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Sovereign Wealth Funds Briefing - Category | Alternative Investments more

Sovereign wealth funds to become largest private equity allocator

Posted on 27 July 2016 by VRS  |  Email |Print

Sovereign wealth funds could overtake public pension funds as the most significant source of private equity capital in the next five years, David Rubenstein, co-founder and co-chief executive officer of Carlyle Group told attendees at the Private Equity Exclusive conference in Chicago on Monday.
U.S. public pension funds have historically been the biggest source of capital for private equity firms and today account for 30% to 35% of capital, Mr. Rubenstein. However, sovereign wealth fund assets are growing rapidly, expected to increase to $9 trillion by 2020 from $1 trillion in 2004, Mr. Rubenstein said, citing PricewaterhouseCoopers report on asset management in 2020………………………………………..Full Article: Source

Swiss seize Monet, van Gogh works amid U.S. probe of Malaysian fund

Posted on 25 July 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak said on Thursday judgment should be withheld until all the facts are known after the U.S. government filed lawsuits seeking to seize $1-billion (U.S.) in assets bought with money stolen from a state fund he oversaw.
The U.S. Justice Department lawsuits filed in a federal court on Wednesday did not name Najib, instead referring to “Malaysian Official 1.” Some of the allegations against this official were the same as those in a Malaysian investigation into a $681-million transfer to the premier’s personal bank account………………………………………..Full Article: Source

Abu Dhabi Investment Authority’s real rate of return stays steady

Posted on 22 July 2016 by VRS  |  Email |Print

Despite volatile conditions that saw equity markets end 2015 little changed from where they began, the Abu Dhabi Investment Authority, or Adia, recorded a creditable performance from an overall portfolio perspective, the world’s leading sovereign wealth fund said.
In its 2015 annual review, Adia said its 20-year annualised rates of return fell to 6.5 per cent in 2015 from 7.4 per cent the year before. The fund’s 30-year rate of return slipped to 7.5 per cent from 8.4 per cent. “This was primarily as a result of strong returns from the mid-1980s and 1990s falling out of the rolling averages over the periods in question.”……………………………………….Full Article: Source

In Properties Targeted in 1MDB Case, a High-End House Tour

Posted on 21 July 2016 by VRS  |  Email |Print

The properties allegedly bought with funds misappropriated from a Malaysian investment fund would make for a stunning house tour of high-end real estate in New York and Los Angeles.
Besides flashy real estate, the U.S. government alleges that money from the fund, known as 1Malaysia Development Bhd. or 1MDB, was used to buy a $35 million private jet and a stake in EMI Music Publishing………………………………………..Full Article: Source

Abu Dhabi Investment Authority’s real rate of return stays steady

Posted on 21 July 2016 by VRS  |  Email |Print

Despite volatile conditions that saw equity markets end 2015 little changed from where they began, the Abu Dhabi Investment Authority, or Adia, recorded a creditable performance from an overall portfolio perspective, the world’s leading sovereign wealth fund said.
Now in its 40th year, Adia invests across more than two dozen asset classes globally. It does not disclose the total size of its assets, but the US-based Sovereign Wealth Fund Institute, which tracks the industry, estimates them at $792 billion………………………………………..Full Article: Source

Aberdeen’s unfrozen property fund sells London asset to Norges Bank

Posted on 20 July 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has acquired a prime London asset, capitalising on liquidity pressures facing open-ended property funds in the UK. Aberdeen Asset Management has sold a 59,000sqft retail and office building on Oxford Street from a fund that was recently closed to redemptions.
Norges Bank Real Estate Investment Management paid £124m (€149m) for 355-361 Oxford Street, known as Sedley Place, in London’s West End………………………………………..Full Article: Source

Investors Go Bargain-Hunting for U.K. Property After Brexit Vote

Posted on 20 July 2016 by VRS  |  Email |Print

Global investors are on the hunt for U.K. property bargains, expecting that Brexit-fueled economic turmoil could weaken real-estate values. The drop in the value of sterling has only increased the appeal.
Norway’s sovereign wealth fund announced it bought a retail and office property on Oxford Street, one of London’s main shopping destinations from Aberdeen Asset Management for £124 million ($164.3 million). Aberdeen, which resumed trading in its U.K. property fund last week, declined to comment………………………………………..Full Article: Source

Qatar Investment Authority’s purchase of Asia Square Tower One

Posted on 18 July 2016 by VRS  |  Email |Print

The recent acquisition of the 43-storey Asia Square Tower One by Qatar Investment Authority, a sovereign wealth fund, has provided the flagging Singapore real estate market with a much-needed shot in the arm.
Asia Square Tower One was sold by BlackRock, the world’s largest asset manager, for US$2.5 billion ($3.4 billion), a record for Singapore. According to reports, the effective selling price of $2,700 per square foot was lower than what BlackRock had initially hoped to get………………………………………..Full Article: Source

Temasek not averse to distressed assets in India

Posted on 15 July 2016 by VRS  |  Email |Print

Temasek Holdings is open to investing in distressed assets in India either directly or through an asset reconstruction firm, a senior executive has said. Ravi Lambah, however, added that the company has no firm plans to make such investments so far.
“We are an equity-only investor. So, if there is a business that could be a non-performing asset… which is outsourced by a bank to an asset reconstruction firm and that needed an equity infusion, we would look at it just as any other investment opportunity,” the head for telecom, media and technology at Temasek International said………………………………………..Full Article: Source

Temasek plans to invest in Indian real estate

Posted on 13 July 2016 by VRS  |  Email |Print

Temasek Holdings is for the first time considering investment in real estate as an asset class in India. Last year, private equity-owned real estate funds invested $5 billion in India, which is the highest since the 2008 financial crisis, according to investment advisory firm Venture Intelligence.
The Singapore government-owned company is one of the largest investors in India, with a net investment portfolio of about $9 billion, or five per cent of its $179-billion global portfolio………………………………………..Full Article: Source

Investors go alternative

Posted on 12 July 2016 by VRS  |  Email |Print

The Global Alternatives Survey, which covers ten asset classes and seven investor types, shows that of the top 100 alternative investment managers, real estate managers have the largest share of assets (34% and over $1.2 trillion), followed by hedge funds (21% and $755bn), private equity fund managers (18% and $640bn), private equity funds of funds (PEFoFs) (12% and $420bn), funds of hedge funds (FoHFs) (6% and $222bn), infrastructure (5%) and illiquid credit (5%).
Achieving this would have a positive knock-on effect for managers of attracting assets from other investors, such as insurers and sovereign wealth funds, wanting to make the most of market volatility and associated alpha opportunities; particularly given the current lack of clear beta opportunities.”……………………………………….Full Article: Source

Temasek puts US$3b in Avanda’s hedge fund-like vehicle

Posted on 11 July 2016 by VRS  |  Email |Print

Temasek Holdings put US$3 billion (S$4.05 billion) with a fund managed by Avanda Investment Management Pte, started last year by former GIC senior executives. The state investment firm invested with the Avanda Global Multi-Asset Master Fund, which is managed by the Singapore-based manager, Temasek said.
Avanda was partly seeded with money from GIC, and was started by former managers including Sung Cheng Chih, Quah Wee Ghee and Ng Kok Song, a former chief investment officer of the sovereign wealth fund………………………………………..Full Article: Source

Barwa Real Estate Q2 profit nearly trebles

Posted on 05 July 2016 by VRS  |  Email |Print

Qatar’s Barwa Real Estate, one of the Gulf Arab state’s largest listed developers, reported a near-trebling of second-quarter net profit yesterday, according to Reuters calculations. Qatari Diar, a real estate-focused unit of sovereign wealth fund the Qatar Investment Authority, owns 45% of Barwa.
Barwa made a net profit of QR550mn ($151.1mn) in the three months to June 30, Reuters calculated based on previous financial statements in the absence of a quarterly breakdown. This compares with a profit of QR193mn in the prior-year period, Reuters data shows. Barwa made a net profit of QR1.20bn in the first half of 2016, compared with QR3.45bn in the corresponding period of last year, a bourse statement showed………………………………………..Full Article: Source

Sovereign wealth & buyout funds step up in June quarter

Posted on 01 July 2016 by VRS  |  Email |Print

Private equity (PE) entities invested $3,602 million across 129 deals during the quarter ended June, as against $4,278 mn across 169 transactions in the same period last year, about 16% less. According to Venture Intelligence, the investment was 7% lower than the immediate previous quarter ($3,890 mn across 169 transactions).
Singalore’s sovereign wealth fund, GIC, and Abu Dhabi’s ADIA and Malaysia’s Khazanah participated in mega investments. As with the renewable power-focused Greenko Group (that raised $230 mn from ADIA and GIC) and analytics BPO firm Fractal Analytics ($100 mn from Khazanah). Canada-based Fairfax Group committed $300 mn to chemicals manufacturer Sanmar Group (on the heels of its $321 mn bet in Bangalore International Airport, announced in March)………………………………………..Full Article: Source

QIA Said to Weigh Pulling Credit Suisse London Office Sale

Posted on 28 June 2016 by VRS  |  Email |Print

The Qatar Investment Authority is considering abandoning the sale of 1 Cabot Square, an office building in London’s Canary Wharf financial district leased to Credit Suisse Group AG, according to two people with knowledge of the matter.
QIA was reviewing the sale plan even before the U.K. voted to leave the European Union, the people said, asking not to be identified because the sale is not completed. The sovereign wealth fund is still in talks with at least one potential buyer, another person said. A spokesman for QIA declined to comment………………………………………..Full Article: Source

Temasek draws diversified crowd to PE-backed CFO

Posted on 24 June 2016 by VRS  |  Email |Print

Singapore sovereign investment arm Temasek Holdings executed a landmark transaction this week with its $1.1bn Astrea III securitization backed by cashflows generated by private equity funds. But despite the rarity of the deal and the difficulty in coming up with a price gauge, Temasek managed to expand the appeal of the product to a more diversified investor base.
Temasek had a clear set of targets in mind for what it wanted to achieve with Astrea III. For starters, it wanted to further the development of private equity collateralised fund obligations, having been one of the very few globally to bring such deals out………………………………………..Full Article: Source

GIC, Blackstone among investors interested in DLF’s rental arm stake

Posted on 23 June 2016 by VRS  |  Email |Print

Global investors that have submitted expressions of interest for acquiring a stake in realty firm DLF Ltd’s rental arm include both sovereign wealth funds such as Government of Singapore Investment Corp. Pte Ltd (GIC), Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPPIB), and private equity firm Blackstone Group Lp.
“The lowest bid received is at over $2 billion. This is the first phase of bidding, which will be followed by one more phase of bidding, post which the final buyer will be decided. The process will take another 2-3 months to close,” said a person directly familiar with the transaction, who did not wish to be named………………………………………..Full Article: Source

Sovereign wealth funds pile into property

Posted on 13 June 2016 by VRS  |  Email |Print

Bid to improve performance as the world’s largest investors grapple with low interest rates. Sovereign wealth funds are piling into property at an unprecedented pace in a bid to improve performance as the world’s largest investors grapple with low interest rates.
State-backed investment vehicles, which are used by countries either to save for a rainy day or to provide money for future generations, increased their allocations to property by 29 per cent last year, according to research looking at 77 sovereign funds with $8tn in assets. ……………………………………….Full Article: Source

Qatar Investment Authority acquires $2.5bn Singapore tower

Posted on 13 June 2016 by VRS  |  Email |Print

Sovereign wealth fund Qatar Investment Authority (QIA) has acquired a 43-storey office building in Singapore from US private equity firm BlackRock in a $2.45bn deal. The sale of the 1.25 million square feet office tower, Asia Square Tower 1, marks the largest single tower real estate transaction in the Asia Pacific to date and the second largest globally, according to BlackRock.
The agreement between the two parties was reached a year after the US firm first put the building up for sale with an asking price of about $2.9bn. The office tower is located in Singapore’s Marina Bay business and financial district and bears the branding of its anchor tenant, Citibank………………………………………..Full Article: Source

Norwegian sovereign fund grows stake in Manhattan office portfolio

Posted on 09 June 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has grown its share in a multi-billion-dollar US office portfolio, acquiring a further 4% stake for $142m (€125m). Norges Bank Investment Management (NBIM), responsible for the NOK7.1trn (€767bn) Government Pension Fund Global, said in a statement it had always intended to acquire an increased stake in the Hudson Square joint venture, comprising 11 properties in New York owned by Trinity Church Wall Street.
The joint venture agreed between NBIM and Trinity Church was first launched in November last year and saw the sovereign fund initially spend $1.56bn for a 44% stake………………………………………..Full Article: Source

Norway’s sovereign wealth fund raises stake in Hudson Square joint venture

Posted on 08 June 2016 by VRS  |  Email |Print

Says acquired additional 4 percent in the Hudson Square joint venture with Trinity Church Wall Street, bringing the total share up to 48 percent for the duration of the 75-year ownership period. Says Norges Bank real estate management paid $142 million for the additional share of four percent, bringing the total investment up to $1.7 billion.
Says Trinity Church Wall Street maintains a majority interest of 51 percent in the joint venture. Says joint venture has selected real estate firm Hines as operating partner for the portfolio……………………………………….Full Article: Source

Temasek unit launches bonds backed by private equity funds

Posted on 07 June 2016 by VRS  |  Email |Print

A unit of Singapore investment company Temasek Holdings has launched new bonds that could pave the way for retail investors to put funds into private equity. The US$500 million (S$680 billion) issue of listed bonds is backed by a portfolio of 34 private equity funds.
The move comes on the back of previous efforts by Temasek to broaden the investor base in its private equity holdings. It is not intended as a fund-raising exercise, The Straits Times understands………………………………………..Full Article: Source

New bonds by Temasek fund could pave way for retail access to private equity

Posted on 07 June 2016 by VRS  |  Email |Print

A Temasek Holdings-owned fund of private equity funds is offering a new kind of bond that could eventually pave the way for retail investors to access to the asset class.
The approximately US$500 million of fixed-rate Singapore-listed bonds will be issued by Astrea III, a US$1.1 billion fund of 34 private equity funds, and marketed to institutional and accredited investors. The bondholders contribute about 45 per cent of the fund’s assets, with the remaining 55 per cent in equity coming from Azalea Asset Management, an entity of Temasek, a Singapore government-owned investment company………………………………………..Full Article: Source

BlackRock agrees to sell Singapore office tower to Qatar fund for $2.5 billion

Posted on 06 June 2016 by VRS  |  Email |Print

BlackRock Inc has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion ($2.5 billion), in what the U.S. firm said was the largest-ever single-tower real estate deal in the Asia-Pacific region.
Asia Square Tower 1, located in the city-state’s financial district, has over 1.25 million square feet of net lettable area and has Citigroup Inc as its anchor tenant, BlackRock and Qatar Investment Authority said in a joint statement. BlackRock was advised by real estate consultant firms JLL and CBRE………………………………………..Full Article: Source

Qatar State Fund Buys Singapore Office Tower for S$3.4 Billion

Posted on 06 June 2016 by VRS  |  Email |Print

Qatar Investment Authority, the sovereign wealth fund of the Middle Eastern country, agreed to buy BlackRock Inc.’s Asia Square Tower 1 for S$3.4 billion ($2.5 billion) in the biggest office transaction in Singapore.
Qatar will purchase the officer tower in the central business district in the largest single-tower sale in the region, according to a joint statement from Qatar Investment Authority and BlackRock Monday. The building has been on the market since last year after bids by a consortium of Norway’s sovereign wealth fund and CapitaLand Ltd., Singapore’s largest developer, and rival bids by ARA Asset Management Ltd. failed to clinch the deal………………………………………..Full Article: Source

Gulf SWFs hold back from UK property deals on Brexit fears

Posted on 06 June 2016 by VRS  |  Email |Print

Gulf Arab investors, some of the biggest buyers of British real estate, are holding back from new deals because they fear a property price slump if Britain leaves the European Union, according to legal and investment sources.
Sovereign and private investors from Qatar, Saudi Arabia, Kuwait and the United Arab Emirates have been prolific buyers of British assets in the past decade, snapping up billions of dollars worth of property, mostly in London. “Sovereign wealth funds are concerned that Brexit is taking its toll on the property market in London,” said a London-based lawyer who works with some of the largest Gulf funds………………………………………..Full Article: Source

Qatar sovereign wealth fund close to buying Asia Square Tower 1 for $3.5 billion

Posted on 03 June 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA) is said to be on the brink of sealing a deal to buy Asia Square Tower 1 from BlackRock. The price is expected to be about S$2,700 per square foot of net lettable area (NLA) or S$3.5 billion.
The lump sum price will set a fresh record for an investment sale of a piece of Singapore real estate; it will also be the largest transaction in the Asia-Pacific of a single office asset in the past five years. A deal on this Marina View property is expected by this weekend………………………………………..Full Article: Source

Oman SWF backed PE fund OIJIF hits first close of $250 million for second fund

Posted on 30 May 2016 by VRS  |  Email |Print

Oman India Joint Investment Fund (OIJIF), a private equity (PE) fund backed by Oman’s sovereign wealth fund State General Reserve Fund (SGRF) and India’s largest lender State Bank of India (SBI), has hit a first close of $250 million for its second fund, said two people aware of the development.
To be sure, a fund has many closings and a first close implies that it will start investing the money raised. The first fund—which raised and invested $100 million in 2011—did not seek third-party capital and was completely sponsored by SGRF and SBI………………………………………..Full Article: Source

China’s CIC Invests $700M in Brookfield’s 1 New York Plaza

Posted on 27 May 2016 by VRS  |  Email |Print

Mainland sovereign wealth fund China Investment Corporation has made its first significant US real estate investment, acquiring a 49 percent interest in the 1 New York Plaza office tower from Brookfield Property Partners for $700 million, according to reports in the New York press.
CIC, as it is popularly known, has been China’s biggest investor in overseas properties, and has acquired or invested more than $7 billion into real estate assets outside of China since 2012, according to data compiled by Mingtiand……………………………………….Full Article: Source

Sovereign funds seek out yield in illiquid private debt funds

Posted on 25 May 2016 by VRS  |  Email |Print

Demand from sovereign wealth funds seeking higher returns than those on mainstream bonds is helping drive a boom in specialist private debt vehicles that can provide loans for everything from aircraft leasing to lawsuit financing.
Such specialist funds make their returns in a number of ways, including lending to small and medium-sized firms, investing in distressed assets or by providing infrastructure project finance. Once a niche sector, the private debt industry’s assets under management swelled to an estimated $523 billion as of last June from $483 billion at the end of 2014, according to research provider Preqin in the latest data available………………………………………..Full Article: Source

Mumtalakat in US real estate partnership deal

Posted on 24 May 2016 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the kingdom, has joined hands with Regent Properties, a real estate development and investment firm based in Los Angeles, US, to acquire a major stake in its existing portfolio of commercial real estate assets worth $250 million across the country.
The US group’s real estate portfolio comprises substantially leased, income-generating Class-A office buildings in the Phoenix, Arizona and Dallas (Texas) areas. With this transaction, Mumtalakat will be joining existing Regent investors including affiliates of BlackRock, CAM Capital, and other well-known endowments and pension funds………………………………………..Full Article: Source

China Investment Corp. buys $700M stake in 1 NY Plaza

Posted on 24 May 2016 by VRS  |  Email |Print

Chinese sovereign wealth fund China Investment Corp. picked up a 49 percent stake in Brookfield Property Partners’ office tower at 1 New York Plaza in the Financial District. In the latest instance of foreign investment driving the city’s commercial real estate market, CIC paid around $700 million for its minority interest in the 50-story, 2.6 million-square-foot tower, valuing it at roughly $1.4 billion.
Brookfield will maintain a controlling stake in the office building, according to Crain’s. The Toronto-based company announced that it had sold the 49 percent stake to an unnamed buyer in its quarterly earnings call earlier this month………………………………………..Full Article: Source

Angola SWF raised private equity investment, trims debt exposure in 2015

Posted on 23 May 2016 by VRS  |  Email |Print

Angola’s sovereign wealth fund increased its investments in private equity focused on sub-Saharan Africa last year and sharply cut exposure to developed market bonds, the fund said in a statement published on Thursday. The fund said it had $4.7 billion under management at the end of last year, while audited results posted on its website showed it had $4.88 billion at the end of 2014.
The fund, known by its Portuguese acronym FSDEA, said 58 percent of the portfolio was invested in funds holding private equity – or unlisted securities and debt – in infrastructure, real estate, agriculture, timber, healthcare, mining and mezzanine capital, according to its investment update………………………………………..Full Article: Source

Angola Wealth Fund Says Half of Investments in Private Equity

Posted on 20 May 2016 by VRS  |  Email |Print

Angola’s sovereign wealth fund said it put more than half of its investments in private equity funds focused in the country and across sub-Saharan Africa last year, describing its performance as “solid,” particularly in light of the global economic turbulence.
The fund, known as FSDEA, had assets worth $4.7 billion in 2015 after being endowed with $5 billion from the government in 2014, according to an investment update released on Thursday. About 58 percent of its portfolio was in private equity funds for infrastructure, real estate, timber, mining, health care and mezzanine capital………………………………………..Full Article: Source

Angola SWF raised private equity investment, trims debt exposure in 2015

Posted on 20 May 2016 by VRS  |  Email |Print

Angola’s sovereign wealth fund increased the amount of funds earmarked for private equity investments focused on sub-Saharan Africa last year and sharply cut exposure to developed market bonds, the fund’s chairman said on Thursday. The fund had $4.7 billion under management at the end of last year, chairman Jose Filomeno dos Santos said, while audited results posted on its website showed it had $4.88 billion at the end of 2014.
The fund, known by its Portuguese acronym FSDEA, had $2.7 billion or 58 percent of its portfolio allocated for investments in private equity - unlisted securities and debt - in infrastructure, real estate, agriculture, timber, healthcare, mining and mezzanine capital, according to dos Santos………………………………………..Full Article: Source

Bahrain Sovereign-Wealth fund Buys Stake in Office Buildings in Phoenix and Dallas

Posted on 20 May 2016 by VRS  |  Email |Print

For the past few years, foreign investors have poured money into U.S. commercial property—but in only a small handful of cities such as New York, Los Angeles and San Francisco. Now one big foreign investor is looking further afield.
The sovereign-wealth fund of Bahrain on Thursday bought a 49% stake in a portfolio of seven office buildings spread between Phoenix and Dallas, according to the fund and Regent Properties, which sold the stake and owns the remainder………………………………………..Full Article: Source

Mumtalakat Announces Partnership with Regent Properties to Acquire Interest in a Portfolio of Commercial Real Estate Assets in the United States

Posted on 20 May 2016 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, today announces its partnership with Regent Properties (Regent) through which Mumtalakat is acquiring an interest in an existing portfolio of high-quality commercial real estate assets in the United States currently managed by Regent.
Regent Properties is a real estate development and investment firm based in Los Angeles, California. The aggregate value of the Portfolio is approximately $250 million and is comprised of substantially leased, income-generating Class-A office buildings in the Phoenix, Arizona and Dallas, Texas areas. With this transaction, Mumtalakat will be joining existing Regent investors including affiliates of BlackRock, CAM Capital, and other well-known endowments and pension funds. (Press Release)

KIC to appoint domestic managers for offshore alternative mandates

Posted on 16 May 2016 by VRS  |  Email |Print

Korea’s sovereign wealth fund (SWF), Korea Investment Corporation (KIC), is reportedly planning to select a roster of local asset managers and securities brokerages as general partners responsible for the operation of its overseas alternative investments.
This will be the first time KIC has outsourced its offshore alternative mandates to domestic financial entities. Local media reported that KIC had held a meeting with the nation’s major asset managers and securities brokerages in Seoul on May 11 to select general partners, which will be responsible for its overseas infrastructure mandates worth US$2 billion………………………………………..Full Article: Source

1MDB cash linked to property deals

Posted on 13 May 2016 by VRS  |  Email |Print

At least $US50 million allegedly diverted from a state investment fund in Malaysia was spent on luxury properties in New York and Los Angeles by the stepson of the Malaysian prime minister, according to documents reviewed by The Wall Street Journal and people familiar with the matter.
Riza Aziz, a film producer and stepson of Malaysian leader Najib Razak, used money that originated from the 1Malaysia Development Bhd fund to acquire a 7,700-square-foot, $US33.5 million duplex in the Park Laurel condominium tower overlooking New York’s Central Park, the documents and people said………………………………………..Full Article: Source

Top SWF alternatives allocator questions hedge funds’ nous

Posted on 13 May 2016 by VRS  |  Email |Print

A top allocator to alternative investments at the $750 billion China Investment Corporation, one of the world’s largest state investment funds, is unsure most hedge fund managers are as smart as they think they are.
Roslyn Zhang, a managing director in the department of fixed income and absolute return investments at CIC, told attendees at the 2016 SALT Conference in Las Vegas that she was becoming increasingly “disappointed about quite a few aspects of the industry”………………………………………..Full Article: Source

Hedge Fund Crowd Acts Like Chinese Retail Traders, CIC Says

Posted on 12 May 2016 by VRS  |  Email |Print

China Investment Corp.’s Roslyn Zhang, a managing director at the nation’s sovereign wealth fund, criticized hedge fund managers for everything from herding into bets against the yuan to lacking skills to make money.
“Over the last couple years I’m kind of disappointed by the performance,” she said Wednesday at the SkyBridge Alternatives Conference in Las Vegas. Zhang, who oversees fixed-income and absolute-return investments, said CIC is a “sizable” investor in the industry………………………………………..Full Article: Source

New Zealand SWF Axes Eight Private Equity Funds

Posted on 12 May 2016 by VRS  |  Email |Print

The New Zealand Superannuation Fund has cut most of its ties with non-specialist private equity funds based outside the country. Sales of eight fund stakes closed in the last three weeks, according to the NZ$30 billion ($20 billion) sovereign wealth investor.
“These were relatively small investments,” said Fiona Mackenzie, NZ Super’s head of investments, in statement released Tuesday. “The move to sell them is consistent with our strategy to have fewer, deeper relationships with our investment managers.”……………………………………….Full Article: Source

Partners Group acquires several real estate positions from NZ Superannuation Fund

Posted on 12 May 2016 by VRS  |  Email |Print

Partners Group AG, a Switzerland-based private markets management firm, has purchased a number of real estate fund positions from New Zealand Superannuation Fund, a sovereign wealth fund. The purchase of the stake was at a discount.
Partners Group has acquired five fund positions, as the NZ sovereign fund is looking to exit the real estate investment sector. These positions are in the fund of Hong Kong-based Gaw Capital Partners; Red Fort India Real Estate Fund II managed by Singapore-based Rising Straits Capital; and a private equity real estate firm. Statistics show the NZ Super manages assets worth about $21 billion………………………………………..Full Article: Source

New Zealand Super exits real estate funds as it culls external managers

Posted on 11 May 2016 by VRS  |  Email |Print

The New Zealand Superannuation Fund (NZ Super) has announced the sale of its stake in five offshore private equity real estate funds to Partners Group for an undisclosed price.
Partners Group acquired units in funds managed by Orion Capital Managers, Rising Straits Capital, Clearbell and Gaw Capital, according to official information. The sale is part of NZ Super’s ongoing efforts to reduce its roster of external managers. Last month, it sold three offshare private equity funds to an undisclosed buyer………………………………………..Full Article: Source

Preqin says SWFs are adopting ‘safer’ real estate strategies

Posted on 06 May 2016 by VRS  |  Email |Print

According to the latest data from Preqin, core real estate is most targeted strategy, while distressed opportunities see large decline In its latest review, Preqin finds that sovereign wealth funds investing in real estate in 2016 have moved away from higher risk investment strategies, and are increasingly targeting strategies with a lower risk profile.
Core real estate is now the most utilised strategy, employed by 72% of sovereign wealth funds, up from 57% in 2015. Similarly, core plus investments are now sought by 44% of sovereign wealth funds, up from 39% a year ago, says the data provider. Some 85% of sovereign wealth funds seek direct investment in real estate, the most attractive route to market………………………………………..Full Article: Source

Qatar Said in Talks for St. Regis NYC, San Francisco Hotels

Posted on 05 May 2016 by VRS  |  Email |Print

The Qatar Investment Authority is in advanced talks to buy the luxury St. Regis hotels in New York and San Francisco from Starwood Hotels & Resorts Worldwide Inc., according to people with knowledge of the discussions.
The properties may be worth as much as $1 billion, though they could sell for less, said the people, who asked not to be identified because the talks are private. The St. Regis New York, a Beaux Arts landmark on 55th Street off Fifth Avenue, has 238 rooms. The California property, across the street from the San Francisco Museum of Modern Art, has 260 rooms………………………………………..Full Article: Source

Norway’s wealth fund cautious on property deals

Posted on 29 April 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund sees signs of declining prices in prime real estate markets around the world but not yet enough to trigger a buying spree, the fund’s head of real estate investments told Reuters.
The fund is seeking to step up its investments to 5 percent of the fund’s total value over time, from 3.1 percent currently. Since 2010 it has invested in Regent Street in London, Times Square in New York and the Champs-Elysees in Paris………………………………………..Full Article: Source

Norway’s Wealth Fund Doubles Money on Central London Properties

Posted on 29 April 2016 by VRS  |  Email |Print

Norway’s $870 billion sovereign-wealth fund said the value of its first real estate investments, stakes in London’s Regent Street and a cluster of offices, shops and apartments nearby, more than doubled in value since they were purchased in 2011 and 2013.
The fund’s 25 percent holding in the Crown Estate partnership, which owns parts of the luxury shopping street and the Quadrant 3 development, is valued at 15.8 billion kroner ($1.9 billion), the world’s largest wealth fund said in a report……………………………………….Full Article: Source

Sovereign wealth funds move into real estate amid volatile stock markets

Posted on 28 April 2016 by VRS  |  Email |Print

Real estate is now a prime play for sovereign wealth funds (SWFs) as equity markets remain unpredictable, said an analyst Wednesday. The Sovereign Wealth Fund Institute president Michael Maduell said, “They are looking for long-term investments where they can lock up their capital and not have to continually reinvest that capital.”
The institute analyzes investments by public asset owners such as SWFs and other long-term governmental investors. Vehicles such as pension funds and endowments are also increasing investing in real estate and infrastructure, he told CNBC’s “Squawk Box” on Wednesday………………………………………..Full Article: Source

Norway’s oil fund says sold stake in Spanish properties

Posted on 22 April 2016 by VRS  |  Email |Print

The Norwegian oil fund has sold its 50 percent stake in two logistics properties in Spain through its joint venture with Prologis, it said on Thursday. The fund bought the stake in 2013 for 20.6 million euros ($23.27 million) and has now sold it for 25.1 million euros, it added.
“We have received rental income from the properties during the whole period,” Norges Bank Real Estate Management, which manages the oil fund’s property portfolio, said in a statement. The two buildings are located in Zaragoza and Valencia………………………………………..Full Article: Source

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