rolland, CIO at OMERS Private Markets, said Germany’s stable concession framework and strong economy made it an “ideal” destination to invest………………………………………..Full Article: Source

As Others’ Eyes Roam, a Qatari Sheikh Sticks With Europe

Posted on 07 August 2015 by VRS  |  Email |Print

While most sovereign wealth funds in the Gulf are moving away from European trophy assets, Sheikh Hamad Bin Jassim Bin Jabr Al Thani is sticking to a strategy honed as head of the $250 billion Qatar Investment Authority. The former Qatari prime minister is taking a 10 per cent stake in Spain’s El Corte Ingles, western Europe’s largest department store owner, adding to an agreement last year to inject 1.75 billion euros ($1.94 billion) into Deutsche Bank.
While Sheikh Hamad continues to pursue prestigious European investments, the fund he once headed is heading away from its strategy of buying stakes in European companies such as Barclays and Total. The QIA—and other Gulf funds—are looking increasingly to Asia to capitalise on the region’s growing population and economies, with Qatar saying in December it plans a $10 billion venture with China’s Citic Group………………………………………..Full Article: Source

IHH buys stake in India’s Global Hospitals

Posted on 06 August 2015 by VRS  |  Email |Print

Parkway Hospital, owned by Malaysia’s biggest healthcare group IHH, has acquired 74 per cent stake in Hyderabad-based Global Hospitals for an equity value of Rs 1,800 crore, two people with direct knowledge of the development said. Malaysia’s sovereign wealth fund Khazanah Nasional is the majority shareholder of IHH Healthcare.
The global healthcare chain has bought the stake of private equity investor Everstone Capital, Anand Rathi Capital Advisor Pvt Ltd and some individual investors in the unlisted chain specialising in liver transplants. The rest 26 per cent stake will continue to be owned Global Hospitals founder Dr K Ravindranath, these people said. The chain has a debt of Rs 350 crore………………………………………..Full Article: Source

India: Infratweets: Boosting infra companies

Posted on 05 August 2015 by VRS  |  Email |Print

The National Infrastructure and Investment Fund, proposed by finance minister Arun Jaitley in Budget 2015, mimics a Sovereign Wealth Fund with a domestic infrastructure bias. The National Infrastructure and Investment Fund, proposed by finance minister Arun Jaitley in Budget 2015, mimics a Sovereign Wealth Fund with a domestic infrastructure bias.
Over and above demonstrating the NDA government’s policy of creatively using off-budget resource raising measures, it is also a relevant vehicle to monetise the goodwill and channelise external investments from Prime Minister Narendra Modi’s very successful diplomatic outreach efforts………………………………………..Full Article: Source

China’s Sovereign Wealth Fund Seeking Alpha in Silk Road

Posted on 05 August 2015 by VRS  |  Email |Print

China Investment Corporation (CIC), one of China’s four sovereign wealth funds, began overseas direct investment operations last Monday in the One Belt, One Road (OBOR) initiative. Caixin.com reported that CIC Capital, CIC’s overseas direct investment branch started in 2015, may have received $100 billion from a Ministry of Finance (MOF) bond issue in part for this purpose. CIC is seeking to profit from OBOR projects in line with its aim of maintaining a direct investment in a number of countries.
China Investment Corporation’s investment in OBOR may encounter the returns it is looking for, as the sovereign wealth fund appears to have found its footing in a longer-term investment strategy after several years of mixed success. CIC has faced funding issues, with a sporadic source of funding coming from MOF bond issues, as well as major losses in 2008, having invested heavily in Morgan Stanley and Blackstone Group, which suffered greatly during the global financial crisis……………………………………….Full Article: Source

An investment from China’s sovereign wealth fund to Didi Kuaidi bodes well for ridesharing in China

Posted on 05 August 2015 by VRS  |  Email |Print

Ridesharing’s legal future in China remains just as uncertain now as it was two years ago. For every government endorsement of Uber-like services, there’s another statement from officials that hints at a crackdown. But reports of a new investor serves as the best indicator yet that the industry has at least partial support from the government.
Reuters and the WSJ have both reported that China Investment Corporation (CIC), the nation’s sovereign wealth fund, contributed to the recently closed $2 billion round for Didi Kuaidi. The latter is China’s answer to Uber though unlike Uber it uses licensed taxi drivers in addition to regular drivers. The round officially closed last month and raised the startup’s valuation to $3.5 billion………………………………………..Full Article: Source

KIA buys 10% stake in Associated British Ports

Posted on 05 August 2015 by VRS  |  Email |Print

Kuwait Investment Authority (KIA), the Kuwait’s sovereign wealth fund, has acquired a 10% stake in Associated British Ports (ABP). The news comes after GS Infrastructure Partners (GSIP), part of Goldman Sachs, and Infracapital, a subsidiary of Prudential, sold their stakes in the group, which operates 21 ports in the UK.
The two investment companies have sold their combined 33.33% stake to Canada-based Anchorage Ports, which comprises Canada Pension Plan Investment Board and Hermes Infrastructure………………………………………..Full Article: Source

Chief of Woori sale committee prefers Middle East sovereign fund

Posted on 04 August 2015 by VRS  |  Email |Print

The head of the Public Fund Oversight Committee (PFOC) said he hopes a sovereign fund from the Middle East will buy a stake in Woori Bank for a long-term investment. Park Sang-yong, a Yonsei University professor leading the eight-member government committee, said the committee is willing to sell part of the government’s 48.07 percent stake in Woori to a sovereign fund from the region.
The PFOC is a deliberative body of the Financial Services Commission in charge of privatizing Woori. “As we push for selling our Woori Bank stake to multiple buyers, we thought it would be great to have a Middle East sovereign fund because they are long-term investors that can support the management of the bank,” Park told The Korea Times………………………………………..Full Article: Source

India’s new ‘SWF’ faces project shortage, questions on accountability

Posted on 04 August 2015 by VRS  |  Email |Print

After stitching together the country’s first sovereign fund - National Investment & Infrastructure Fund or NIIF - the government might find it difficult to get projects that are commercially viable. While explaining the fund and its functions to scribes, the minister of state for finance, Jayant Sinha, said that in the present scenario there is ample capital available worldwide. However, he admitted that there is a paucity of projects.
According to Sinha, the government is in touch with several pension funds across the world, endowments, and sovereign funds along with development banks to pick up 51 per cent equity in the fund and infuse Rs 20,000 crore-odd in it (the government will provide Rs 20,000 crore annually for a 49 per cent stake)………………………………………..Full Article: Source

China state fund CIC invests in taxi app Didi Kuaidi-source

Posted on 04 August 2015 by VRS  |  Email |Print

China’s sovereign wealth fund has invested an unspecified amount in Didi Kuaidi, China’s dominant ride-hailing app which is competing against U.S. firm Uber Technologies, a person with knowledge of the matter said on Tuesday.
The person said China Investment Corp (CIC) was one of several investors that injected more than $2 billion in recent months into the startup, which is now valued at $15 billion. The source did not give details about the size of CIC’s investment, and they declined to be identified as they were not authorised to speak to the media. CIC officials were not immediately available to comment on the matter………………………………………..Full Article: Source

Ride-Hailing Service Didi Kuaidi to Get Backing From China Investment Corp.

Posted on 04 August 2015 by VRS  |  Email |Print

China’s homegrown ride-hailing service is getting an influential backer in its battle against Uber Technologies Inc.: China Investment Corp. China Investment Corp., the country’s sovereign-wealth fund, has made a commitment to invest in Didi Kuaidi Joint Co. as part of its recent fundraising round, according to people familiar with the situation.
The Didi Kuaidi fundraising round had a “first closing” last month of $2 billion, valuing the Chinese ride-hailing app at $15 billion. At that time, Didi Kuaidi said it was looking to raise “a further few hundred million dollars from new investors before the final closing in the coming month.” Many companies covet an investment from China Investment Corp. because it carries the imprimatur of China’s government………………………………………..Full Article: Source

QIC secures $1b to invest in global infrastructure fund, will target transport and energy

Posted on 04 August 2015 by VRS  |  Email |Print

The Queensland Investment Corporation is pursuing transport and energy investments after securing more than $1 billion in capital for its new global infrastructure fund and several new clients, including pension group Hostplus. QIC started marketing the unlisted fund, which aims to eventually raise $1.75 billion, early this year, targeting clients in Asia and Australia.
As well as Hostplus, it has attracted an Asian sovereign wealth fund, a Chinese insurer and two existing clients. Ross Israel, head of QIC’s global infrastructure business, said the investment group’s strategy and track record had been recognised in Asia, with Asian clients keen on the broad range of infrastructure investments available in Australia………………………………………..Full Article: Source

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