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Sovereign Wealth Funds Briefing - Category | Investment more

Temasek Adds China Holdings With JD.com, Cheetah Stakes

Posted on 15 August 2014 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment firm, purchased U.S.-listed stocks in Chinese technology and consumer firms backed by the country’s billionaires as it diversifies away from bank holdings.
Temasek, directly or through its units, bought 602,139 American depositary receipts of China’s second-largest e-commerce site JD.com Inc. (JD:US) with a market value of $17.2 million, according to a filing yesterday with the U.S. Securities and Exchange Commission………………………………………..Full Article: Source

CVC in talks with Singapore’s GIC over Holcim-Lafarge assets

Posted on 13 August 2014 by VRS  |  Email |Print

Private equity firm CVC is in talks with Singapore’s Government Investment Corporation over possible joint bids for assets of cement firms Holcim and Lafarge, Sky News reported on Tuesday, without naming its sources.
Private equity funds have been queuing up to buy the assets since Holcim of Switzerland and France’s Lafarge announced a merger in April that would create a group with $44 billion in annual sales………………………………………..Full Article: Source

China’s sovereign wealth giant seeks overseas investments

Posted on 13 August 2014 by VRS  |  Email |Print

China Investment Corporation (CIC), a sovereign wealth fund responsible for managing the country’s foreign exchange reserves, has vowed to diversify its portfolio. Interest in overseas investment has been on the rise in China, particularly since it became clear that the renminbi is no longer a one-way bet on appreciation.
Last year, CIC’s assets grew to $652 billion (€486.9 billion) from $575 billion and the fund achieved a 9.33% return, according to a fund report published last Friday………………………………………..Full Article: Source

SOFAZ invests over $2 bln in Southern Gas Corridor CJSC

Posted on 13 August 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, has invested $2.164 billion in Southern Gas Corridor Closed Joint Stock Company in the long term, SOFAZ said.
The investment was made by purchasing the bonds of Southern Gas Corridor CJSC, which issued bonds worth $917,320,800 and $1,246,355,000 within two emissions. In late July, the new issues of the Southern Gas Corridor’s bonds amounting $1.2 billion was put for mass sale at Baku Stock Exchange (BSE), and InvestAZ Company was chosen as the broker of the acquirer………………………………………..Full Article: Source

Norwegian Sovereign Wealth Fund Keeps Diversifying Portfolio

Posted on 13 August 2014 by VRS  |  Email |Print

The Norwegian sovereign wealth fund invested in real estate in London, buying a 343 million-pound asset in the Mayfair district. According to Norges Bank Investment Management, the fund bought a 57.8% share in estate between Regent Street and Bond Street from the Church Commissioners for England.
‘The consideration is net of the fund’s £36.1 million share of total existing debt. The Crown Estate purchased a 6.4 percent stake at the same time for £38 million. Contracts were completed on 8 August 2014,’ reads a note released on Sunday………………………………………..Full Article: Source

Nigeria’s Sovereign Wealth Releases Fund For $726m Niger Bridge

Posted on 13 August 2014 by VRS  |  Email |Print

Nigeria Sovereign Investment Authority (NSIA), managers of the nation’s sovereign fund, told BusinessDay that it will release the fund for the construction of the second River Niger Bridge. This fund serves as part of NSIA equity stake in the construction of the bridge.
“We are about to pay Julius Berger for the early works of the bridge,” Managing Director NSIA, Uche Orji told BusinessDay. NSIA has three funds that guide its investment activities; Nigeria Infrastructure Fund which it allocates 40 percent of its assets, Stabilization Fund (20 percent) and future generation fund (40 percent)………………………………………..Full Article: Source

China’s sovereign fund CIC in talks to buy aircraft lessor Avolon - sources

Posted on 12 August 2014 by VRS  |  Email |Print

China’s $653 billion (£388.94 billion) sovereign wealth fund, China Investment Corp (CIC), is in talks to buy Dublin-based aircraft leasing firm Avolon for $4 billion to $5 billion including debt, according to people familiar with the matter.
CIC is teamed up with Aviation Industry Corporation of China (AVIC), a state-owned aerospace and defence company, in its bid for Avolon, which provides aircraft leasing and lease management services to airlines and aircraft investors, one of the people said……………………………………Full Article: Source

Norway’s Wealth Fund Buys $576 Million of Mayfair Area

Posted on 12 August 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, bought a stake in an estate in London’s Mayfair district for 343 million pounds ($576 million), expanding its property holdings in the U.K. capital.
The fund bought a 57.8 percent share in the 4-acre (1.6-hectare) Pollen Estate between Regent Street and Bond Street from the Church Commissioners for England, Oslo-based Norges Bank Investment Management said today. Separately, the Crown Estate acquired a 6.4 percent stake for 38 million pounds……………………………………Full Article: Source

Sovereign wealth funds embark on global spending spree

Posted on 11 August 2014 by VRS  |  Email |Print

The world’s big government owned investors went on a spending spree in the first half of the year, with the total value of transactions by sovereign wealth funds (SWFs) nearly back at levels recorded in late 2008, just before the global economic crisis hit in earnest.
According to research by the Sovereign Wealth Fund Institute, a US-based think tank, direct deals and transactions by SWFs reached $50.02bn in the first six months of the year, up 23 per cent on the same period in 2013. The record level previously recorded by the SWFI was $51.05bn for the first six months of 2008. The institute points out, however, that the first half 2008 figure included some of the early measures taken by governments to mitigate the effects of the credit crunch through state spending…………………………………Full Article: Source

State fund to take over Malaysia Airlines, plans ‘complete overhaul’

Posted on 11 August 2014 by VRS  |  Email |Print

Malaysia’s government will carry out a “complete overhaul” of its troubled national airline in an attempt to revive the loss-making company after it was hit by two devastating jetliner disasters this year.
State investment fund Khazanah Nasional’s proposed 1.4 billion ringgit ($436 million) buy-out of the shares it does not own paves the way for it to take steps such as cutting back on less-profitable routes, trimming the bloated payroll and installing a new management team…………………………………Full Article: Source

Sovereign-Wealth Funds Pump Near Record Amount of Cash in Deals

Posted on 08 August 2014 by VRS  |  Email |Print

Sovereign-wealth funds are putting more money to work through direct investing than at any time since 2008, as investors look to boost returns and bypass fees charged by fund managers.
According to a report from the Sovereign Wealth Fund Institute -an organization which tracks the activity of state funds-the value of global direct deals by sovereign-wealth funds hit $50.02 billion in the first half of 2014. This was a 23.1% increase on comparable transactions in the first half of last year, and up from roughly $35 billion put to work in the first half of 2012………………………………………..Full Article: Source

SWFs go direct to pass $50bn

Posted on 08 August 2014 by VRS  |  Email |Print

Sovereign wealth funds are putting more money to work through direct investing than at any time since 2008, as giant state-investment funds look to bypass fees charged by fund managers. Figures from the Sovereign Wealth Fund Institute show that levels of direct investment hit over $50 billion during the first half of the year, up 23% on a year ago and just shy of the previous six-month record set in 2008.
That year a number of state funds from Asia and the Middle East took large stakes in banks, including the UK’s Barclays, which were rushing to raise funds as the financial crisis took hold. Since then, sovereign wealth funds and other large, sophisticated investors have been looking to bypass fees charged by the fund managers and private equity funds with whom they have traditionally allocated money………………………………………..Full Article: Source

Sovereign wealth funds buy into Prestige’s QIP

Posted on 07 August 2014 by VRS  |  Email |Print

Prestige Estates Projects has closed the issue of its qualified institutional placement (QIP) mopping up close to Rs 615 crore. The Bangalore-based developer tendered in 25 million shares– belonging to the promoter family — to a clutch of fund houses based in the US, UK, and Asia, said sources briefed on the matter.
A couple of sovereign wealth funds from South East Asia and West Asia also picked up shares in the QIP, which was oversubscribed in excess of 1.5 times of the original issue. The QIP had a base issue target of $75 million with a clause for Prestige to upsize to $100 million if there was an over subscription………………………………………..Full Article: Source

Baring, GIC in talks to buy stake in Indian mortgage lender: Sources

Posted on 07 August 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC and Hong Kong-based Baring Private Equity Asia are in separate talks to invest about US$175 million (S$218 million) to buy a 49 per cent stake in India’s PNB Housing Finance currently held by investment firm New Silk Route, two people with knowledge of the matter said.
The deal could be finalised in about a month if the talks succeed, the people said. They declined to be identified as the negotiations were still private. PNB Housing Finance is a domestic mortgage lending unit of state-run Punjab National Bank, which holds the remaining 51 per cent stake………………………………………..Full Article: Source

China Life poised to take $250m stake in TPG

Posted on 07 August 2014 by VRS  |  Email |Print

China Life is set to inject $250m into TPG, in one of the first Chinese investments in the buyout industry since CIC took a $3bn stake in US private equity group Blackstone in 2007 – and suffered bruising initial losses.
State-backed China Life is the world’s third-largest life insurer by total assets, according to S&P Capital IQ – but, industry-wide, only about 4 per cent of Chinese insurers’ assets are invested overseas. China’s initial foray into private equity investment was marred by large paper losses, after CIC – which manages some of the country’s vast foreign exchange reserves – paid $3bn in 2007 for a 10 per cent stake in Blackstone………………………………………..Full Article: Source

SWF buys hit near-decade level

Posted on 06 August 2014 by VRS  |  Email |Print

Acquisitions by global sovereign wealth funds (SWF) total US$15.2 billion in 2014 YTD, down 4 percent from 2013 year-to-date (US$15.7 billion) and the lowest YTD level since 2005 (US$8.5 billion), according to figures from data specialist Dealogic. Singapore is the top acquiring nation for SWF acquisitions with US$8.8 billion in 2014 YTD, up 69 percent from 2013 YTD and the highest YTD level since 2009 (US$10.8 billion). China and United Arab Emirates follow with US$2.6 billion and US$1.5 billion, respectively.
Temasek Holdings’ US$5.7 billion acquisition of a 25 percent stake of AS Watson Holdings announced in March is the largest global SWF M&A deal in 2014 YTD and the eighth-biggest global SWF M&A transaction on record………………………………………..Full Article: Source

Ardian Said in Talks Over $2 Billion of Abu Dhabi SWF Stakes

Posted on 06 August 2014 by VRS  |  Email |Print

Ardian, the private-equity firm formerly known as Axa Private Equity, is in talks to purchase more than $2 billion in private-equity fund stakes from Abu Dhabi Investment Authority, according to two people with knowledge of the deal.
ADIA, which invests on behalf of the government of Abu Dhabi, hired Cogent Partners to advise on selling mostly buyout fund stakes, people familiar with the matter said in July. Ardian made a bid on the portfolio before ADIA could start a sales process, said the people, who asked not to be named because the information is private………………………………………..Full Article: Source

Foreign investments in GCC slumps by 14.6 in 2013

Posted on 06 August 2014 by VRS  |  Email |Print

The foreign direct investment (FDI) in the Gulf Cooperation Council (GCC) states dropped by 14.6 percent in 2014, said Tuesday a report by the National Bank of Kuwait citing UN data. The NBK report stated that fell for the fifth consecutive year in 2013 to USD 24 billion against USD 28 billion in 2012, down 14.6 percent, according the United Nations Conference on Trade and Development (UNCTAD).
“The country almost tripled its investments on the year before. Through its sovereign wealth fund, the Kuwait Investment Authority (KIA), and the investments of private individuals, Kuwait has consistently topped the regional rankings in FDI outflows,” reads the report………………………………………..Full Article: Source

Oman Fund ‘Expected to Make Proposal about KTB Soon’ - Bank Owner

Posted on 06 August 2014 by VRS  |  Email |Print

CorpBank major shareholder Tsvetan Vasilev has announced that a consortium of investors led by a state fund of the Sultanate of Oman is to present an offer how to help the bank.
Vasilev, whose Corporate Commercial Bank (KTB) was placed under special supervision by Bulgaria’s central bank BNB on June 20, wrote in his personal blog that he needed customers and employees’ support for the plan which the State General Reserve Fund (SGRF) of Oman is expected to reveal……………………………………….Full Article: Source

BTG Teams Up With Abu Dhabi Fund for Ariel Re Acquisition

Posted on 05 August 2014 by VRS  |  Email |Print

Grupo BTG Pactual, Brazil’s only publicly traded independent investment bank, is partnering with shareholder Abu Dhabi Investment Council to expand its reinsurance business, said Chief Executive Officer Andre Esteves.
BTG and the sovereign fund will each take a 50 percent stake in Ariel Re, the reinsurance unit that BTG has said it’s acquiring from Global Atlantic Financial Group Ltd., Esteves said in an interview. BTG announced the acquisition of Ariel Re on July 10, without disclosing its partner or financial terms. Abu Dhabi Investment Council bought a stake in BTG in December 2010, before BTG’s initial public offering in 2012, Esteves said………………………………………..Full Article: Source

Singapore’s GIC Says Investment Environment Will Be More Challenging

Posted on 04 August 2014 by VRS  |  Email |Print

Singapore’s sovereign-wealth fund warned of a challenging investment environment over the next decade, as global central banks unwind easy-money policies amid a modest growth outlook for many developed economies.
GIC Pte. Ltd. said it sees greater investment opportunities in emerging economies compared with some developed markets, where ultralow interest rates have inflated prices across all asset classes. GIC, which manages Singapore’s foreign-exchange reserves, said it oversees more than $100 billion in assets, though analysts estimate the figure is closer to $300 billion………………………………………..Full Article: Source

GIC More Positive on Emerging Markets on Growth Opportunities

Posted on 04 August 2014 by VRS  |  Email |Print

GIC Pte, manager of more than $100 billion of Singapore’s reserves, said it’s more positive on emerging markets, citing growing middle classes, valuations and the progress of reforms.
Emerging markets “of course have their own challenges, but we find that the valuation is not the hurdle,” Lim Chow Kiat, the sovereign wealth fund’s chief investment officer, said in an interview as GIC released its annual report on Aug. 2 and warned about elevated prices in developed markets. “We are not starting with high-asset prices.”……………………………………….Full Article: Source

Singapore’s GIC bets on emerging market tech investments

Posted on 04 August 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC Private Ld believes emerging markets now offer better value than developed ones and is particularly interested in exploring increasing investments in their technology sectors, a senior fund executive said.
GIC, ranked the world’s eighth-largest fund with $320 billion of assets by the Sovereign Wealth Fund Institute, has taken a series of stakes in information technology companies in markets like China and India in recent months………………………………………..Full Article: Source

Singapore to increase investment in China

Posted on 04 August 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund has signalled its confidence in China’s structural reforms by increasing its allocation to the country, as part of a push to boost its emerging markets exposure.
GIC, which has more than $100bn under management, said 14 per cent of its assets were invested in north Asia, which includes China, Hong Kong, Taiwan and South Korea. While this does not represent a sharp swing from the 13 per cent weighting last year, GIC emphasised its commitment to long-term investments………………………………………..Full Article: Source

Norway Says $890 Billion Fund Likely to Follow EU Sanctions

Posted on 31 July 2014 by VRS  |  Email |Print

Norway’s government, which sets the strategy for the world’s biggest sovereign wealth fund, signaled it will probably abide by sanctions against Russia agreed by the European Union and the U.S. “In such a situation we have to react,” Foreign Minister Boerge Brende said in a statement today. The government of Norway, which isn’t an EU member, will now “study the measures carefully” before arriving at a final conclusion, he said.
EU governments agreed yesterday on their most sweeping sanctions against Russia to date, barring state-owned banks from selling shares or bonds in Europe, restricting the export of equipment to modernize the oil industry and prohibiting export of equipment with military uses………………………………………..Full Article: Source

The State Oil Fund of Azerbaijan starts investing in renminbi

Posted on 31 July 2014 by VRS  |  Email |Print

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has applied to the People’s Bank of China (PBoC) for indirect renminbi investment in China’s onshore market to diversify its current investment portfolio. According to Israfil Mammadov, deputy CEO of SOFAZ, the Fund applied for the PBoC quota not long ago.
“We intend to invest in a gradual manner, initially through Chinese government debt securities. As our experience grows, we will consider other investment tools available in the Chinese financial markets,” said Mammadov. Mammadov said the decision was made as a result of a careful evaluation of the SOFAZ portfolio and with the aim of using various opportunities in Chinese markets………………………………………..Full Article: Source

Temasek expects more deals in India

Posted on 31 July 2014 by VRS  |  Email |Print

Singapore government-owned sovereign fund Temasek remains optimistic on India and it expects more deals in current financial year. The firm believes the change in the Indian government will drive more investments to the country as the hurdles in decision making are expected to be removed.
Temasek, one of the more active sovereign wealth funds in India, did not make many fresh investments in FY14; it put in more money in its existing portfolio firm Tata Sky and invested in Star Agri-warehousing and Collateral Management, an agri-solutions company. It had made a co-investment in e-commerce marketplace Snapdeal. Temasek is also in discussions to acquire ChrysCapital’s stake in Intas Pharmaceuticals………………………………………..Full Article: Source

Temasek Holdings scouts for unlisted companies, may focus on consumer goods, healthcare sectors

Posted on 31 July 2014 by VRS  |  Email |Print

Singapore government-owned investment firm Temasek Holdings is bullish on the India story and is scouting for unlisted companies, particularly in consumer goods and healthcare sectors, senior company officials said.
With the new government at the Centre seeking to revive growth, Temasek, like other foreign funds, could pump more money into the country this fiscal than in the past year………………………………………..Full Article: Source

Flipkart Gets $1 Billion From Investors Led by Tiger

Posted on 30 July 2014 by VRS  |  Email |Print

Flipkart.com, India’s biggest online retailer, raised $1 billion as investors, including Tiger Global Management LLC and South Africa’s Naspers Ltd. (NPN), increased their stakes.
Singapore sovereign wealth fund GIC Pte and Russian billionaire Yuri Milner’s DST Global, also made investments, Flipkart said in a statement today. The e-commerce company said it has 22 million registered users and handles 5 million shipments a month………………………………………..Full Article: Source

GIC invests in India’s Flipkart

Posted on 30 July 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has invested in Flipkart, India’s largest e-commerce company. GIC joined existing investors Accel Partners, DST Global, Iconiq Capital, Morgan Stanley Investment Management and Sofina in injecting a combined US$1 billion into Flipkart.
The injection of funds is one of the largest amounts raised for any e-commerce company globally, and the single largest raised for an Internet company from India. The new funds will be used to make long-term strategic investments in India, especially in mobile technology………………………………………..Full Article: Source

With a $1 billion funding round wrapped up, what next for Flipkart?

Posted on 30 July 2014 by VRS  |  Email |Print

Shopping website Flipkart said it has received $1 billion in funding from Singapore’s sovereign wealth fund, GIC, and existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina. This is the biggest round of funding into any Indian startup. The investment was co-led by existing investors Tiger Global Management and Naspers.
This is one of the largest investments raised in a single round globally. Taxi rental startup Uber raised $1.2 billion earlier this year. Facebook had raised $1 billion in 2011………………………………………..Full Article: Source

Confirmed: Metlife and Norway SWF Acquire One Beacon Street Tower in Boston

Posted on 30 July 2014 by VRS  |  Email |Print

This is confirmation that Metlife and Norway’s Government Pension Fund Global (GPFG) through Norges Bank Investment Management (NBIM) have bought the One Beacon Street office building in Boston for approximately $561 million. This is the second property investment in Boston and the fourth overall for the joint venture, which now has a real estate portfolio with a gross value of approximately $2.4 billion.
MetLife and Norges Bank Investment Management bought the 34-story office tower from a joint venture of Beacon Capital Partners and insurer Allianz. MetLife will own 52.5 percent of One Beacon Street and be the managing member, while Norges Bank Investment Management will own the remaining 47.5 percent………………………………………..Full Article: Source

Call to use Exchange Fund for social policies rejected

Posted on 29 July 2014 by VRS  |  Email |Print

The Exchange Fund remains the last line of defense for financial stability and should not be used to support social policies or adopt a more aggressive investment strategy, the Hong Kong Monetary Authority chief said. “It is clearly not appropriate for the fund to adopt an overly aggressive investment approach, nor is it appropriate to directly compare the fund with other investment funds or sovereign wealth funds,” Norman Chan Tak-lam said yesterday in his column on the authority’s website.
He said the fund must remain highly liquid “and thus should not concentrate on highly volatile assets such as equities.”……………………………………….Full Article: Source

Temasek Fully Exits From New China Life Insurance

Posted on 29 July 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund Temasek Holdings exited its entire stake in New China Life Insurance (NCI) last week for a total of proceeds of US$276 million, according to media reports.
It sold 78 million shares at HK$27.45 per share, representing a 5.5% discount to the Hong Kong-listed firm’s closing price last Friday at HK$29.05. Goldman Sachs and UBS AG managed the selldown………………………………………..Full Article: Source

Abu Dhabi SWF says ‘ready’ to buy more hotel assets

Posted on 28 July 2014 by VRS  |  Email |Print

The Abu Dhabi Investment Authority is ready to purchase more real estate hotel assets as the right opportunities appear, according to its head of hospitality.ADIA, one of the world’s largest sovereign wealth funds, continues to see the United States as a viable investment option, but is also looking elsewhere around the globe, said Mike Goodson.
Goodson was quoted as saying: “We’re always very likely to be a net investor as long as our overall fund keeps growing. Given the world situation, that should happen………………………………………..Full Article: Source

Singapore GIC invests almost $500 million in 2 Philippine companies

Posted on 28 July 2014 by VRS  |  Email |Print

Singapore GIC, one of the ten largest sovereign wealth funds in the world, manages more than US$100 billion in assets and has decided to invest a part of those assets in the Philippine market.
A report by Milbank, one of GIC’s financial advisers, reveals that the fund made an approximately US$77 million investment through its private equity arm in the form of an exchangeable loan in Century Canning Corp., parent company of Century Pacific Food (CNPF), one of the Philippine’s largest canned fish and meat dairy products. The investment is exchangeable for shares of CNPF that would give GIC a roughly 11% stake in the company………………………………………..Full Article: Source

New Zealand SWF to invest in catastrophe reinsurance

Posted on 25 July 2014 by VRS  |  Email |Print

The New Zealand Super Fund (NZSF) is looking to invest in catastrophe risk insurance due to the sector’s cyclical nature and strong liquidity, according to Pablo Matias Sosa, senior investment strategist at the $22 billion sovereign wealth fund (SWF).
Catastrophe reinsurance typically sees firms underwrite losses on large scale, tail-risk events, such as Hurricane Katrina, and Sosa said that this was an alternative investment the fund was considering diversifying into………………………………………..Full Article: Source

Temasek divests New China Life stake in block

Posted on 25 July 2014 by VRS  |  Email |Print

Singapore’s Temasek Holdings sold its stake in New China Life, China’s third largest insurer, on Thursday after launching a 78 million share block trade after the market close.
Joint leads Goldman Sachs and UBS marketed the deal at HK$27.30 to HK$27.85 per share before pricing towards the bottom of the range at HK$27.45. This represented a 5.5% discount to the stock’s HK$29.05 close. About 100 accounts placed orders in the $276 million deal but allocations were skewed towards a couple of large anchor accounts, which the leads had built the deal around………………………………………..Full Article: Source

Qatari Investment Authority weighs up Sainsbury swoop seven years after walking away from GBP10.6bn bid

Posted on 25 July 2014 by VRS  |  Email |Print

It’s almost seven years since the Qatari Investment Authority walked away from its £10.6bn or £6 a share indicative bid for J Sainsbury, blaming its retreat on credit markets which made raising funding more expensive. It retained a 26 per cent stake and has remained a loyal shareholder. Until now.
Rumours suggest the Qataris were underwhelmed with Mike Coupe’s appointment as chief executive to succeed Justin King, who was credited with turning the group around during an impressive 10-year tenure. But with the shares still languishing just above £3 a pop and the grocer continuing to suffer increasing pressure from foreign discounters Aldi and Lidl, the Qataris are believed to be ready to go on the offensive again………………………………………..Full Article: Source

Abu Dhabi Investment Authority Likely to Acquire State Tower Namsan

Posted on 25 July 2014 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA), one of the three largest sovereign funds in the world, is emerging as a promising candidate for the acquisition of the State Tower Namsan located in Seoul.
According to industry sources, Shinhan BNP Paribas Asset Management and Savills Korea, which are moving ahead with the sale of the office building, have interviews with the ADIA and IGIS Asset Management on July 24 in order to select a preferred bidder.The final candidates include the ADIA, IGIS Asset Management, RREEF under Deutsche Bank, and Ascendas of Singapore. The preferred bidder is selected late this month after overall evaluation of funding and asset management capabilities……………………………………….Full Article: Source

Goldman, ADIA Said to Weigh Joining Gavea in Snagged Fleury Deal

Posted on 25 July 2014 by VRS  |  Email |Print

Goldman Sachs Group Inc’s private-equity arm and Abu Dhabi Investment Authority are considering joining Gavea Investimentos Ltda. in a bid for Brazilian medical-services company Fleury SA, people with knowledge of the matter said.
In joining Gavea, the two investors would be wading into a bid for a company that has been on the market for more than six months. Fleury, which has a market value of about 2.6 billion reais ($1.2 billion), said in March that it was in exclusive talks with Gavea………………………………………..Full Article: Source

Norway Fund’s Top Russia Holding Include VTB, GAZ Auto

Posted on 25 July 2014 by VRS  |  Email |Print

Norway’s $890 billion sovereign wealth fund, the world’s biggest, has said it’s reassessing its investments in Russia as the European Union considers expanding sanctions against the country.
The fund will make “the necessary adjustments” if its holdings were to be affected by sanctions against Russia that Norway backs, Runar Malkenes, a Finance Ministry spokesman, said this week. Below is a list of the fund’s 20 biggest stakes in Russian companies, ranked by percent of ownership, as of Dec. 31, according to data from the wealth fund’s website………………………………………..Full Article: Source

World’s Biggest Wealth Fund Among Reach Energy Investors

Posted on 24 July 2014 by VRS  |  Email |Print

Malaysia’s Reach Energy Bhd. has attracted investors including Norway’s $890 billion sovereign wealth fund in an initial public offering to fund its acquisitions of oil and gas fields. orges Bank Investment Management, the world’s largest sovereign wealth fund, is among cornerstone buyers in the 750 million-ringgit ($237 million) IPO of Reach Energy, Managing Director Shahul Hamid Mohd Ismail said in a July 21 interview.
State-run funds Koperasi Permodalan Felda Malaysia Bhd. and Lembaga Tabung Haji are also buying stakes in the so-called special-purpose acquisition company, Shahul said………………………………………..Full Article: Source

World’s biggest wealth fund reviews US$8 billion Russian holdings

Posted on 24 July 2014 by VRS  |  Email |Print

Norway’s US$890 billion (RM2.82 trillion) sovereign wealth fund, the world’s biggest, is reassessing its holdings in Russia as the European Union considers expanding sanctions against the country. Since the July 17 downing of Malaysia Airlines flight MH17 by a missile that the US says was probably supplied by the Russian military, sentiment toward assets based in Russia has soured further.
The government of Norway, which isn’t an EU member, said it’s ready to adjust the fund’s holdings to reflect the changing geopolitical climate. The European Commission will present proposals for more “targeted measures” to national officials……………………………………….Full Article: Source

Goldman, Khazanah among investors nearing Huarong deal

Posted on 24 July 2014 by VRS  |  Email |Print

Goldman Sachs and private equity firm Warburg Pincus are among the investors nearing a deal to buy an up to 20% stake in China Huarong Asset Management Ltd for about US$2bil (RM6.25bil), seeking a share in the profitable business of bad loan management in China.
Other investors preparing to buy into China’s biggest manager of non-performing loans include Malaysian state investor Khazanah Nasional Bhd, China state-backed CITIC Group, China International Capital Corp (CICC), conglomerate Fosun Group and China state-backed COFCO Corp, the people familiar with the matter told Reuters………………………………………..Full Article: Source

Qatar’s stake in Glencore in focus

Posted on 23 July 2014 by VRS  |  Email |Print

A curious stock exchange filing suggesting that Qatar Holding had trimmed its stake in Glencore drew attention to the FTSE 100 commodities giant. The sovereign wealth fund is the biggest shareholder in Glencore and played a key role in its takeover of Xstrata in 2012 when, as the bid target’s second-largest investor, it initially opposed the blockbuster deal.
On Tuesday, Qatar Holding was in focus once again as traders picked up on a filing that, on first read, caused some confusion about its Glencore stake………………………………………..Full Article: Source

Bulgaria speaks to shareholder Oman about Corpbank rescue

Posted on 21 July 2014 by VRS  |  Email |Print

Bulgaria’s finance minister spoke to the head of Oman’s sovereign wealth fund on Friday about help for Corporate Commercial Bank and said the government now hoped to engineer a private rescue rather than a state bailout of the failing bank.
Corpbank, was forced into the control of Bulgaria’s central bank in June after depositors unnerved by reports of shady deals by the bank’s main owner withdrew more than a fifth of its total deposits. A subsequent audit showed activities at the bank “incompatible with the law and good banking practices” according to the central bank………………………………………..Full Article: Source

Abu Dhabi wealth fund eyes local hotel assets

Posted on 18 July 2014 by VRS  |  Email |Print

One of the world’s largest sovereign wealth funds, the Abu Dhabi Investment Authority, could be searching for more property in Australia, according to the head of its hotel investments division.
Mike Goodson, visiting Sydney for the first time since concluding a record-breaking $800 million purchase of Australia’s largest hotel owner, Tourism Asset Holdings in September last year, said his phone was ringing regularly………………………………………..Full Article: Source

Qatar’s outward FDI increases to $8.02bn

Posted on 17 July 2014 by VRS  |  Email |Print

Qatar’s outward foreign direct investment (FDI) flow surged to a huge $8.02bn last year, accounting for 14 percent of the country’s gross fixed capital formation or GFCF compared to 3.4 percent a year ago.
SWFs are also expanding their investment in real estate markets in developed countries. For example, in early 2014, the Abu Dhabi Investment Authority and Singapore’s GIC purchased an office building in New York for $1.3bn, and China’s CIC spent £800m for an office area in London. In December 2013, GIC and Kuwait’s government real estate company bought office buildings in London for £1.7bn………………………………………..Full Article: Source

New Zealand Superannuation Fund Invests In Manuka Health

Posted on 15 July 2014 by VRS  |  Email |Print

The New Zealand Superannuation Fund (NZSF), via Waterman Capital, in May 2012 took a stake in natural health products company Manuka Health New Zealand Ltd. Waterman Capital is a private equity investor contracted by NZSF – the New Zealand Government’s sovereign investment fund – to invest in New Zealand’s most promising companies. Watermans owns 20% of Manuka Health.
Kerry Paul, Manuka Health’s Chief Executive, said Waterman’s investment was a welcome acknowledgement of Manuka’s strong growth path………………………………………..Full Article: Source

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