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Sovereign Wealth Funds Briefing - Category | Investment more

Norway’s Sovereign Fund retains 2.6 % investment in Italy

Posted on 16 April 2015 by VRS  |  Email |Print

Norway’s Sovereign Wealth Fund manager and Central Bank governor, Oystein Olsen, said he intended to keep investments in Italy unchanged. “At the moment we’re not planning to increase our investments in Europe, which will remain at 40 percent of our global investments”, Mr Olsen told reporters in Rome.
He spoke after he was asked if he intended to increase investments in Italy. He was in Italy to attend the workshop promoted by the FeBAF, the Italian Banking, Insurance and Finance Federation, at the headquarters of ABI, the Italian Banking Association………………………………………..Full Article: Source

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

Posted on 16 April 2015 by VRS  |  Email |Print

Singapore’s Temasek Holdings is the single-largest foreign investor in Chinese banks, data from SNL Financial showed on Tuesday. And this comes as Chinese banks have outdone their peers in the region, according to indices from SNL. Its SNL China Bank index gained 34.71 per cent in the one year through March 31, far outperforming the SNL Asia-Pacific Bank index, which rose 7.56 per cent. These regional banks would include those from Japan and Australia.
The data on foreign investments in Chinese banks includes all classes of publicly traded common shares, but excludes investments reported before Jan 1, 2014. The market value of each investor’s stake in a company was calculated based on the March 31, 2015 closing price………………………………………..Full Article: Source

Singapore’s GIC to acquire Shriram SEZ

Posted on 16 April 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC is in advanced talks to acquire Shriram Group’s nearly 2 million sqft IT SEZ in Chennai for Rs 860 crore ($136 million), marking its third big-ticket commercial office purchase in the last five months in India.
With this deal, GIC would have cumulatively invested about Rs 2,000 crore in buying office spaces in Mumbai, Bengaluru and Chennai since December last year. These investments exclude GIC’s commitments in the country’s residential real estate market. Big global peers Blackstone and Brookfield Asset Management bought commercial assets collectively worth over $ 2 billion in the country last year………………………………………..Full Article: Source

Singapore’s Temasek buys debt finance company SVB India

Posted on 15 April 2015 by VRS  |  Email |Print

The Singapore government-controlled Temasek Holdings has acquired debt financing company SVB India Finance for about Rs 300 crore. This marks Temasek’s entry into the venture-debt lending market. After the acquisition, SVB India Finance has been renamed InnoVen Capital India.
Till date, SVB India Finance has provided more than 75 loans to over 50 companies in India, totalling $110 million of venture debt. They include Prizm Payments, Snapdeal, Myntra, Freecharge, Manthan Software, Firstcry, Faasos, Practo, and Capillary Technologies………………………………………..Full Article: Source

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

Posted on 14 April 2015 by VRS  |  Email |Print

Angola’s sovereign wealth fund said on Monday it was allocating $1.4 billion to five new vehicles that will invest in sectors such as mining, timber, agriculture and healthcare within the country and elsewhere in Africa.
The Fundo Soberano de Angola (FSDEA) said vehicles focused on mining, timber and agriculture will each have $250 million to invest, while a healthcare fund will have $400 million. A fifth Mezzanine Investment fund is being set up to provide financing to entrepreneurs who do not have access to traditional debt funding, with a further $250 million, the FSDEA said………………………………………..Full Article: Source

Abu Dhabi sovereign wealth fund said to invest in Spotify

Posted on 14 April 2015 by VRS  |  Email |Print

An Abu Dhabi-based fund has reportedly invested in Spotify during the seventh funding round held by the music-streaming service. Spotify is close to completing its latest funding round, raising $400 million and valuing the company at $8.4 billion, sources told the Wall Street Journal.
Goldman Sachs Group and an unnamed Abu Dhabi sovereign wealth fund have agreed to invest in the round, after Spotify held talks with a range of asset managers and venture capital firms around the globe, the report said………………………………………..Full Article: Source

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

Posted on 14 April 2015 by VRS  |  Email |Print

Singapore’s Temasek Holdings is the single-largest foreign investor in Chinese banks, data from SNL Financial on Tuesday showed. The data includes all classes of publicly traded common shares, but excludes investments reported before Jan 1, 2014. The market value of each investor’s stake in a company was calculated based on the March 31 closing price.
Temasek emerged top with a combined stake valued at US$18 billion, driven by holdings in three Chinese banks. It has a 6 per cent stake in China Construction Bank Corp, worth US$12 billion as at March 31. It is also invested in Industrial & Commercial Bank of China, holding US$5.76 billion of shares………………………………………..Full Article: Source

Spotify to be worth $8.4bn after fundraising

Posted on 13 April 2015 by VRS  |  Email |Print

Goldman Sachs and Abu Dhabi’s sovereign wealth fund have agreed to invest in Spotify, according to reports. Spotify is nearing a deal to raise $400m (£273m), valuing the music streaming service provider at $8.4bn, according to reports.
The terms of the funding, Spotify’s seventh, have been set and the deal is expected to close in the coming weeks. Goldman Sachs and Abu Dhabi’s sovereign wealth fund have agreed to invest in the round and Spotify has also held talks with asset managers and venture-capital firms, the Wall Street Journal reported. Spotify and Goldman Sachs could not immediately be reached for comment………………………………………..Full Article: Source

Why Sovereign Wealth Funds Should Not Invest at Home

Posted on 10 April 2015 by VRS  |  Email |Print

A SWF is a type of extra-budgetary fund that operates outside the annual government budget process. SWFs have traditionally been created for a macroeconomic objective (e.g., fiscal stabilization), or to save for future generations. All invest at least partly in foreign assets.
While the idea of using a SWF to invest in domestic assets may resonate with government officials and politicians, there are strong arguments against using SWFs for this purpose. A fund with multiple objectives can undermine public financial management systems, and lead to poor investment decisions, patronage and even corruption………………………………………..Full Article: Source

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

Posted on 10 April 2015 by VRS  |  Email |Print

Singapore state investment fund Temasek Holdings Pte Ltd is among several investor that participated Chinese restaurant-review and group-buying services app Dianping Holdings Ltd’s latest $800 million funding round, a report said. The Wall Street Journal in a recent report said Shanghai-based startup Dianping had raised $850 million from a group of investors including smartphone maker Xiaomi Corp.
The other investors participating in the fundraising round include Internet company Tencent Holdings Ltd, Temasek Holdings, private-equity firm FountainVest Partners and Chinese conglomerates Wanda Group and Fosun Group, the report added quoting an unnamed executive familiar with the development………………………………………..Full Article: Source

Investment Corporation of Dubai takes stake in luxury US and South African hotels

Posted on 10 April 2015 by VRS  |  Email |Print

Investment Corporation of Dubai, the emirate’s main investment vehicle, has strengthened its presence in the global hospitality business with the acquisition of stakes in three luxury hotels. ICD has purchased the W Hotel in Washington DC, a majority holding in the Mandarin Oriental in New York, and a minority in the One & Only resort in Cape Town, South Africa.
The purchase price was not announced. “Building on our strong domestic growth in the hospitality and tourism sectors, this strategic move reinforces ICD as a serious contender in the global luxury hospitality space,” said Mohammed Al Shaibani, the executive director and chief executive of ICD………………………………………..Full Article: Source

Abu Dhabi and Kuwait in consortium mix for NSW power assets bid

Posted on 09 April 2015 by VRS  |  Email |Print

The Abu Dhabi Investment Authority is understood to have joined a group, including Hastings Funds Management and Spark Infrastructure Group, that plans to bid for NSW electricity assets. Canada’s Caisse de Depot et Placement du Quebec and an arm of the Kuwait Investment Authority were also part of the consortium, people with knowledge of the matter said.
IFM Investors is believed to be planning a bid with QIC for the NSW assets, while Macquarie Group’s Macquarie Infrastructure and Real Assets arm is also understood to be weighing an offer. Australia’s most populous state plans to raise about $20 billion leasing almost half of its electricity network to fund new railways, roads, schools and hospitals………………………………………..Full Article: Source

Advent teams up with Temasek to scoop up Crompton’s consumer business

Posted on 09 April 2015 by VRS  |  Email |Print

A group of investors led by bulge-bracket private equity firm Advent International along with Temasek, the investment company of the government of Singapore, are set to buy the consumer business of Crompton Greaves, said multiple sources who are directly involved in the deal.
They will be acquiring the business from billionaire Gautam Thapar and his family, the promoters of the diversified Avantha Group, ending months of negotiations that saw several large global investors and PE funds as well as domestic competitors jostle for the asset. ET reported March 5 that Advent had emerged as frontrunner. A formal announcement is expected as early as next week………………………………………..Full Article: Source

KIC’s possible investment in LA Dodgers called into question

Posted on 07 April 2015 by VRS  |  Email |Print

A possible deal by South Korea’s sovereign wealth fund to buy some 19 percent of the Los Angeles Dodgers baseball team could entail much risk and end in failure, market observers said Monday. The Korea Investment Corporation (KIC), which manages assets entrusted by South Korea’s central bank, has been in talks to buy the stake from U.S.-based investment firm Guggenheim Partners, according to sources familiar with the matter.
The KIC will make a final decision on the Dodgers investment in the near future as it recently completed due diligence, said the sources. According to the sources, the deal includes sharing profits from admissions and broadcasting rights with Guggenheim Partners and a guarantee for an annual return rate of more than 3 percent, they noted………………………………………..Full Article: Source

Canada Pension may buy Chennai IT park for Rs 1,500 crore: Sources

Posted on 07 April 2015 by VRS  |  Email |Print

Canada Pension Plan Investment Board is close to buying an IT park in Chennai jointly owned by Shapoorji Pallonji and New Vernon Capital for Rs 1,500 crore, two people familiar with the matter said. If it goes through, this will be the biggest real estate private equity transaction so far this year. “Both parties are in final stage of discussions and the deal is expected to close soon.
Singapore’s sovereign wealth fund GIC, along with Bengaluru-based builder Brigade Enterprises, announced that it will jointly invest Rs 1,500 crore in housing projects across southern India………………………………………..Full Article: Source

NSIA to invest N7.8bn in infrastructure

Posted on 07 April 2015 by VRS  |  Email |Print

The Nigerian Sovereign Investment Authority plans a $40m (N7.88bn) investment to improve the infrastructural facilities in critical sectors such as education, healthcare and environment. This was confirmed to our correspondent by the Managing Director, NSIA, Mr. Uche Orji, on Friday.
The NSIA is the agency of government currently managing the $1bn Sovereign Wealth Fund which was set up in 2012 by the Federal Government. It is made up of three funds – the Future Generation Fund, the Nigeria Infrastructure Fund and the Stabilisation Fund. Orji said “We all know healthcare is a very important focus for Nigeria; and some of the Memorandums of Understanding we have signed with hospitals, we will activate a few of them in 2015………………………………………..Full Article: Source

Kuwait eyes Italy and invests in strategic fund

Posted on 07 April 2015 by VRS  |  Email |Print

A billion euros in trade annually, close political relations and a shared commitment against Islamic State (ISIS) terrorism, with Italian military planes in Kuwaiti territory, form the basis of Italy’s relations with Kuwait. This year’s 500-million-euro investment by the Kuwait Investments Authority (KIA) in Italy’s Strategic Fund (FDI) is especially noteworthy as well, said Italy’s ambassador to Kuwait Fabrizio Nicoletti in meeting with journalists on Friday.
KIA is a sovereign wealth fund that has 400 billion euros in its coffers, and its entrance as ‘partner’ into the FSI, the Italian institution for foreign investment, marks a turning point in the partnership between the two nations, he said, adding that the agreement had set an example for many other countries………………………………………..Full Article: Source

GIC among investors bidding for German group Tank & Rast in $4.11b deal

Posted on 01 April 2015 by VRS  |  Email |Print

German motorway service station group Taoutnk & Rast (Tank & Rast), which has been up for grabs for three months now, has attracted several investor groups including Singapore’s GIC to bid in a deal worth up to 3.5 billion euros ($4.11 billion).
Reuters found out through sources that the investors were preparing to bid for the group, which British buyout group Terra Firma Capital Partners put up for sale in January this year. Tank & Rast could appeal to pension funds and insurers who are focusing on infrastructure investments to generate better returns than from government bonds, the sources said………………………………………..Full Article: Source

GIC, Temasek to invest S$642m each in airport retailer Dufry

Posted on 31 March 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and investment firm Temasek Holdings will invest 450 million Swiss francs (S$642 million) each in the airport retailer Dufry. They plan to purchase shares from a rights issue by Dufry, which is trying to raise funds for its billion-dollar deal to acquire Italy’s World Duty Free (WDF) Group.
The Swiss-based retailer is paying €1.3 billion (S$1.94 billion) to buy a 50.1 per cent stake in WDF from Italy’s Benetton family through its holding company Edizione. The deal will trigger a mandatory offer for the balance of World Duty Free’s outstanding shares at the same terms. Under the terms, Dufry will pay €10.25 per share in cash for each WDF share, valuing the Italian firm at about €3.6 billion after taking into account debt, which stood at €970 million at the end of last year………………………………………..Full Article: Source

GIC among investors bidding for German group Tank & Rast in $4.11b deal

Posted on 31 March 2015 by VRS  |  Email |Print

German motorway service station group Taoutnk & Rast (Tank & Rast), which has been up for grabs for three months now, has attracted several investor groups including Singapore’s GIC to bid in a deal worth up to 3.5 billion euros ($4.11 billion).
Reuters found out through sources that the investors were preparing to bid for the group, which British buyout group Terra Firma Capital Partners put up for sale in January this year. Tank & Rast could appeal to pension funds and insurers who are focusing on infrastructure investments to generate better returns than from government bonds, the sources said………………………………………..Full Article: Source

Amcorp steps up UK venture with Temasek

Posted on 31 March 2015 by VRS  |  Email |Print

Amcorp Properties Bhd has partnered with Temasek Holdings Pte Ltd in a redevelopment project in London valued at more than £1bil (RM5.46bil). It told Bursa Malaysia its indirect unit SNL Ltd (30% equity holding) had signed a subscription and shareholders’ agreement with Temasek’s indirect unit Hubbard Investments (30%), Singapore-based hotel operator Hotel Properties Ltd (30%) and a special-purpose vehicle controlled by the shareholders of London-based property developer Native Land (10%).
Their joint-venture (JV) firm, Bankside Quarter (Jersey) Ltd, on Friday bought the companies that own Sampson House and Ludgate House for £308mil (RM1.68bil), freehold office buildings next to the River Thames………………………………………..Full Article: Source

S.Korea sovereign wealth fund KIC may buy 19 pct of LA Dodgers -Yonhap

Posted on 31 March 2015 by VRS  |  Email |Print

Korea Investment Corp (KIC), South Korea’s sovereign wealth fund, is considering buying about 19 percent of the Los Angeles Dodgers baseball team for more than 400 billion won ($361.65 million), Yonhap reported on Monday.
KIC is conducting due diligence with a view to possibly buying the stake from global investment and advisory firm Guggenheim Partners, the newswire service reported citing an unnamed investment banking source or sources. A KIC spokesman declined comment. A media official representing Guggenheim could not be reached for comment………………………………………..Full Article: Source

China, Russia eyeing 32 projects with $75b investment: RDIF

Posted on 31 March 2015 by VRS  |  Email |Print

China and Russia are mulling 32 projects with total investment of up to $75 billion, Kirill Dmitriev, CEO of Russian Direct Investment Fund (RDIF), the country’s sovereign wealth fund, said. The projects include a petrochemical project between Chinese oil giant Sinopec and Russian petrochemical company Sibur, a project between Russian aircraft company Sukhoi Superjet and a number of Chinese investors to help the former expand its business in China, and a big metal project called Udocan deposit close to China, according to Dmitriev.
The projects, covering metals, agriculture, infrastructure and industries, were discussed at a meeting held Monday in Beijing by a consultative committee of entrepreneurs under the intergovernmental Russia-China Commission for Investment Cooperation. The $2 billion Russia-China Investment Fund (RCIF), launched jointly by RDIF and its Chinese counterpart China Investment Corporation in June 2012, has already approved 10 investment projects in metals, tourism and infrastructure sectors………………………………………..Full Article: Source

Bahrain’s Mumtalakat, Investcorp Acquire Private School Network In US

Posted on 31 March 2015 by VRS  |  Email |Print

Bahraini sovereign wealth fund Mumtalakat and investment firm Investcorp announced that they have jointly acquired Nobel Learning, a private school network in the US, from Leeds Equity Partners. The value of the transaction was not disclosed.
One of the largest private operators in the US, Nobel Learning operates a network of 176 schools across 18 states. The company also has an accredited online private school that offers college preparatory programmes to students from 55 countries worldwide. Founded in 1984, it now has approximately 5,000 teachers and staff and 25,000 students………………………………………..Full Article: Source

Qatar Companies to Invest $5 Billion in China for LNG Projects

Posted on 31 March 2015 by VRS  |  Email |Print

Two Qatari companies agreed to pay about $5 billion for a 49 percent stake in Shandong Dongming Petrochemical Group to help the Chinese business build an LNG receiving terminal and expand into retail gasoline sales.
The investment by Hamad bin Suhaim Enterprises and Qatra for Investment and Development will pay for the construction of a receiving terminal for liquefied natural gas, with a capacity of 3 million metric tons a year, and an LNG storage facility, Ibrahim El-Tinay, Qatra’s chief executive officer, told reporters Monday in the Qatari capital Doha. Shandong Dongming will also use the money to built 1,000 gasoline filling stations in six provinces south of Beijing, he said………………………………………..Full Article: Source

Spain’s Gas Natural says Kuwait’s KIA to invest in its overseas unit

Posted on 31 March 2015 by VRS  |  Email |Print

Spanish energy group Gas Natural said on Monday it was teaming up with sovereign wealth fund Kuwait Investment Authority (KIA) to develop its international business through its Global Power Generation (GPG) subsidiary.
Gas Natural said the Kuwaiti group would subscribe to a $550 million capital hike at GPG and take a 25 percent stake in the unit, which it created last October as part of its plans to grow overseas. These include, in the medium term, building an additional 5 Gigawatts in generation capacity, mainly in markets such as Latin America and Asia, Gas Natural added in a statement………………………………………..Full Article: Source

China’s CIC to boost foreign direct investment

Posted on 30 March 2015 by VRS  |  Email |Print

China’s giant sovereign wealth fund is stepping up direct investments in long-term global assets, focusing particularly on the US in a vote of confidence in the recovery in the world’s largest economy. Ding Xuedong, chairman of China Investment Corporation, which has about $US220 billion ($284bn) in overseas assets, said he saw diverging economic growth in coming years, with a resurgent US leading the way.
“The US is recovering faster than many have expected, which would make it the No. 1 engine of growth for the global economy,” Mr Ding said on the sidelines of the Boao Forum, an annual gathering of world political and business leaders in the southern Chinese island of Hainan………………………………………..Full Article: Source

Qatar’s QIA to partly fund Dufry’s purchase of WDF: sources

Posted on 30 March 2015 by VRS  |  Email |Print

Qatar Investment Authority is partly financing Swiss travel retailer Dufry’s 1.3 billion-euro purchase of a majority stake in smaller Italian rival World Duty Free, according to three sources close to the matter.
Edizione, the holding company owned by the Benetton family that controls World Duty Free (WDF), said on Saturday it was selling its 50.1 percent stake in the group to Dufry for 10.25 euros per share. The deal values the Italian firm at 3.6 billion euros ($3.8 billion) and will make the combined group the world’s biggest travel retailer by far………………………………………..Full Article: Source

Investor groups ready bids for German motorway station group

Posted on 30 March 2015 by VRS  |  Email |Print

Several investor groups are readying bids for German motorway service station group Tank & Rast, in a deal worth up to 3.5 billion euros ($3.8 billion), sources familiar with the transaction said. A consortium of Allianz, Munich Re (MEAG), sovereign wealth fund Abu Dhabi Investment Authority (ADIA) and Borealis, part of pension fund OMERS, aims to hand in an offer by a mid- to end-April deadline, the people said.
Canadian pension funds PSP and Ontario Teachers (OTPP) as well as Singapore sovereign wealth fund GIC are working on a joint offer, they added. The infrastructure arm of Australia’s bank Macquarie is also expected to express interest………………………………………..Full Article: Source

S.Korea’s KIC mulls taking up to $1.36 bln stake in 3 luxury hotels-Chosun Ilbo

Posted on 27 March 2015 by VRS  |  Email |Print

Korea Investment Corp (KIC), South Korea’s sovereign wealth fund, is considering investing around 1-1.5 trillion won ($906 million-$1.36 billion) in three five-star hotels owned by Saudi Arabia-based Kingdom Holding Co, a South Korean newspaper reported on Friday.
The hotels include The Savoy in London, and KIC is considering taking about a 50 percent stake, the Chosun Ilbo reported, citing unnamed KIC and investment banking sources. A KIC spokesman declined comment………………………………………..Full Article: Source

In Africa, SWFs Seek to Bridge Infrastructure Gap — And Make Money Too

Posted on 26 March 2015 by VRS  |  Email |Print

Across sub-Saharan Africa, sovereign wealth funds are stepping in to provide capital for big infrastructure projects. There are major risks — but the profits could be huge. The town of Bagamoyo, on Tanzania’s sun-drenched Indian Ocean coast, is a quiet seaport with a history of maritime trade. But it could be about to get a lot busier.
The Tanzanian government has signed an $11 billion deal to transform this historic harbor into Africa’s biggest port. Bagamoyo will become a “special economic zone,” shipping oil, gas and food products from East Africa to emerging economies in the Middle East, Asia and beyond. To secure funding for the project, the Tanzanian government brought in a pair of big foreign investors: Hong Kong-based infrastructure conglomerate China Merchants Holdings International Co. and a sovereign wealth fund, the $34.4 billion State General Reserve Fund of the Sultanate of Oman(SGRF)………………………………………..Full Article: Source

Paladin Energy raises additional $50m from CIC

Posted on 26 March 2015 by VRS  |  Email |Print

Paladin Energy has raised an additional $US50 million by issuing convertible bonds to a unit of sovereign wealth fund China Investment Corporation (CIC). The proceeds will provide the company with additional funding flexibility.
The uranium miner (PDN) previously agreed to issue convertible bonds worth $US100m to CIC, with the funds to be used for the repurchase of existing convertible bonds due in November. The CIC investment will bolster Paladin’s cash position and reduce the need for any additional funding in the medium term, chief executive John Borshoff said in a statement………………………………………..Full Article: Source

Hutch agrees to buy O2, talks to SWFs

Posted on 26 March 2015 by VRS  |  Email |Print

Li Ka-shing-controlled Hutchison Whampoa has agreed to pay up to £10.25 billion ($15.2 billion) for UK mobile phone firm O2. The deal announced on Wednesday with Spanish parent Telefonica will create the UK’s biggest mobile operator, once O2 is merged with Hutchison 3G UK, and marks Hutchison Whampoa’s largest acquisition ever, as Hong Kong’s richest man Li doubles down on investments in Europe.
Hutchison Whampoa has not revealed any details of who the potential investors might be but, according to a source familiar with the matter, the company is in discussions with investors including sovereign wealth funds and private equity firms. There are a series of discussions going on with investors and a preference for sovereign wealth and pension funds. According to reports, Singapore’s GIC, Canadian pension funds, and Qatar’s sovereign wealth fund are among those that are in talks with Hutchison Whampoa………………………………………..Full Article: Source

Hutchison to buy UK mobile network O2 for £10.25 billion, “in talks with GIC on investing in enlarged business”

Posted on 25 March 2015 by VRS  |  Email |Print

Billionaire Li Ka-shing’s Hutchison Whampoa Ltd. agreed to acquire Telefonica’s O2 unit in the U.K. for more than £10.25 billion (S$20.80 billion) to create the country’s biggest wireless provider by customers. The price includes an initial sum of £9.25 billion in cash, with the remainder to be paid when certain financial targets are met, Telefonica said Tuesday.
Hutchison is selling 30 per cent of the enlarged business, a stake it values at as much as £3 billion, people familiar with the matter said. Hutchison is in talks with investors including Singapore’s sovereign wealth fund GIC and Canada Pension Plan Investment Board, and has also held discussions with potential partners including Qatar’s sovereign-wealth fund, they said………………………………………..Full Article: Source

CIC Makes Strategic Investment in Uranium Mining Company

Posted on 25 March 2015 by VRS  |  Email |Print

Currently, China has 27 nuclear reactors under construction. The Asian giant’s nuclear programme possessed 18 GW of nuclear energy capacity in 2014, determined to hit 58 GW by 2020. The demand from China, India and the Middle East are elevating uranium prices, catching up to pre-Fukushima levels.
Perth-based Paladin Energy Ltd, a Uranium explorer and mining company, has agreed to issue US$ 50 million in senior, unsecured convertible bonds to Leader Investment Corporation, a sovereign wealth enterprise (SWE) of the China Investment Corporation (CIC). These convertible bonds issued to the sovereign wealth fund are on the same terms and conditions from the last US$ 100 million convertible bonds that were issued to clients of JP Morgan………………………………………..Full Article: Source

Qatar has big investment plans for India

Posted on 25 March 2015 by VRS  |  Email |Print

The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, told TOI on the eve of his summit with Narendra Modi - the Prime Minister’s first with a leader of the Arab world - that his energy-rich country wanted to invest big in India. “I know that the new government is taking a number of initiatives, especially in business and investment, which is very interesting and encouraging from our point of view. We trust the Indian economy. So we will invest in India.”
Through the Qatar Investment Authority, he holds significant stakes in such blue-chip corporations as Harrods, Barclays and Sainsbury; he also owns the famed Paris Saint-Germaine Football Club, and controversially won the right to host the 2022 football World Cup………………………………………..Full Article: Source

Qatar’s QIA to join Swiss travel retailer Dufry in bid for WDF

Posted on 25 March 2015 by VRS  |  Email |Print

Qatar Investment Authority and Swiss travel retailer Dufry are teaming up to bid for Italian travel retailer World Duty Free (WDF), which belongs to the Benetton family, two sources familiar with the matter told Reuters on Monday. “QIA and Dufry have a joint bid for WDF,” said a senior banker in Doha familiar with the matter.
He declined to give details but said the tie-up was a sign of a more conservative investment style adopted by the Qatari sovereign wealth fund recently; in the past, it might well have bid by itself. A second source confirmed the joint bid and said the deadline was now expected to be March 31, after a delay due to rival bidders - South Korea’s Lotte Group and China’s Sunrise Duty Free - asking for more time………………………………………..Full Article: Source

GIC: Investors Should Unite Against Short Termism

Posted on 24 March 2015 by VRS  |  Email |Print

The CIO of one of the world’s largest asset pools has called on fellow institutional investors to help persuade asset managers of the benefit of extending their horizons. In a paper published last week, GIC CIO Lim Chow Kiat said one of the major issues hampering the multi-billion dollar fund was many asset managers’ focus on short-term liquidity and performance. This stance, he said, was not being challenged enough by many of the world’s largest investors.
“The minimum time horizon for performance measurement is five years,” said Lim. “In addition, we work hard to prepare expectations for potential return paths. This is to avoid surprises and allow our investors to act in a long-term manner.”……………………………………….Full Article: Source

QIA ‘in joint bid for travel retailer’

Posted on 24 March 2015 by VRS  |  Email |Print

Qatar Investment Authority (QIA) and Swiss travel retailer Dufry are teaming up to bid for Italian travel retailer World Duty Free (WDF), which belongs to the Benetton family, two sources familiar with the matter told Reuters yesterday.
“QIA and Dufry have a joint bid for WDF,” said a senior banker in Doha familiar with the matter. He declined to give details but said the tie-up was a sign of a more conservative investment style adopted by the Qatari sovereign wealth fund recently; in the past, it might well have bid by itself………………………………………..Full Article: Source

GIC chief laments investors’ short-term perspective

Posted on 23 March 2015 by VRS  |  Email |Print

Asset owners could work together to forge a greater focus on long-term investments, according to the CIO for the Government of Singapore Investment Corporation (GIC). In a new research paper, the sovereign wealth fund’s chief investment officer said he was keen for long-term partnerships with external managers.
However, he expressed concern that other investors’ time horizon did not match GIC’s. Lim Chow Kiat, group CIO for GIC, said that the sovereign investor was limited in the number of truly long-term investments it can make by other investors’ and external managers short-term horizons………………………………………..Full Article: Source

Ghana to use part of $600m sovereign wealth fund to manage shortfall in crude revenue

Posted on 19 March 2015 by VRS  |  Email |Print

The Minister of Finance, Seth Terkper says the country would use part of its sovereign wealth fund, which has accumulated $600 million to manage current economic challenges brought about by the shortfall in projected oil revenue. Speaking at the opening of the Financing the Future Conference in Accra, Ghana, March 17, 2015, he said the stabilisation fund has accumulated $600 million so far.
Mr. Terkper noted that since the country attained its middle income status, access to concessional financing has decreased significantly. “Inflows from our development partners are highly volatile showing a cyclical effect (especially in election year when DPs adopt a wait-and-see approach to aid delivery)………………………………………..Full Article: Source

Kazakhstan, Azerbaijan, Georgia and Turkey to set up joint transport company

Posted on 19 March 2015 by VRS  |  Email |Print

Kazakhstan, Azerbaijan, Georgia and Turkey intend to set up a joint transport company for rail transport as part of TRACECA program, Ambassador of Kazakhstan to Azerbaijan Amangeldy Zhumabayev said. “The countries are currently preparing an agreement on transit transportation,” he said. “It will introduce a single tariff for the transportation of goods and simplify the registration of contracts to suppliers.”
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) finances the project in accordance with the Azerbaijani president’s decree ‘On the implementation of the Baku-Tbilisi-Kars project activities’ dated February 21, 2007………………………………………..Full Article: Source

Formula 1 owner and Singapore fund weighs Center Parcs deal

Posted on 17 March 2015 by VRS  |  Email |Print

Formula One owner CVC Capital partners and Singapore’s sovereign wealth fund GIC have launched a joint bid of around £2.5bn for leisure group Center Parcs. The pair are one of several parties circling the group after its private equity owner Blackstone said it was considering an ownership overhaul yesterday, including “private or public equity or debt capital markets”.
Abu Dhabi Investment Authority is also said to be interested in joining the bid with CVC and GIC, while Carlyle, the co-owner of RAC, is also said to be considering an offer. Center Parcs is run by Martin Dalby, who has been its chief executive since 2000. Blackstone took over the company in 2006………………………………………..Full Article: Source

Wealth funds eye GBP2.5bn Center Parcs

Posted on 16 March 2015 by VRS  |  Email |Print

Singapore and Abu Dhabi’s sovereign wealth funds are thought to be among a group of institutions considering bidding for the holiday village operator Center Parcs. Blackstone, the American buyout group that has owned Center Parcs since 2006, has invited bids as it looks to offload the business.
The Abu Dhabi Investment Authority and GIC, the Singaporean sovereign wealth fund, are both reportedly interested in a bid for the company, which is valued at £2.5bn. Private equity groups including RAC owner Carlyle and Formula One owner CVC are also said to be looking………………………………………..Full Article: Source

Norway’s oil fund to sell European bonds, buy real estate in 2015

Posted on 16 March 2015 by VRS  |  Email |Print

Norway’s $860 billion sovereign wealth fund will continue to sell down its European government debt portfolio and may spend all of its new cash inflow in 2015 on real estate investments, Chief Executive Yngve Slyngstad said on Friday.
“We are not enthusiastic about investing in European government bonds,” Slyngstad told Reuters on the sidelines of a press conference. “This year it may we be that we are using more than the inflow in real estate investment, so as such, yes, we’ll be selling other assets… European government bonds.”……………………………………….Full Article: Source

Norway’s Sovereign-Wealth Fund Reduces Exposure to Europe

Posted on 16 March 2015 by VRS  |  Email |Print

Norway’s sovereign-wealth fund, the world’s biggest, reduced its exposure to Europe to below 40% of its value last year, to balance risks and take advantage of growing markets elsewhere—adding that it has been allowed to invest more in China.
“The big picture is that we are where we want to be, strategically,” Yngve Slyngstad, chief executive of Norges Bank Investment Management, told The Wall Street Journal in an interview Friday. “We are less exposed to Europe in general, and what happens in Europe, and more exposed to the global economy.”……………………………………….Full Article: Source

Norway’s giant fund increases stake in oil and gas companies to £20bn

Posted on 16 March 2015 by VRS  |  Email |Print

The world’s richest sovereign wealth fund increased its stake in major oil and gas companies to £20bn in 2014, disappointing campaigners who argue it should continue to sell off its investments in the fossil fuels that drive climate change. Norway’s Government Pension Fund Global (GPFG), which rose to £531bn in total, revealed in February that it had shed 32 coal mining companies due to concerns that action on global warming would cut their value.
Analysis by the green NGO Future In Our Hands of official data released on Friday shows the fund holds financial stakes in 90 of the top 100 oil and gas companies, as ranked by the amount of carbon in their reserves………………………………………..Full Article: Source

Norway oil fund backs US board appointments push

Posted on 16 March 2015 by VRS  |  Email |Print

The world’s biggest sovereign wealth fund has thrown its weight behind the push for shareholders in US companies to be allowed to propose their own candidates for boards of directors.
Norway’s $860bn oil fund on Friday published a position paper on so-called proxy access, which gives shareholders a formal right to propose their own director candidates alongside those named by the current board, writes Richard Milne, Nordic Correspondent. The fund said: A confident, well-functioning board will not fear the right of proxy access. We will not be supportive of directors who seek to undermine shareholder efforts to introduce proxy access rights………………………………………..Full Article: Source

Norway Wealth Fund Gains $67 Billion on Emerging Market Bet

Posted on 16 March 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund rose 544 billion kroner ($67 billion) last year as it broadened its holdings to capture more growth in emerging and frontier markets. The Government Pension Fund Global returned 7.6 percent in 2014, its smallest gain since 2011, the Oslo-based investor said on Friday. The $860 billion fund’s stocks rose 7.9 percent and its bonds advanced 6.9 percent. Real estate investments increased 10.4 percent.
The fund, the world’s biggest, has warned it expects diminished returns amid record low, and even negative, yields in key government bond markets combined with slow growth in developed markets. The fund boosted its holdings in emerging markets to 10.6 percent, adding countries such as Ghana and Mauritius. It also invested in Nigeria’s currency for the first time………………………………………..Full Article: Source

Russia seeing ’surge’ of investment from China

Posted on 16 March 2015 by VRS  |  Email |Print

A slew of Chinese companies are investing in Russia, according to the CEO of Russia’s sovereign wealth fund, who said it was helping to negate the void caused by international sanctions.
Speaking at the Egypt Economic Development Conference (EEDC) in the resort of Sharm El-Sheikh, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), underlined the importance of China’s relationship with Russia………………………………………..Full Article: Source

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