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Sovereign Wealth Funds Briefing - Category | Investment more

Future Fund and Cbus see big opportunities in direct lending

Posted on 28 July 2016 by VRS  |  Email |Print

The potential for super funds to be direct lenders is enormous, according to a panel that included the Future Fund, Cbus and AustralianSuper that are all lending directly. Rob Leck, manager debt and quantitative solutions at Cbus, which is about to enter the private debt market, said that not only do investors have to be lenders, but they have the potential to assist in the development of a high yield market in Australia.
The Future Fund has been involved in the direct lending landscape since 2009, and first made an investment in 2010 in the European corporate middle market. It is viewed as a credit allocation and makes up around 30 per cent of the credit portfolio………………………………………..Full Article: Source

QIA Makes Good on US Investment Promise—Again

Posted on 26 July 2016 by VRS  |  Email |Print

In January 2015, visiting officials of the State of Qatar told the U.S. Chamber of Commerce that the country would invest $35 billion in the U.S. over the next five years, and it continues to do just that, with its latest investment being Qatari Investment Authority’s acquisition of the office tower at 12100 Wilshire Blvd. in Los Angeles.
QIA, the sovereign wealth fund of Qatar, and joint venture partner Douglas Emmett Inc. recently acquired the 365,000-square-foot property, located in the prestigious Brentwood submarket, from Hines for $225 million. It appears the transaction took place in a time warp. Hines U.S. Office Value Added Fund II also paid $225 million for 12100 Wilshire when it acquired the Class A property from RREEF Property Trust in 2007………………………………………..Full Article: Source

China sovereign wealth fund CIC profit drops 17%

Posted on 25 July 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp (CIC) reported a 17 per cent decline in net profit last year, its lowest profit since 2011, hit by negative returns on overseas investments and huge foreign exchange losses, it said on Friday.
Net profit was US$73.9 billion in 2015, down from US$89.1 billion a year earlier, the fund said in the annual report posted on its website. CIC’s return on overseas investments declined to a negative 2.96 per cent last year, compared with a positive 5.47 per cent return in 2014………………………………………..Full Article: Source

China Sovereign Fund Has Loss on Commodities, Negative Rates

Posted on 25 July 2016 by VRS  |  Email |Print

China’s $813.8 billion sovereign wealth fund posted its first loss on overseas investments in four years last year as commodity prices sunk, while stock and bond returns were damped by negative interest rates and a strong U.S. dollar.
China Investment Corp. had a loss of 2.96 percent in the year ended December, compared with a 5.47 percent gain a year earlier, according to the Beijing-based company’s 2015 annual report released Friday. Net income at the fund, which holds government stakes in China’s biggest banks, fell 17 percent to $73.9 billion, the report showed………………………………………..Full Article: Source

SMRT triple-A credit rating not affected by Temasek’s buyout offer, says S&P

Posted on 22 July 2016 by VRS  |  Email |Print

S&P Global Ratings said on Thursday (July 21) that its credit rating on SMRT is not affected by the Temasek Holdings buyout offer for the rail and bus operator.
“Our rating already incorporates a very strong link between the company and its majority owner, the Government of Singapore, through Temasek, which is unlikely to change even if the company becomes a wholly owned subsidiary,” said S&P, which rates SMRT as triple-A with a stable outlook………………………………………..Full Article: Source

U.S. Sues To Recover Funds Allegedly Stolen From Malaysian Government Fund

Posted on 21 July 2016 by VRS  |  Email |Print

The U.S. Department of Justice has filed civil complaints seeking to recover a billion dollars’ worth of art, real estate and other assets bought with money allegedly stolen from a Malaysian sovereign wealth fund.
U.S. officials say a total of $3.5 billion, raised through bond offerings made by the investment fund 1MDB between 2009 and 2015, was laundered through a series of sham transactions and shell corporations by “high level officials” of the fund and their associates. The U.S. is seeking to reclaim only about $1 billion right now, because that’s how much officials have been able to trace through the system………………………………………..Full Article: Source

US goes after more than $1B taken from Malaysian fund

Posted on 21 July 2016 by VRS  |  Email |Print

The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian economic development fund and that was used for high-end real estate, fancy artwork and production of the Hollywood film, “The Wolf of Wall Street.”
The diverted funds paid for luxury properties in New York and California, a $35 million private jet and expensive paintings by Vincent Van Gogh and Claude Monet, according to federal government complaints that demand the recovery and forfeiture of the ill-gotten assets………………………………………..Full Article: Source

Temasek to buy out public transport operator SMRT for S$1.18b

Posted on 21 July 2016 by VRS  |  Email |Print

Public transport operator SMRT looks set to be privatised after Temasek Holdings announced a S$1.18 billion buyout offer at S$1.68 a share Wednesday (Jul 20). The offer from the Singapore state investment firm values SMRT at approximately S$2.565 billion, Temasek and SMRT said in a media statement. Once the acquisition is completed, SMRT will become a wholly-owned subsidiary of Temasek and will be delisted from the Singapore Exchange.
In their statement, Temasek and SMRT said that privatisation will provide SMRT with “greater flexibility to focus on its primary role of delivering safe and high quality rail service, without short term pressures of being a listed company, in the midst of its transition to a new regulatory framework under the new rail financing framework”………………………………………..Full Article: Source

Temasek Offers S$1.2 Billion to Buy Out SMRT 16 Years After IPO

Posted on 21 July 2016 by VRS  |  Email |Print

Singapore state investment firm Temasek Holdings Pte offered S$1.2 billion ($880 million) to buy out SMRT Corp., 16 years after the company became the first Asian subway operator outside of Japan to list shares.
The S$1.68 a share proposal, an 8.7 percent premium from the last traded price, values the rail operator at S$2.6 billion. The price is fair and final, Temasek President Chia Song Hwee said in Singapore Wednesday after the buyout, first reported by Bloomberg News this week, was made public………………………………………..Full Article: Source

India Drinks so Much Milk Temasek-Backed Feedmaker Weighs IPO

Posted on 21 July 2016 by VRS  |  Email |Print

Billionaire Adi Godrej is considering an initial public offering of his group’s animal-feed unit, the largest producer in India, as business thrives in the biggest milk-drinking country in the world. Godrej Agrovet Ltd. may be listed in the future, group Chairman Godrej said in a recent interview in Mumbai, without providing details on the timing or valuations.
An IPO of the unit, which is partly owned by Singapore’s Temasek Holdings Pte, would be the first such deal for the 119-year old conglomerate — whose businesses range from locks to soaps, appliances and real estate — since 2010. It would also come as rising stock prices increase the number of initial share sales in the world’s fastest-growing major economy………………………………………..Full Article: Source

Abu Dhabi Wealth Fund Says Long-Term Investment Gains Fell

Posted on 21 July 2016 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said its long-term gains dropped in 2015. The fund’s 20-year annual rate of return slowed to 6.5 percent at the end of 2015, from 7.4 percent a year earlier, it said in its annual review. Over three decades, annual returns fell to 7.5 percent from 8.4 percent.
The sovereign wealth fund doesn’t disclose how much money it manages for the government. ADIA, as the fund is known, is bringing more investment management in-house and putting less assets in index-tracking funds as it seeks higher returns………………………………………..Full Article: Source

Abu Dhabi wealth fund goes in house

Posted on 21 July 2016 by VRS  |  Email |Print

Abu Dhabi’s main sovereign wealth fund has brought more of its portfolio buying activity in house as it seeks greater value amid slower growth across increasingly volatile global markets.
Abu Dhabi Investment Authority has its portfolio managed by external firms overseen by the sovereign wealth fund’s staff to 60 per cent from 65 per cent in 2014. The amount of its assets tracking indexes has fallen from 55 per cent in 2014 to 50 per cent this year……………………………………….Full Article: Source

Khazanah in Talks to Buy Stakes in Malaysian Insurers for $800 Million

Posted on 20 July 2016 by VRS  |  Email |Print

Canada’s Sun Life Financial Inc. and Malaysian sovereign-wealth fund Khazanah Nasional Bhd. are in discussions to buy majority stakes in two Malaysian life insurers in a deal worth around 3.2 billion ringgit ($800 million), people with knowledge of the deal said.
The companies are in negotiations with Hong Leong Financial Group Bhd. to buy its 70% stake in Hong Leong Assurance Bhd. and 65% stake in Hong Leong MSIG Takaful Bhd., the people said. Japan’s Mitsui Sumitomo Insurance Co. owns the remaining stake in both companies………………………………………..Full Article: Source

Temasek set to unveil buyout deal for struggling S’pore rail operator

Posted on 19 July 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings is set to announce a deal this week to buy out the remaining nearly 46 percent of SMRT Corp that it doesn’t already own, two sources with knowledge of the matter said.
The deal caps a turbulent period for Singapore’s main rail operator. SMRT has come under heavy criticism in recent years after a series of train breakdowns led to public outcry in a country long known for an efficient and reliable public infrastructure. Temasek already owns 54.5 percent of SMRT, Thomson Reuters data shows………………………………………..Full Article: Source

Temasek Holdings set for deal to buy out SMRT: Sources

Posted on 19 July 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings is set to announce a deal this week to buy out the remaining nearly 46 per cent of SMRT Corp that it doesn’t already own, two sources with knowledge of the matter said.
The deal caps a turbulent period for Singapore’s main rail operator. SMRT has come under heavy criticism in recent years after a series of train breakdowns led to public outcry in a country long known for an efficient and reliable public infrastructure………………………………………..Full Article: Source

Buyout of SMRT by Temasek will make it a pseudo Government agency

Posted on 19 July 2016 by VRS  |  Email |Print

SMRT Corp announced a continuation of its trading halt today (18 Jul) pending a possible announcement. SMRT first announced a trading halt on Jul 15, where it was announced that its operating assets will come under the new rail financing framework from Oct 1.
According to a Bloomberg report, SMRT called for a trading halt today because Temasek Holdings is mulling a buyout offer for the public transport operator. Temasek owns 54.2 percent of SMRT, and the sovereign wealth fund is said to be weighing an offer to buy all the shares it does not already own………………………………………..Full Article: Source

Khazanah eyeing RM3.2b control of Hong Leong Financial Group

Posted on 19 July 2016 by VRS  |  Email |Print

Khazanah Nasional Bhd, the sovereign wealth fund, is reportedly considering a RM3.2 billion bid for control of billionaire Quek Leng Chan’s Hong Leong Financial Group, according to Bloomberg News. Quek, chairman of Hong Leong Financial, is Malaysia’s fifth richest person with a net worth of USD4.3 billion, according to the Bloomberg Billionaires Index.
Khazanah, which had net asset value of RM109 billion in investments at the end of December, may take Hong Leong Financial’s 70 per cent stake in Hong Leong Assurance Bhd and its 65 per cent stake in Hong Leong MSIG Takaful Bhd, according to sources. Japan’s Mitsui Sumitomo Insurance Co bought 30 per cent of Hong Leong Assurance in 2010. The next year, it bought 35 per cent of Hong Leong MISG………………………………………..Full Article: Source

Saudi Push for Tech Deals Stirs Silicon Valley Debate

Posted on 18 July 2016 by VRS  |  Email |Print

As Saudi Arabia and its oil-rich sovereign-wealth fund prepare to become bigger players in tech deal making, Silicon Valley insiders are weighing the consequences. Technology investors like to tout the social benefits of the companies they support. But the industry often overlooks investors’ own principles and beliefs, focusing more on their investment record and size of their checks.
To some venture capitalists and founders, Uber’s agreement with Saudi Arabia represented its tacit endorsement of that government. Saudi Arabia is the only country in the world where women aren’t allowed to drive, and one of several countries where homosexuality is illegal………………………………………..Full Article: Source

Kuwait maintains its investment perspective

Posted on 18 July 2016 by VRS  |  Email |Print

Mixed sentiments keep emerging about the commercial and business sector in Kuwait. On a positive note, the much-awaited expansion of the airport is underway. Conversely, in an unprecedented move, a key rating agency assigned a negative outlook for the economy due to the phenomenon of low oil prices for two years now.
An essential part of the comfortable rankings relates to Kuwait’s strong external assets. The SWFI puts the value of the country’s sovereign wealth fund as managed by Kuwait Investment Authority (KIA) at $592 billion. Kuwait set up KIA in the 1950s, the first SWF within the GCC………………………………………..Full Article: Source

Temasek Holdings leads financing for PureLiFi in tech expansion

Posted on 18 July 2016 by VRS  |  Email |Print

Singapore’s state-owned investment firm Temasek Holdings is the lead investor in the latest round of financing by Edinburgh-based telecommunications company pureLiFi as it expands its technology holdings. The Series-B round brought pureLiFi’s total financing to more than US$10 million ($13.5 million), it said.
The funding will support the development of the firm’s technology that uses light-emitted diodes to provide wireless communication systems with the potential to be faster than current WiFi technology, according to the statement. Aedan Lai, a spokesman for Temasek, confirmed the investment and declined to comment further………………………………………..Full Article: Source

India’s sovereign wealth fund identifies first eight projects for investments

Posted on 15 July 2016 by VRS  |  Email |Print

India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF) has identified the first eight projects it plans to invest in. These include the Konkan Railways project, a power transmission project in the north region, and a few road projects, said a senior official of India Infrastructure Finance Co. Ltd (IIFCL).
There has been a lot of interest from foreign investors for NIIF, but actual cheques are taking longer to come in, IIFCL’s deputy managing director Sanjeev Kaushik told Mint over the phone. IIFCL, which was appointed as the interim investment adviser to NIIF in December, has advised investments in a total of eight projects for the fund. Of these, the governing council in its meeting last month approved investment in the existing Konkan Railway project, Kaushik said………………………………………..Full Article: Source

Temasek Holdings Leads Financing for PureLiFi in Tech Expansion

Posted on 15 July 2016 by VRS  |  Email |Print

Singapore’s state-owned investment firm Temasek Holdings Pte is the lead investor in the latest round of financing by Edinburgh-based telecommunications company pureLiFi as it expands its technology holdings.
The Series-B round brought pureLiFi’s total financing to more than $10 million, it said in an e-mailed statement. The funding will support the development of the firm’s technology that uses light-emitted diodes to provide wireless communication systems with the potential to be faster than current WiFi technology, according to the statement. Aedan Lai, a spokesman for Temasek, confirmed the investment and declined to comment further………………………………………..Full Article: Source

Mixed martial arts: Singapore investor Temasek enters the ring

Posted on 15 July 2016 by VRS  |  Email |Print

An arm of Singapore state giant Temasek Holdings is investing in Asian mixed martial arts (MMA) promoter One Championship, which is planning a share offer within three years, company officials said on Thursday (July 14).
One Championship chairman Chatri Sityodtong said an “eight-figure” US dollar sum will be injected into the Singapore-based firm by a consortium led by Heliconia Capital Management, a wholly-owned subsidiary of Temasek. “Potentially, our plan in the next two to three years is to go public through an IPO (initial public offering),” he told AFP………………………………………..Full Article: Source

Singapore’s GIC invests in Hyundai Logistics Distribution Center

Posted on 15 July 2016 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC, formerly known as Government of Singapore Investment Corporation, joined a real estate fund that acquired newly-built Hyundai Logistics Distribution Center located in Incheon, South Korea, from its developer LogisKoel for $130 million, GIC said in a statement on Wednesday. It did not specify the value of its investment in the fund.
The real estate fund is managed by ADF Asset Management Co., an asset management company specialized in South Korea’s logistics sector. Hyundai Logistics Distribution Center on a site of 126,708 square meters is located in Incheon, a prime industrial and logistics hub with strong transport links to major cities nationwide, GIC said in a statement………………………………………..Full Article: Source

China Investment Corp Joins $181M Series C Round In Unity

Posted on 15 July 2016 by VRS  |  Email |Print

China Investment Corporation has participated in a US$181 million series C financing round in Unity Technologies, a San Francisco-based video game engine maker. The round was led by DFJ Growth, with participation from Chinese venture firm FreeS Fund, Thrive Capital, technology entrepreneur Max Levchin, alongside existing investors Sequoia Capital and WestSummit Capital.
Unity’s platform has allowed studios to create compelling games and monetize them with advertising and analytics services. The firm plans to accelerate its augmented reality (AR) and virtual reality (VR) capabilities going forward………………………………………..Full Article: Source

Singapore’s Temasek looks to Silicon Valley for growth

Posted on 14 July 2016 by VRS  |  Email |Print

Temasek Holdings is increasingly turning its attention to U.S. technology companies in search of new growth, after the value of the Singapore government-owned investment company’s assets dropped for the first time in seven years amid China’s economic slowdown and cheaper oil prices.
The shift toward companies in areas such as financial technology and the so-called “sharing economy” is evident in Temasek’s annual performance report, released on July 7. In the year ended March, the sovereign wealth fund made new investments in online accommodation booking service provider Airbnb and digital payment platform PayPal, both based in California. Temasek also increased its investment in Beijing-based ride-hailing service Didi Chuxing, China’s answer to U.S.-based Uber………………………………………..Full Article: Source

Temasek subsidiary punches into MMA with ‘eight-figure’ One Championship deal

Posted on 14 July 2016 by VRS  |  Email |Print

Grappling with its first portfolio decline in 7 years, Singapore’s state-owned investment company Temasek Holdings is looking to mixed martial arts (MMA) to score a knockout amid a challenging economic climate.
Temasek’s wholly-owned subsidiary Heliconia Capital Management is leading a consortium to invest in Singapore-based MMA promoter One Championship. While the value of the deal was not disclosed, it was reported to be worth a “significant eight-figure sum” and could see One Championship grow beyond the $1 billion valuation mark………………………………………..Full Article: Source

GIC invests in fund that acquired South Korean logistics center

Posted on 14 July 2016 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC said on Wednesday (July 13) that it has invested in a real estate fund that has acquired the newly-built Hyundai Logistics Distribution Center in South Korea for US$130 million (S$175 million).
The real estate fund, managed by South Korean ADF Asset Management, had purchased the 126,708sqm, grade-A dry storage logistics center from LogisKowel, the developer of the asset. The center is in the city of Incheon, a prime industrial and logistics hub with strong transport links to major cities nationwide………………………………………..Full Article: Source

SWFs curb cross-border investments

Posted on 13 July 2016 by VRS  |  Email |Print

Direct investments from sovereign wealth funds saw a 42 percent drop in the first half of the year compared with the same period in 2015, according to research from the Sovereign Wealth Fund Institute (SWFI).
‘For the first half of 2016, wealth funds and other public pension investors invested $73.2 bn directly,’ write the researchers. ‘This is a sharp decline from the $126.7 bn directly invested in the first half of 2015.’ That doesn’t mean there aren’t still significant sums being invested however, with the SWFI noting an interest in disruptive technology………………………………………..Full Article: Source

Kuwaiti investments in the UK may hit by Brexit

Posted on 13 July 2016 by VRS  |  Email |Print

Kuwaiti investments in the United Kingdom are expected to be hit by the United Kingdom’s decision to leave the European Union, although the impact of Brexit is expected to be “short-term and not large”, Undersecretary Khalifa Hamada said.
The KIA, through its London-based subsidiary Kuwait Investment Office, is understood to have substantial investments in the Britain, in particular in real estate and infrastructure. It was part of the consortium which bought London City Airport earlier this year………………………………………..Full Article: Source

Temasek shifts focus to tech amid global search for yield

Posted on 13 July 2016 by VRS  |  Email |Print

Telecommunications, media and technology have overtaken financial services in Temasek’s portfolio. Taking bets in the tech sector entails higher risk. Stock markets can be capricious, and even Temasek Holdings is at their mercy, as the company’s latest results show.
Amid a volatile year on global bourses, the Singapore investment company suffered its first portfolio decline since the 2009 global financial crisis, pointing to more tough times ahead. The firm’s net portfolio value fell to $242 billion for the financial year ended March 31, down from $266 billion a year ago………………………………………..Full Article: Source

Singapore’s Temasek Holdings Leads Investors in ONE Championship Startup

Posted on 13 July 2016 by VRS  |  Email |Print

Singapore’s state investment firm Temasek Holdings Pte Ltd is leading a round of investors in an Asian mixed martial arts startup. Heliconia Capital Management Pte. Ltd., an arm of Temasek that invests in Singapore-based small- and medium-size businesses, is heading a consortium pumping tens of millions of dollars into local mixed martial arts promoter ONE Championship, ONE’s founder and chairman Chatri Sityodtong said in an interview.
Details of the deal are expected to be announced Wednesday. ONE Championship is seeking to tap the sport’s growing popularity in Asia, and the deal comes on the heels of Ultimate Fighting Championship’s sale to a group led by U.S.-based talent agency WME-IMG for around $4 billion, highlighting the appeal of what has quickly become a mainstream entertainment event………………………………………..Full Article: Source

Temasek Holdings may invest in distressed assets

Posted on 13 July 2016 by VRS  |  Email |Print

Singapore’s state-run investment firm Temasek Holdings Pte. Ltd is open to investing in distressed assets in India either through an asset reconstruction firm or directly, a senior executive said.
“We are an equity-only investor. So, if there is a business that could be a non-performing asset (NPA) hypothetically, which is outsourced by a bank to an asset reconstruction (ARC) and that needed an equity infusion, we would look at it just as any other investment opportunity,” said Ravi Lambah, co-head, India and head for telecom, media and technology at Temasek International Pte. Ltd………………………………………..Full Article: Source

Ascott Limited, Qatar Investment Authority buy Docklands Quest

Posted on 13 July 2016 by VRS  |  Email |Print

The world’s biggest serviced-apartment operator and Qatar’s sovereign wealth fund have teamed up to acquire a new $71 million Quest apartment hotel, to be built at Melbourne’s Docklands.
Ascott Limited, a subsidiary of Singapore-listed real estate giant CapitaLand and the $337 billion Qatar Investment Authority will jointly acquire the new 221-room Quest NewQuay Docklands apartment hotel being developed by private developer MAB Corporation at its New Quay waterfront precinct………………………………………..Full Article: Source

Azerbaijan’s SOFAZ exploring possibilities of investing in Turkey

Posted on 13 July 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ is exploring the possibilities of making investments in Turkey, Shahmar Movsumov, executive director of SOFAZ, said. “We constantly explore the possibilities of investing in the countries with favorable conditions,” said Movsumov. “Currently, we are exploring the opportunities for making investments in Turkey. It is a neighboring country and is of interest for us.”
The geography of SOFAZ’s asset allocation is as follows: 60.46 percent - European countries, 20 percent - North America, 3.62 percent - Australia, 11.80 percent - Asia and the Pacific region, 0.63 percent - the Middle East, 0.27 percent - South America, 3.21 percent - international financial institutions, 0.01 percent – Africa………………………………………..Full Article: Source

Sovereign wealth funds’ India holdings at a record high

Posted on 12 July 2016 by VRS  |  Email |Print

Sovereign wealth funds held Rs2.18 trillion in Indian equities and Rs330.16 billion worth of Indian debt in May. Anybody who thought that sovereign funds are on their way out may be in for a surprise.
An analysis of foreign portfolio investor (FPI) data by investor category shows that their holdings in Indian debt and equity securities has hit a new high. These funds from oil-rich countries were expected to be sellers in Indian markets because of the correction in crude and the resultant stress back home………………………………………..Full Article: Source

Singapore Wealth Funds Keen To Invest In India

Posted on 12 July 2016 by VRS  |  Email |Print

Prominent wealth funds of Singapore have shown keen interest in investing in India, a senior Indian official said. “Lot of interest and deep appreciation in Singapore about reforms and policy initiatives in India,” Economic Affairs Secretary Shaktikanta Das said in a tweet about his ongoing visit to Singapore.
Describing his meeting with Singapore government-owned wealth funds, Das said in another tweet: “Had very good meetings with GIC, Temasek and other investors in Singapore. Big interest to invest in India continues.”……………………………………….Full Article: Source

Sahara inks Rs 10k crore deal with ‘Qatar fund’ for sale of hotels

Posted on 12 July 2016 by VRS  |  Email |Print

The Sahara group on Monday sought the Supreme Court’s clearance to its proposed sale of three overseas hotels to Qatar Investment Authority (QIA), which is part of Qatar’s sovereign wealth fund.
Appearing for the group, senior advocate Kapil Sibal promised Rs 300 crore more by August 3 and said the group wanted to transfer to the SC-created Sebi-Sahara account Rs 200 crore (24 million pounds) already advanced to it by Kassiopeia Holdings Ltd over the deal relating to Grosvenor House Hotel in London………………………………………..Full Article: Source

Tishman Speyer teams up with Qatari fund for $700M LIC project

Posted on 12 July 2016 by VRS  |  Email |Print

Tishman Speyer is moving ahead with the construction of a 1.1 million s/f office and retail project in Long Island City. For the project, the company has formed a partnership with Qatari Diar, a sovereign wealth fund based in Lusail.
The site, located in 28-10 Queens Plaza South, is expected to have two 27-story towers connected by a four-story podium containing a food hall, restaurant and parking garage. Currently, more than 800,000 s/f of office space has been pre-leased for the $700M project. Shared office provider WeWork, which has agreed to take 250,000 s/f of space, is set to be the project’s anchor tenant………………………………………..Full Article: Source

Kazakh privatisation under fire from international investors

Posted on 12 July 2016 by VRS  |  Email |Print

International investors warned they would shun Kazakhstan’s ambitious privatisation programme unless the government changes its attitude towards minority shareholders in the state oil company.
China’s sovereign wealth fund, CIC, will have a key role in the vote as it holds an 11 per cent stake in KMG EP — around a third of the total held by minorities. The Chinese group has not yet indicated its views on NC KMG’s proposals………………………………………..Full Article: Source

Investors warming up to managed accounts

Posted on 12 July 2016 by VRS  |  Email |Print

The Alaska Permanent Fund Corp., Juneau, is redeeming its $2 billion in hedge funds of funds as part of a move to bring all hedge fund decisions in-house. Investment officials at the $53 billion sovereign wealth fund already have invested $3 billion directly in hedge funds and intend to increase the target to $5.9 billion from $5.4 billion.
The fund’s investment staff is considering a move to a managed account format, said two industry sources with knowledge of APF’s plans who asked not to be identified. Marcus Frampton, director of private markets for the fund, did not return a call seeking confirmation………………………………………..Full Article: Source

Sovereign wealth funds steer clear of direct investment

Posted on 11 July 2016 by VRS  |  Email |Print

Fears grow over valuations of technology start-ups and falls in commodity prices. Sovereign wealth funds have retreated from investing directly in companies over fears about the valuations of private businesses and as state-backed funds come under pressure from low commodity prices.
Direct investments by state-backed funds into areas such as private companies and infrastructure have fallen to their lowest levels in at least six quarters, according to the Sovereign Wealth Fund Institute, a research organisation………………………………………..Full Article: Source

Temasek raises stake in China’s JD.com

Posted on 11 July 2016 by VRS  |  Email |Print

Temasek Holdings has raised its stake in Chinese e-commerce firm JD.com, taking advantage of a rout in its share price. Latest quarterly filings from the Securities Exchange Commission (SEC) in the United States show that Temasek raised its stake in JD.com from 0.54 per cent to about 0.64 per cent.
JD.com’s shares have dropped 36 per cent this year, wiping out almost US$16 billion (S$22 billion) in market value. The SEC filings show that among Temasek’s largest US-based investments is another Chinese e-commerce player, Alibaba, with a stake valued at about US$3.7 billion………………………………………..Full Article: Source

Temasek’s portfolio drops by $14 billion

Posted on 08 July 2016 by VRS  |  Email |Print

Singapore’s state-owned investment company Temasek Holdings saw its net portfolio value tumble by around 24 billion Singapore dollars ($14 billion) wiping around 9 percent off the Singapore dollar value of its holdings in the year to March 31.
The value of Temasek’s portfolio fell to around S$242 billion, or $180 billion, in the last fiscal year, from around S$266 billion, or $194 billion, in the year-earlier period. It was the first time the portfolio value declined since 2009, during the global financial crisis………………………………………..Full Article: Source

Temasek seeks tech investments after first portfolio fall since 2009

Posted on 08 July 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings (Pte) Ltd is increasing investments in the technology sector and trimming financials, after its portfolio slumped S$24 billion ($17.80 billion) in the past year, the most since 2009.
Temasek, headed by Ho Ching, wife of Singapore’s prime minister, also expects more volatile markets and a challenging business environment, but said it had the flexibility to pursue investment opportunities………………………………………..Full Article: Source

Temasek’s S$30 Billion in Deals Span Tire Makers to Pharma Firms

Posted on 08 July 2016 by VRS  |  Email |Print

Temasek Holdings Pte disclosed that it made S$30 billion ($22 billion) in new investments in the 12 months through March, matching the previous year’s pace, while divesting of a record S$28 billion as it re-balances its portfolio. Here are some of the investments made by Singapore’s state firm during the period:
Increased position in U.S. logistics sector: $450 million investment in Univar Inc., a distributor of commodity and specialty chemicals………………………………………..Full Article: Source

Sahara sells 3 hotel stakes to Qatar Investment for $1.6bn

Posted on 08 July 2016 by VRS  |  Email |Print

Qatar Investment Authority has agreed to buy Indian diversified group Sahara’s stake in three overseas hotels for a whopping $1.6 billion, said a report. According to a report on CNBC-TV18, the agreement to buy stakes in Grosvenor House (London), New York Plaza and Dream Downtown (NY) nears a close after a 24-month long negotiation period.
Out of the total money, Sahara is expected to pay $995 million to Reuben brothers, its prime lender. The Indian group is looking to move the Supreme Court tomorrow for its approval………………………………………..Full Article: Source

Temasek-backed InnoVen Capital India extends $12m debt to 8 startups in Q1

Posted on 07 July 2016 by VRS  |  Email |Print

InnoVen Capital India, a venture debt firm backed by Singapore’s sovereign wealth fund Temasek Holdings Pvt. Ltd, has loaned around $12 million to eight start-ups in the June quarter, said a senior company executive, signalling that venture debt is becoming popular with start-ups looking to meet their working capital requirements.
In April 2015, Temasek Holdings acquired the Mumbai-headquartered SVB India Finance for an estimated Rs.300 crore, and renamed it InnoVen Capital………………………………………..Full Article: Source

Silk Road Fund Said to Mull Bid for $2 Billion Glencore Mine

Posted on 07 July 2016 by VRS  |  Email |Print

China’s Silk Road Fund, a $40 billion pool set up to invest along the nation’s ancient trade routes with Central Asia, is discussing a joint bid for Glencore Plc’s gold mine in Kazakhstan, people with knowledge of the matter said.
The Silk Road Fund is partnering with state-owned China National Gold Group Corp. on a possible joint offer for the Vasilkovskoye mine, which could fetch about $2 billion, according to the people. The Silk Road Fund was set up in 2014 with backing from the nation’s sovereign wealth fund, state-owned Export-Import Bank of China and policy lender China Development Bank Corp., according to its website………………………………………..Full Article: Source

TPG Capital partners three LPs for ICICI Home Finance deal

Posted on 06 July 2016 by VRS  |  Email |Print

TPG Capital has brought on board Temasek Holdings, Singapore’s GIC and HarbourVest Partners for the $320 million deal. Private equity firm TPG Capital has partnered three of its limited partners (LPs) to close its acquisition of ICICI Home Finance Co. Ltd for as much as $320 million.
TPG has brought on board Temasek Holdings Pvt. Ltd, an investment arm of the Singapore government, Singapore’s sovereign wealth fund GIC and US-headquartered HarbourVest Partners, a private equity fund of funds and one of the largest private equity investment managers in the world, the two added, asking not to be identified………………………………………..Full Article: Source

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