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Sovereign Wealth Funds Briefing - Category | Investment more

CIC eyes direct investments in the US and Europe

Posted on 08 July 2015 by VRS  |  Email |Print

China’s sovereign wealth fund is targeting infrastructure and real estate investments in the US and Europe as part of a long-term strategy being developed for its newly established subsidiary, says the fund’s chief executive.
China Investment Corporation (CIC) grew its total assets 14.3% last year to $746.7 billion, a rise of $93 billion from the $653.2 billion total in 2013. The fund’s investment return for the year was a rather modest 5.47%, down from 2013’s 9.33% and 2012’s 10.6%. The annualised return since inception in September 2007 is 5.66%, according to CIC’s annual report released on July……………………………………….Full Article: Source

Singapore’s giant wealth fund still bullish on China

Posted on 08 July 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund Temasek is sticking with its bets on China, looking past recent volatility to gradually increase its exposure. “We remain confident in the long term prospects of the Chinese economy,” Wu Yibing, head of China investments at the 266 billion Singapore dollar ($196.09 billion) fund, said at the press conference announcing the fiscal year results.
“The Chinese government is determined to foster the Chinese capital market into one of the most important capital markets in the world and we believe in that, as well that the Chinese economy would become one of the most important economies in the world.”……………………………………….Full Article: Source

Temasek portfolio value hits record high

Posted on 08 July 2015 by VRS  |  Email |Print

The state investment firm’s net portfolio value rose S$43 billion to a record S$266 billion for the financial year ending Mar 31. Temasek Holdings on Tuesday (Jul 7) announced its performance for the financial year ending Mar 31, during which its net portfolio value rose S$43 billion to a record S$266 billion.
The amount is more than double the firm’s portfolio value of S$103 billion a decade ago. Total shareholder return, which also measures the compounded annual returns to the Singapore Government, was 19.2 per cent – the highest in five years – on the back of strong performance in its Singapore and China portfolios. The firm’s net profit for the year ending Mar 31 was S$14.5 billion, up from S$11 billion the year before………………………………………..Full Article: Source

Temasek Assets Rise to Record as It Boosts Global Investments

Posted on 08 July 2015 by VRS  |  Email |Print

Temasek Holdings Pte’s assets jumped to an all-time high as the Singapore state-investment firm increased investments in developed markets and broadened those in China as global equity markets gained.
The value of Temasek’s holdings increased 19 percent to a record S$266 billion ($197 billion) in the 12 months to March 31, from S$223 billion in the previous year and more than double a decade ago, the firm said in its annual report Tuesday. It made S$30 billion of new investments, the highest in seven years, and a record S$19 billion of divestments, taking advantage of liquidity-driven market rallies………………………………………..Full Article: Source

Temasek reports 19.2% investment gain for fiscal year

Posted on 08 July 2015 by VRS  |  Email |Print

Temasek Holdings Pte., a Singapore-based sovereign wealth fund, reported the Singapore dollar value of its investment portfolio rose 19.2% to S$266 billion ($193.3 billion) for its fiscal year ended March 31. In U.S. dollar terms, Temasek reported a smaller 9% gain, reflecting the U.S. currency’s appreciation from roughly S$1.26 to S$1.37 over the year.
With the latest results, Temasek has gained an annualized 9.6% in Singapore dollar terms over the past three years, and 9% over the past 10. In U.S. dollar terms, meanwhile, the sovereign wealth fund’s gains have been 6% and 11%, respectively. Png Chin Yee, managing director, investment, at a news conference Tuesday, attributed the latest year’s gains to a strong year for the respective equity markets of Singapore and China — Temasek’s top two allocations………………………………………..Full Article: Source

Temasek pumps $30b into new investments

Posted on 08 July 2015 by VRS  |  Email |Print

In its busiest year since the 2008 financial crisis, Temasek Holdings made $30 billion new investments and stepped up divestments to an all-time high of $19 billion. Temasek did this while global stock markets were still rallying to lock in gains for its financial year ended March 31.
Equities make up the bulk of the Singapore investment company’s portfolio, which had a net value of $266 billion, up $43 billion from the record high a year earlier. One-year shareholder return was 19.2 per cent. About half of its new investments was in growing Asia, and 43 per cent in the mature markets of North America and Europe, where it expects an economic recovery………………………………………..Full Article: Source

Saudi Arabia puts big money in Russian economy

Posted on 08 July 2015 by VRS  |  Email |Print

The Russian news agency Sputnik has reported on an agreement signed between the Russian Direct Investment Fund [RDIF] and the Public Investment Fund of Saudi Arabia “to create a partnership to invest $10 billion into projects implemented in Russia.”
The report said the Saudi funds will be invested within 4-5 years starting from this year and that seven concrete projects are “currently in the final stage”. The majority of Saudi investment will be made on Russia’s agricultural projects, as well as on medicine, logistics and the retail and real estate sectors………………………………………..Full Article: Source

Saudi sovereign fund to invest $10bn in Russia

Posted on 07 July 2015 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund has agreed to invest $10bn in Russia, in a powerful sign of the rapprochement between Moscow and Riyadh. The Public Investment Fund signed a deal with the Russian Direct Investment Fund for the largest foreign direct investment yet in Russia, RDIF said late on Monday. “The first seven projects have received preliminary approval, and we expect to close 10 deals before the end of the year,” said Kirill Dmitriev, RDIF chief executive.
The deal, which was initiated with a memorandum of understanding during the St Petersburg Economic Forum last month, comes as Riyadh and Moscow are working to rebuild relations long plagued by the Russian government’s support for the regime of Bashar al-Assad in Syria………………………………………..Full Article: Source

Oil Fund of Azerbaijan practically stopped to deposit its funds abroad with exception of 4 Turkish banks

Posted on 07 July 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has practically stopped to deposit its funds abroad with exception of four Turkish banks. According to the SOFAZ financial report for 2014 audited by PwC, last year SOFAZ’s deposits in foreign banks increased from AZN 841.559 million up to AZN 1.019 bn. At the same time, except a deposit in IBA-MOSCOW Bank LLC, all the funds were deposited only in 4 Turkish banks.
The deposit in Türkiye İş Bankası A.S. İstanbul has been increased from AZN 313.009 million up to AZN 355.036 million, the deposit in T.C. Ziraat Bankası A.S. – from AZN 131.158 up to AZN 309.158 million, in Akbank T.A.S, İstanbul - from AZN 109.228 million up to AZN 263.286 million, and in Türkiye Garanti Bankası AS decreased from AZN 209.095 million to AZN 84.243 million………………………………………..Full Article: Source

Singapore’s Temasek surfs worldwide rally as assets reach new high

Posted on 07 July 2015 by VRS  |  Email |Print

Temasek Holdings Pte rode a rally in global equities with a focus on developed markets that probably helped the Singapore state-owned investor’s assets reach a record. Assets at the firm, which releases results this week, may have increased 16 per cent to 18 per cent to as much as S$263 billion (RM740 billion) in the year to March 31, according to estimates by Institutional Investor’s Sovereign Wealth Center and CMC Markets.
That would be the biggest jump in assets in five years and surpass last year’s all-time high of S$223 billion. “They had a great year for their equity investments,” said Nicholas Teo, a Singapore-based strategist at CMC Markets who has been following Temasek’s annual results over the last 10 years. “It shows how aggressive their investment style is compared to other state investors.”……………………………………….Full Article: Source

Temasek Holdings raises portfolio value to S$195b via equities

Posted on 07 July 2015 by VRS  |  Email |Print

Temasek Holdings has benefited from a surge in the value of global equities focused on developed markets, raising the value of its portfolio by an estimated 16-18 per cent, to a value of S$263 billion ($195 billion) as of 31 March 2015, according a Bloomberg report.
This is based on assessments from by the Institutional Investor’s Sovereign Wealth Center and CMC Markets, distinguishing it as the largest jump in assets in the past five years and pushing it beyond the S$223 billion in value, seen in 2014………………………………………..Full Article: Source

China’s sovereign wealth fund boosts exposure to equities

Posted on 06 July 2015 by VRS  |  Email |Print

China’s sovereign wealth fund, China Investment Corp, has shifted its exposure “moderately” from sovereign bonds to equities and is pursuing infrastructure investments in developed countries, according to its chairman. CIC released its 2014 annual report on Friday, revealing a 5.47 per cent return on its investments last year, down from 9.33 per cent in 2013. The fund was established in September 2007 and has some $740bn under management.
CIC’s net income rose 2.5 per cent to $89.1bn. Its largest portfolios are the controlling stakes it holds on behalf of the government in the country’s five largest banks. “In 2014 we moderately increased our exposure to equities and reduced it to sovereign bonds,” Ding Xuedong said in the report, adding that CIC saw “abundant opportunities for investment in the upgrading, rebuilding and privatising of infrastructure in developed countries”……………………………………….Full Article: Source

China’s CIC sovereign fund overseas investment return falls to 5.47 pct

Posted on 06 July 2015 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp. (CIC) earned a lower return on its overseas investment last year at 5.47 percent, it said on Friday. At its annual earnings briefing, CIC said it posted a net profit of $89.1 billion last year, up 2.5 percent from the $86.9 billion earned in 2013. The fund recorded a 9.3 percent return on its overseas investment in 2013.
Founded in 2007 to help China earn a higher return on its huge foreign exchange reserves, CIC invested about 30 percent of its assets - or $200 billion - in overseas markets last year. At the end of the first quarter, China had $3.73 trillion in reserves………………………………………..Full Article: Source

KIC doubles Alts allocation and shoots for $100bn AUM

Posted on 06 July 2015 by VRS  |  Email |Print

Korea Investment Corporation’s total assets under management are expected to surpass $100 billion by the end of 2015, says the sovereign wealth fund’s president and CEO. The fund intends to increase the proportion of its investment in alternative assets from the current 8% to 15% by the end of this year, with the intention of maintaining a high return profile for the fund.
Eventually the alternative proportion will be increased to 20% within five years. Hong-Chul ‘Hank’Ahn, KIC’s CEO & president, said the alternative investments structure and portfolio assets will be similar to those of the Yale University endowment, CalPERS and the Canada Pension Plan Investment Board. Although CalPERS has moved to lower its exposure to alternatives this year, the aforementioned institutions have typically held around 20% of their assets in alternative strategies……………………………………….Full Article: Source

Abu Dhabi Sovereign Wealth Fund Invests in US Electric Car Company Tesla Motors

Posted on 06 July 2015 by VRS  |  Email |Print

The Tesla American electric car company has been given a tremendous amount of money to help fund its startup. Apparently, the move to electric cars makes a lot of sense because it helps us remove ourselves from the dependence on foreign oil. But maybe those nations that are in the Middle East are hedging their bets, as the Abu Dhabi Sovereign Wealth Fund invested heavily in its US car company Tesla electric motors.
In this case, we are stimulating wealthy Arabs, yet at the same time we claim that we are removing ourselves from their dependence. Kind of silly when you think about it, and yet, we have free trade policies in the United States that allow foreign investment, and that makes sense, however with the same company gets stimulus money, it doesn’t quite make sense………………………………………..Full Article: Source

Irish sovereign fund to invest up to EUR1 billion

Posted on 03 July 2015 by VRS  |  Email |Print

Between €500 million to €1 billion is to be invested this year by the Ireland Strategic Investment Fund (ISIF), bringing the total committed to €2 billion to €2.5 billion, its director, Eugene O’Callaghan has said. He was speaking at the launch of a report that said that at the end of 2014 €1.4 billion had been committed, of which €726 million had been drawn down.
The investments were into activities that employ 8,362 people directly or indirectly, with 48 per cent of the investment in Dublin and the rest spread elsewhere around the State. A total of 79-Irish-based companies or projects received funding. Four investments are made directly, with the rest by way of funds ISIF has itself invested in………………………………………..Full Article: Source

Overseas investors demand new deal on fees to expand Heathrow

Posted on 03 July 2015 by VRS  |  Email |Print

Chinese, Qatari, Canadian and Spanish infrastructure investors could be the big winners from the recommendation by Sir Howard Davies to build a new £18bn runway at Heathrow. A handful of the world’s biggest investors have been buying stakes in Heathrow Airport in recent years, in anticipation of permission being granted to expand the London airport’s capacity.
Heathrow’s investors include an arm of the Chinese government, one of Canada’s biggest pension funds, the Singaporean sovereign wealth fund and the Qatari sovereign wealth fund, as well as the main pension fund of British universities………………………………………..Full Article: Source

KazMunaiGas seeks to sell 50 pct of Kashagan stake to SWF

Posted on 02 July 2015 by VRS  |  Email |Print

Kazakh state oil company KazMunaiGas (KMG) said on Wednesday it plans to sell 50 percent of its stake in the Kashagan oilfield to the sovereign wealth fund Samruk-Kazyna and use the proceeds to reduce its debt.
KMG holds 16.81 percent in an international consortium which develops Kashagan in the Caspian Sea, the world’s biggest oil find in decades. The company expects to raise about $4.7 billion through the sale, KMG said in a statement on the Kazakhstan Stock Exchange. The sale is expected to close before the end of this year, it said………………………………………..Full Article: Source

Sovereign wealth fund buys big in Barangaroo

Posted on 02 July 2015 by VRS  |  Email |Print

One of the world’s largest sovereign wealth funds has acquired an interest in Barangaroo Tower 1 in Sydney. Qatar Investment Authority (QIA) has acquired a 37.5 per cent interest in the A$2 billion International Tower 1 at Barangaroo South in Sydney.
This is QIA’s first large-scale investment in Australian commercial property. The sovereign fund has previously invested in agricultural properties in NSW’s central west and beyond, under the group’s food security program, Hassad Food. International Tower 1 is one of the largest commercial office buildings to be built in Australia………………………………………..Full Article: Source

China Investment Weighs German Gas-Station Operator

Posted on 01 July 2015 by VRS  |  Email |Print

China Investment Corp. is in the running to buy a German highway rest-stop and gasoline-station company that could be valued at about €3 billion, or $3.37 billion, which would be by far the largest Chinese acquisition in Germany, according to people familiar with the matter. The potential bid is the latest sign of the sovereign-wealth fund’s ambitions to boost direct investments in overseas assets.
U.K.-based private-equity firm Terra Firma Capital Partners bought Tank & Rast in 2004 for €1 billion from investors led by Allianz Capital Partners, Apax Partners and Lufthansa. Terra Firma sold half of its stake in the company to Deutsche Bank’s investment arm RREEF. Both are asking suitors to place binding bids by the end of July, people familiar with the transaction said………………………………………..Full Article: Source

GIC unit to purchase Chennai land parcel for $86m

Posted on 01 July 2015 by VRS  |  Email |Print

Brigade Properties, a joint venture platform between realtor Brigade Group and Singaporean sovereign wealth fund GIC, will be purchasing a Chennai land parcel from Kansai Nerolac Paints for $86 million. The property is 15.86 acres and located in Perungudi, a Chennai suburb.
“The acquisition of the property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders,” Brigade Properties said in an official statement. Final approval for the purchase is subject to legal due diligence………………………………………..Full Article: Source

Abu Dhabi Fund Boosts Mining Deals With Trafigura Venture

Posted on 30 June 2015 by VRS  |  Email |Print

Abu Dhabi-backed investment fund Mubadala Development Co. is buying a 50 percent stake in Trafigura Beheer BV’s Spanish copper business as part of an agreement to create a joint venture to invest in base metals mining.
Mubadala will purchase the stake in the commodity trader’s flagship Minas de Aguas Tenidas operations, which include three mines and processing facilities in southern Spain, the companies said Monday in a joint statement. Mubadala paid about $500 million, according to a person familiar with the matter, who asked not to be named because the price isn’t public………………………………………..Full Article: Source

Chinese Fund Vies for German Gas-Station Operator

Posted on 30 June 2015 by VRS  |  Email |Print

China Investment Corp. is in the running to buy a German highway rest-stop and gasoline-station company that could be valued at about €3 billion, or $3.35 billion, which would be by far the largest Chinese acquisition in Germany, according to people familiar with the matter.
The potential bid is the latest sign of the sovereign wealth fund’s ambitions to boost direct investments in overseas assets. U.K.-based private-equity firm Terra Firma Capital Partners bought Tank & Rast in 2004 for €1 billion from investors led by Allianz Capital Partners, Apax Partners and Lufthansa………………………………………..Full Article: Source

Brigade-GIC to buy Rs550 cr Chennai plot

Posted on 30 June 2015 by VRS  |  Email |Print

Brigade Properties Pvt. Ltd, a joint venture between Brigade Enterprises Ltd and sovereign wealth fund Government of Singapore Investment Corp. Pte Ltd (GIC), is set to buy a 15.8 acre plot in Chennai’s Perungudi area for Rs.550 crore from Kansai Nerolac Paints Ltd, the companies said on Monday.
Brigade Properties has entered into a “term sheet” with Kansai Nerolac, they said. Brigade and GIC entered into a joint venture last year, which invests in and acquires land for residential and mixed-use developments—including shopping malls and offices—in cities in southern India………………………………………..Full Article: Source

Temasek participates in Airbnb’s $1.5bn round

Posted on 30 June 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund (SWF) Temasek Holdings has participated in home-rental service Airbnb Inc’s latest venture round, in which it raised $1.5 billion from 12 private equity firms. The deal values Airbnb at $25.5 billion, according to the report from the Wall Street Journal.
This new valuation places Airbnb as third in value behind similar venture-capital backed corporations valued at $1 billion or higher, like Chinese smartphone maker Xiaomi Corp. and US-based transport firm Uber. Airbnb’s revenue is expected to exceed $900 million for FY2015 and projected to reach $10 billion by 2020. For comparison, FY2013 saw it earn revenues of $250 million………………………………………..Full Article: Source

Canada’s Ivanhoe invests in Chinese warehouses

Posted on 30 June 2015 by VRS  |  Email |Print

The real estate arm of Canada’s second-largest pension fund said on Monday it will invest up to $180 million in Chinese warehouse properties, joining other institutional investors that are seeking to profit from China’s burgeoning e-commerce sector.
Ivanhoe Cambridge, part of the C$225.9 billion ($182.49 billion) Caisse de depot et Placement du Quebec fund, said it has launched a venture with U.S. real estate investor CBRE Global Investments to invest in LOGOS China Logistics Club, which owns and develops warehouse properties in hubs serving large Chinese cities. The Caisse joins Singapore sovereign wealth fund GIC and the Canada Pension Plan Investment Board in targeting China’s growing, yet fragmented logistics market………………………………………..Full Article: Source

Swedish investors attack governance record of Norway’s oil fund

Posted on 29 June 2015 by VRS  |  Email |Print

Norway’s oil fund has come under attack from several of Sweden’s largest investors over concerns that the world’s biggest sovereign wealth fund is not applying rigorous oversight to the companies it invests in. The criticism levelled at Norges Bank Investment Management (NBIM), which manages the oil fund’s $912bn of assets, comes in response to its perceived indifference to one of the biggest financial scandals in Sweden in recent history.
The scandal, which has tarnished Sweden’s image as a haven for ethical business practices, revealed corruption around expense claims and the misuse of corporate jets at SCA, the paper company………………………………………..Full Article: Source

China’s Silk Road infrastructure fund explores investment exit strategies

Posted on 29 June 2015 by VRS  |  Email |Print

China’s US$40 billion Silk Road infrastructure fund will use stock market listings and government transfers as exit strategies for divesting, in order to ensure financial returns from its investments, its chairwoman says. “When we make an investment decision, we will design an exit channel for it,” Jin Qi, the fund’s chief executive, told the Lujiazui Forum in Shanghai yesterday.
Capricious policymaking in those countries could prove a stumbling block to successful investments there, China Investment Corporation president Li Keping told the forum. “In those countries that lack a complete legal system, there will be discretionary policy changes,” the head of the country’s sovereign wealth fund said. ‘Therefore, uncertainties are increasing. Or, to be precise, risks are high.”……………………………………….Full Article: Source

LPC-CVC and Temasek to back Alvogen buy with existing $700 million loan

Posted on 26 June 2015 by VRS  |  Email |Print

European private equity fund CVC and Singaporean sovereign wealth fund Temasek are seeking to keep an existing $700 million leveraged loan financing for Alvogen in place to back their acquisition of a controlling stake in the pharmaceutical firm, banking sources said on Thursday.
CVC and Temasek agreed to buy the stake in a deal valuing the company at around $2 billion, it emerged earlier this week. Existing lenders to Alvogen have been asked to consent to a change of control provision, which would allow the seven-year term loan to remain in place, despite a change in ownership………………………………………..Full Article: Source

Responsible investment: Vice versus nice

Posted on 26 June 2015 by VRS  |  Email |Print

The movement to divest from fossil fuels has some powerful friends. Last month Norway’s sovereign wealth fund, the world’s biggest, announced that it would sell all its stock in coal companies, following an example set by several big university endowments, such as Stanford’s.
These big asset owners have huge influence over the fund management industry, and this month they were even joined by Pope Francis, whose encyclical on climate change nodded to the power of social boycotts………………………………………..Full Article: Source

Fossil-fuel divestment: No smoking

Posted on 26 June 2015 by VRS  |  Email |Print

The critics are right that it is hard to detect much impact from divestment campaigns on firms’ cost of capital. The first recruits to the fossil-fuel campaign were charities and universities with relatively small investments. Its biggest coup came earlier this year, when Norway’s vast sovereign-wealth fund resolved to sell its investments in coal and the dirtiest forms of oil production.
A few big pension funds, such as PFZW of the Netherlands, have promised to reduce the carbon footprint of their holdings. But the consequences for the share prices or bond yields of the spurned firms, if any, are not discernible amid the far bigger swings attributable to changes in the price of oil, gas and coal……………………………………….Full Article: Source

Qatar in $8bn bid to buy Formula One motor racing

Posted on 25 June 2015 by VRS  |  Email |Print

A Qatari investment vehicle is working together with an American company to buy a multi-billion dollar stake in Formula One (F1) racing, according to a report by the Financial Times. Qatar Sports Investments (QSI) and RSE Ventures have teamed up to purchase a 35.5 percent share of F1 from its holding company CVC Capital Partners and the sport’s chief executive Bernie Ecclestone.
QSI is a subsidiary of the Gulf state’s sovereign wealth fund, the Qatar Investment Authority, and its most well-known asset is French football club Paris Saint Germain, which was bought for $130mn in 2012. RSE Ventures is a sports and entertainment company that was founded by 75-year-old Stephen Ross in 2012 and owns the American football team Miami Dolphins……………………………………….Full Article: Source

How a US-Qatar takeover will take Formula 1 up a gear

Posted on 25 June 2015 by VRS  |  Email |Print

Reports are emerging that America’s RSE Ventures, owner of the Miami Dolphins, and Qatar Sports Investments (QSI), a sovereign wealth fund, are seeking to acquire the 35.5% of F1 owned by CVC Capital Partners. It is being predicted that any such deal would be worth between $7 billion and $8 billion.
Significantly, should the deal go through then it will probably also see F1 supremo Bernie Ecclestone selling his 5% holding in the sport. It is also being suggested that QSI will use its purchase of the two shareholdings to ultimately launch a complete takeover of F1………………………………………..Full Article: Source

Noble shares rise on buyback and China shareholder’s support

Posted on 25 June 2015 by VRS  |  Email |Print

Shares of Noble Group rose after the company bought more stock and its second-largest shareholder, China’s sovereign wealth fund, voiced support for the company for the first time in the wake of criticism of its accounting practices.
“As a major shareholder of Noble Group, we will continue to support its business,” Xie Ping, executive vice president of China Investment Corp., said in a Noble statement on Wednesday morning announcing the appointment of a new director. Noble, Asia’s largest commodity trader, rose as much as 4.3 per cent and at 10:50 a.m. local time was up 2.9 per cent to 71.5 Singapore cents, outpacing Singapore’s benchmark index………………………………………..Full Article: Source

Things are not looking good for the mining industry

Posted on 24 June 2015 by VRS  |  Email |Print

It is probably not news to most investors that the global mining industry is in trouble at this point. The Chinese, long one of the biggest buyers of mined commodities, are awash in steel, local debt, and ghost cities. Inevitably as sectors underperform, even the most stalwart investors will eventually get tired and jump ship. That appears to be happening now.
The Qataris are apparently tired of the poor returns in the mining industry and appear ready to throw in the towel on that market. The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, are reportedly shifting away from the mining sector. Qatar is not the first sovereign wealth fund to back out of commodities, and they probably won’t be the last………………………………………..Full Article: Source

Saudi Public Investment Fund acquires stake in S.Korea’s Posco

Posted on 24 June 2015 by VRS  |  Email |Print

Clifford Chance advised the Saudi Public Investment Fund ( PIF ), the investment arm of the Saudi Government, on the acquisition of a 38% stake consisting of new and existing shares in Posco Engineering & Construction Co Ltd (Posco E&C), a leading Korean engineering and construction company with operations in Asia, the Middle East, South America and Europe.
The parties are also presently considering their strategic options for Saudi Arabia including the potential establishment of an EPC/construction company in the Kingdom of Saudi Arabia. Commenting on the deal, Lead Partner, Riyadh-based Omar Rashid said: “We were delighted to work with PIF on this landmark transaction which represents PIF ’s first significant outbound investment. Given the strength and depth of our Saudi practice, together with our renowned capabilities in Seoul, Clifford Chance was ideally placed to provide PIF with seamless advice on both the Korean and Saudi aspects of the transaction.”……………………………………….Full Article: Source

CVC and Temasek to buy Alvogen

Posted on 24 June 2015 by VRS  |  Email |Print

A consortium of investors led by CVC Capital Partners, and including Singapore-based sovereign wealth fund Temasek and Vatera Healthcare Partners,acquired a controlling stake in Alvogen, the US pharmaceutical company.
The bilateral deal values the privately held company at $2bn (£1.3bn), including debt. The shares come from Pamplona Capital Management’s stake, and the investment managers will retain a small interest. This is the latest pharma deal in a global trend which has seen $250bn worth of pharmaceutical mergers and acquisitions so far this year………………………………………..Full Article: Source

CVC and Temasek to buy US$2b generic drugs firm Alvogen

Posted on 23 June 2015 by VRS  |  Email |Print

European private equity fund CVC and Singaporean sovereign wealth fund Temasek are to buy a controlling stake in the pharmaceutical firm Alvogen, its chairman and chief executive said.
Robert Wessman, former CEO of Actavis, founded the New Jersey-based generic drugs firm in 2009. The size of the stake the consortium ‎purchased was not disclosed, but the deal values the company at around US$2 billion, a source familiar with the matter said on Monday………………………………………..Full Article: Source

S. Korea’s sovereign fund nixes plan to buy into LA Dodgers

Posted on 23 June 2015 by VRS  |  Email |Print

South Korea’s sovereign wealth fund has abandoned its plan to buy a stake in the Los Angeles Dodgers, a Major League Baseball club, as part of a broader move to diversify its investment portfolio, sources familiar with the matter said Sunday.
The Korea Investment Corporation (KIC), which manages assets entrusted by South Korea’s central bank, had been in talks to buy a 19-percent stake in the Dodgers from U.S.-based investment firm Guggenheim Partners since last year, a deal estimated at 400 billion won (US$361 million)………………………………………..Full Article: Source

S. Korea’s sovereign fund nixes plan to buy into LA Dodgers

Posted on 22 June 2015 by VRS  |  Email |Print

South Korea’s sovereign wealth fund has abandoned its plan to buy a stake in the Los Angeles Dodgers, a Major League Baseball club, as part of a broader move to diversify its investment portfolio, sources familiar with the matter said. The Korea Investment Corporation (KIC), which manages assets entrusted by South Korea’s central bank, had been in talks to buy a 19-percent stake in the Dodgers from U.S.-based investment firm Guggenheim Partners since last year, a deal estimated at 400 billion won (US$361 million).
According to the office of Rep. Park Won-suk of the minor opposition Justice Party and industry sources, the KIC recently backed down in the wake of a state audit into the investment plan. Last week, the Board of Audit and Inspection of Korea started looking into whether the KIC had made a decision to invest in the U.S. baseball club in a proper manner………………………………………..Full Article: Source

Bahrain Sovereign Fund plans more investments in 2015

Posted on 22 June 2015 by VRS  |  Email |Print

Bahrain Sovereign Fund plans to close a few more investments before the end of the year, and is looking to invest in GCC, Europe and the US, after making significant investments last year in its quest for diversification, its chief executive officer told Gulf News. Even as crude oil prices stabilise, Mumtalakat, which has a current portfolio f $7 billion through 38 portfolio companies, is currently studying “a number of investment opportunities.”
“We have been doing significant investments last year, and we hope to do significant investments this year. We are currently looking at a few investment opportunities, and hope one of them would materialise and would announce it shortly. We are currently looking at GCC, Europe and the US. We hope of make one or a few announcements before year-end,” Mahmoud Al Kooheji, chief executive officer of Mumtalakat told Gulf News………………………………………..Full Article: Source

Qatar’s USD256bn sovereign wealth fund to further invest in Asia

Posted on 22 June 2015 by VRS  |  Email |Print

The Qatar Investment Authority (QIA), the country’s USD256bn sovereign wealth fund, has announced new strategy that will see it allocate more money in Asia and the US. The move is part of QIA’s efforts to diversify its asset base to complement its strong based in Europe.
The Financial Times has quoted source as saying that QIA is diversifying into Asia and the US after making hefty investments in London and Paris. Last year, the QIA, which is considered the ninth largest fund the world, allocated USD15bn to USD20bn for investments into Asia, particularly in the healthcare, infrastructure and real estate sectors………………………………………..Full Article: Source

Oman fund targets stakes in tourism to shipping

Posted on 19 June 2015 by VRS  |  Email |Print

Oman is considering taking equity stakes in logistics, shipping and tourism as its sovereign wealth fund seeks to diversify government income from crude. Oman Investment Fund , which has holdings in Italy to Vietnam and is a shareholder of the Dubai Mercantile Exchange, wants to invest in companies in Oman and abroad that are mainly outside the oil industry, Dr Fabio Scacciavillani, chief economist at the state-owned fund, said in an interview in Dubai on Wednesday.
The fund is focusing on logistics, shipping and tourism as those industries are areas in which Oman has an advantage given its location on shipping routes connecting Europe and the Americas to Asia, he said. He didn’t disclose details on future investments………………………………………..Full Article: Source

GIC likely invest more into Bandhan

Posted on 19 June 2015 by VRS  |  Email |Print

International Finance Corporation (IFC) and the Singapore government-backed GIC are likely to raise their investments in Bandhan after it got the final banking licence by the Reserve Bank of India.
The global investors may pump in fresh Rs 500 crore equity, making it their second round of stake buy in the company this fiscal. IFC, GIC and state-run Small Industries Development Bank of India invested Rs 1,020 crore in the Kolkatabased small lender in May. Bandhan had receivedRs 640.87 crore from GIC in May, while IFC has put in Rs 344 crore. Sidbi has investedRs 35 crore in the Kolkata-based lender, which is India’s first microfinance company to transform into a bank……………………………………….Full Article: Source

Temasek invests $40m in healthcare venture Hello

Posted on 18 June 2015 by VRS  |  Email |Print

Singapore state-fund Temasek Holdings has invested $40 million into healthcare startup Hello in a venture round, less than a year after the company, on Kickstarter, had raised $2.4 million for their Sense sleep monitor.
Hello produces a Sleep Pill, a device which clips onto a pillow to assess sleep quality through movement, sending data to a Sense bedside orb that measures bedroom conditions such as light, temperature and noise. It also doubles as an alarm clock………………………………………..Full Article: Source

GIC & Temasek invest $590.1m in Citic Securities

Posted on 18 June 2015 by VRS  |  Email |Print

Singapore state fund Temasek Holdings and the country’s sovereign wealth fund GIC, alongside other sovereign funds, will be investing an additional S$739 million ($590.1 million) into Citic Securities, a broking firm, which is raising $3.495 billion in capital via a placement of new shares to 10 institutional investors.
China’s largest brokerage by market value, Citic is planning to sell 1.1 billion new Hong Kong-listed shares at HK$24.60 ($3.17) each. This is a 19 per cent discount from Monday’s closing price. Citic CLSA was the sole bookrunner, while Citic Securities International was the sole global coordinator of the deal. The 1.1 billion shares represent about 10 per cent of the total existing share capital at this time………………………………………..Full Article: Source

Oman Wealth Fund Looks Beyond Oil

Posted on 18 June 2015 by VRS  |  Email |Print

Oman, the largest Arab oil producer that’s not an OPEC member, is considering taking equity stakes in logistics, shipping and tourism as its sovereign wealth fund seeks to diversify government income from crude. Oman Investment Fund, which has holdings in Italy to Vietnam and is a shareholder of the Dubai Mercantile Exchange, wants to invest in companies in Oman and abroad that are mainly outside the oil industry, says Fabio Scacciavillani, chief economist at the state-owned fund.
The fund is focusing on logistics, shipping and tourism as those industries are areas in which Oman has an advantage given its location on shipping routes connecting Europe and the Americas to Asia, he said. He didn’t disclose details on future investments………………………………………..Full Article: Source

‘QIA keen on investing’ in Cardiff Airport transport, logistics hub

Posted on 18 June 2015 by VRS  |  Email |Print

The Qatar Investment Authority (QIA) has expressed keen interest in the proposed development of a logistics and transport hub around Cardiff Airport in South Wales, UK Trade & Investment chief executive Dominic Jeremy told Gulf Times.
Jeremy, who met with the QIA, Qatari Diar, and other investors in Doha, said the meeting revolved around the development of Cardiff Airport, which is part of the “northern powerhouse,” a proposal to drive economic growth in the north of England by the 2010-15 coalition government and the 2015-20 Conservative government in the UK………………………………………..Full Article: Source

Abu Dhabi sovereign wealth fund sells ACT hotel

Posted on 18 June 2015 by VRS  |  Email |Print

The Abu Dhabi Investment Authority has sold its CBD Canberra hotel for $77 million. The Novotel at 65 Northbourne Avenue was sold by the sovereign wealth fund owned by Emirate of Abu Dhabi.
According to Canberra Cityscope, the Novotel Canberra, which includes the Jolimont retail centre, was built in 1983. The six-storey building with basement parking is a 286-room hotel that was refurbished and extended in 2009. The property last traded at $10 million in 1998………………………………………..Full Article: Source

‘QIA keen on investing’ in Cardiff Airport transport, logistics hub

Posted on 17 June 2015 by VRS  |  Email |Print

The Qatar Investment Authority (QIA) has expressed keen interest in the proposed development of a logistics and transport hub around Cardiff Airport in South Wales, UK Trade & Investment chief executive Dominic Jeremy told Gulf Times. Jeremy, who met with the QIA, Qatari Diar, and other investors in Doha, said the meeting revolved around the development of Cardiff Airport, which is part of the “northern powerhouse,” a proposal to drive economic growth in the north of England by the 2010-15 coalition government and the 2015-20 Conservative government in the UK.
“We were talking about an investment proposition around Cardiff Airport that the Welsh government owns, including both the land and infrastructure around the airport. They’re pulling together quite a powerful proposition for a combined logistics, business, and transport hub based around Cardiff Airport………………………………………..Full Article: Source

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