Opalesque Sovereign Wealth Funds Briefing http://www.opalesque.com/SWF_Briefing Mon, 25 May 2015 00:58:48 +0000 http://wordpress.org/?v=2.5.1 en Libya power struggle threatens the fund’s Goldman, SocGen suits http://www.opalesque.com/SWF_Briefing/?p=17502 http://www.opalesque.com/SWF_Briefing/?p=17502#comments Mon, 25 May 2015 00:58:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17502 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17502>Article Link</a> A fight for control of Libya’s $60bn sovereign wealth fund threatens to derail its multibillion dollar lawsuits against Goldman Sachs Group Inc and Societe Generale SA. Since the Libyan Investment Authority’s London law firm quit in April, two competing factions have claimed control, hiring separate lawyers and public relations firms. (more…)

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With oil cheap, public pressure grows on Gulf sovereign funds http://www.opalesque.com/SWF_Briefing/?p=17501 http://www.opalesque.com/SWF_Briefing/?p=17501#comments Mon, 25 May 2015 00:58:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17501 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17501>Article Link</a> Running sovereign wealth funds in the Gulf has become an awkward business in the era of cheap oil, as their managers face growing pressure from politicians and the public to prove they’re investing national reserves wisely. (more…)

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Wealthy Gulf investors should focus on Mena infrastructure, WEF’s Gordon Brown says http://www.opalesque.com/SWF_Briefing/?p=17500 http://www.opalesque.com/SWF_Briefing/?p=17500#comments Mon, 25 May 2015 00:57:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17500 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17500>Article Link</a> Gordon Brown, the former UK prime minister and current head of the World Economic Forum’s infrastructure initiative, urged wealthy Arabian Gulf states and individuals to invest in much-needed infrastructure projects in the poorer parts of the Middle East. There is a huge spending deficit on infrastructure in the region compared to other parts of the world, Brown noted. (more…)

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Sovereign wealth fund buys two North Hills hotels for $103M http://www.opalesque.com/SWF_Briefing/?p=17499 http://www.opalesque.com/SWF_Briefing/?p=17499#comments Mon, 25 May 2015 00:57:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17499 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17499>Article Link</a> Kane Realty and Concord Hospitality Enterprises have sold two hotels at North Hills for nearly $103 million to the sovereign wealth fund of the government of Abu Dhabi. The Abu Dhabi Investment Authority paid $79.91 million for the 229-room Renaissance Raleigh North Hills and $22.945 million for the 137-room Hyatt House Raleigh North Hills, according to Wake County property records. (more…)

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Fortis redeems FCCBs worth $100m held by GIC: Report http://www.opalesque.com/SWF_Briefing/?p=17498 http://www.opalesque.com/SWF_Briefing/?p=17498#comments Mon, 25 May 2015 00:57:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17498 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17498>Article Link</a> Fortis Healthcare, the second-largest Indian hospital chain by revenues, has redeemed $100 million worth of outstanding foreign currency convertible Bonds (FCCBs) listed on the Luxembourg Stock Exchange, a report said. (more…)

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CIC subsidiary to focus on overseas targets http://www.opalesque.com/SWF_Briefing/?p=17497 http://www.opalesque.com/SWF_Briefing/?p=17497#comments Mon, 25 May 2015 00:57:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17497 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17497>Article Link</a> The nation’s sovereign wealth fund has established a new subsidiary that will focus on overseas direct investment, a senior official said on Wednesday. Gu Dawei, head of the department of foreign capital and overseas investment of the National Development and Reform Commission, said the company’s total funds for investment may exceed the $40 billion Silk Road Fund, a new financing institution for projects involved in the “Belt and Road Initiative” to develop connectivity along the Silk Road Economic Belt and the 21st Century Maritime Silk Road. (more…)

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Dr M accuses Najib of lying when he said S’pore bank had 1MDB cash http://www.opalesque.com/SWF_Briefing/?p=17496 http://www.opalesque.com/SWF_Briefing/?p=17496#comments Mon, 25 May 2015 00:56:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17496 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17496>Article Link</a> Former premier Tun Dr Mahathir Mohamad has accused Prime Minister Datuk Seri Najib Tun Razak of lying when he told Parliament that money held by government investment arm 1Malaysia Development Berhad (1MDB) is being kept in Singapore. (more…)

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Finance Ministry: Dr M’s claims on 1MDB funds “unfounded, unfair” http://www.opalesque.com/SWF_Briefing/?p=17495 http://www.opalesque.com/SWF_Briefing/?p=17495#comments Mon, 25 May 2015 00:56:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17495 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17495>Article Link</a> The claim that Prime Minister Datuk Seri Najib Tun Razak “lied” about 1Malaysia Development Bhd’s funds in Singapore is unfounded and unfair, the Finance Ministry said. Clarifying the matter raised by Tun Dr Mahathir Mohamad in a blog post, the ministry said the written reply by Najib, as Finance Minister, on the finances of 1MDB in BSI Bank, Singapore, was based on information received from 1MDB. (more…)

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Funds feel heat of coal and tar divestment drive http://www.opalesque.com/SWF_Briefing/?p=17494 http://www.opalesque.com/SWF_Briefing/?p=17494#comments Mon, 25 May 2015 00:56:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17494 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17494>Article Link</a> Norway’s $900 billion sovereign wealth fund and the Church of England are among recent high-profile sellers. But some of the money managers running the more than $27 trillion in assets held globally in mutual funds say divestment as a tool to address climate change is too simplistic in most cases. Most argue it can leave fewer investors at a company who are committed to steering management in the desired direction. (more…)

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CIC Launches Overseas Investment Fund Arm http://www.opalesque.com/SWF_Briefing/?p=17493 http://www.opalesque.com/SWF_Briefing/?p=17493#comments Fri, 22 May 2015 01:43:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17493 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17493>Article Link</a> China’s sovereign wealth fund, China Investment Corporation (CIC), has created a new direct investment arm with US$5 billion in seed capital to help Chinese companies invest overseas, according to statements made by a senior government official quoted by Chinese media. (more…)

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Restructuring plans for 1MDB to be tabled next week to Cabinet http://www.opalesque.com/SWF_Briefing/?p=17492 http://www.opalesque.com/SWF_Briefing/?p=17492#comments Fri, 22 May 2015 01:43:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17492 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17492>Article Link</a> 1Malaysia Development Berhad’s (1MDB) restructuring report is expected to be tabled to the Cabinet next week, Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said. He said the restructuring of the alleged debt-ridden government investment arm was possible and he had concrete plans on how to do so. (more…)

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Ahmad Husni: 1MDB’s US$1b assets in BSI Bank was ‘mistaken’ as cash http://www.opalesque.com/SWF_Briefing/?p=17491 http://www.opalesque.com/SWF_Briefing/?p=17491#comments Fri, 22 May 2015 01:43:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17491 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17491>Article Link</a> Second Finance Minister Datuk Seri Ahmad Husni Mohamad says 1Malaysia Development Bhd (1MDB) has made a mistake and misinterpreted the nature of its assets kept in BSI Bank in Singapore. “I feel it was a mistake, a mistake in the nature that it was interpreted when 1MDB said that it had redeemed (US$1.1 billion from Cayman Islands) and kept it in a bank in Singapore,” he told reporters at Parliament lobby. (more…)

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Cash, then assets, 1MDB funds in Singapore now in ‘units’ http://www.opalesque.com/SWF_Briefing/?p=17490 http://www.opalesque.com/SWF_Briefing/?p=17490#comments Fri, 22 May 2015 01:43:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17490 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17490>Article Link</a> 1Malaysia Development Berhad (1MDB) is experiencing “short term” cashflow problem with the ability to pay its debts, said Finance Minister II Datuk Seri Husni Hanadzlah. He assured that the Government would find a solution for the debt-laden government investment arm. (more…)

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Qatar’s PSG named the best paid team in world sport http://www.opalesque.com/SWF_Briefing/?p=17489 http://www.opalesque.com/SWF_Briefing/?p=17489#comments Fri, 22 May 2015 01:42:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17489 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17489>Article Link</a> Qatar-owned Paris Saint-Germain are the best paid team in world sport according to Sportingintelligence’s new Global Sports Salaries Survey (GSSS) for 2015. The average first-team pay at the French football club has been calculated at £5.3 million ($8.3 million) per year, or £101,898 ($159,797) per week in the period under review. (more…)

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Bahamas’ Sovereign Wealth Fund Bill 2014. http://www.opalesque.com/SWF_Briefing/?p=17488 http://www.opalesque.com/SWF_Briefing/?p=17488#comments Fri, 22 May 2015 01:42:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17488 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17488>Article Link</a> “Sovereign wealth funds (are) where money is set aside for investment to benefit a country and its people,” Kenred Dorsett, Minister of the Environment and Housing, Bahamas said, adding that its purpose will be to “save and invest surplus funds derived from oil, gas minerals and other natural resources to provide a heritage for future generations of the citizens of the Bahamas, to support and increase savings for future generations, to enhance sustainable long term capital growth for The Bahamas and to support and promote any other strategic development objectives of The Bahamas.” (more…)

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Sovereign, public pension funds investing more in real estate and infrastructure: report http://www.opalesque.com/SWF_Briefing/?p=17487 http://www.opalesque.com/SWF_Briefing/?p=17487#comments Fri, 22 May 2015 01:42:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17487 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17487>Article Link</a> Sovereign wealth funds and public pension funds have been moving aggressively into real estate and infrastructure to offset low returns in traditional markets, raising the risk of asset bubbles, said the Global Public Investor 2015 (GPI 2015) report. The survey of 500 global public-sector institutions across 180 countries found that central banks, on the other hand, continue their purchases of equities. (more…)

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Why Long-Term Investing Can Be Dangerous http://www.opalesque.com/SWF_Briefing/?p=17486 http://www.opalesque.com/SWF_Briefing/?p=17486#comments Fri, 22 May 2015 01:42:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17486 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17486>Article Link</a> Personally, I agree that, in general, large sovereign funds and pensions should invest for the long-term. There are scores of reasons why and thousands of papers produced by asset managers, think tanks and professors who believe so. Nearly every institutional investor with over US$ 100 billion in assets subscribes to the “long-term investor” philosophy. (more…)

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Global state investors shift into property http://www.opalesque.com/SWF_Briefing/?p=17485 http://www.opalesque.com/SWF_Briefing/?p=17485#comments Thu, 21 May 2015 03:41:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17485 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17485>Article Link</a> Big public sector investors are joining the global property boom with plans to shift significant funds into real estate and infrastructure projects over the next three to five years to boost returns. Central bankers’ forum Omfif surveyed 500 public sector institutions with total assets of $29.7tn, which already hold 9.1 per cent in real estate and infrastructure. (more…)

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With oil cheap, public pressure grows on Gulf sovereign funds http://www.opalesque.com/SWF_Briefing/?p=17484 http://www.opalesque.com/SWF_Briefing/?p=17484#comments Thu, 21 May 2015 03:41:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17484 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17484>Article Link</a> Running sovereign wealth funds in the Gulf has become an awkward business in the era of cheap oil, as their managers face growing pressure from politicians and the public to prove they’re investing national reserves wisely. (more…)

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Lord Hutton: Ministers must not turn LGPS into a sovereign wealth fund http://www.opalesque.com/SWF_Briefing/?p=17483 http://www.opalesque.com/SWF_Briefing/?p=17483#comments Thu, 21 May 2015 03:41:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17483 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17483>Article Link</a> There are better ways to improve the local government pension scheme (LGPS) than merging it into one big sovereign wealth fund, according to Labour peer Lord John Hutton. He warned it is a “mistake” for ministers to look at the LGPS as a future UK sovereign wealth fund (SWF) that could boost investment in infrastructure projects. (more…)

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Negative Rates in Europe, Shifted Sovereign Fund Behavior http://www.opalesque.com/SWF_Briefing/?p=17482 http://www.opalesque.com/SWF_Briefing/?p=17482#comments Thu, 21 May 2015 03:40:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17482 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17482>Article Link</a> Asian and Middle Eastern sovereign wealth funds and large pension investors have been awarding a slurry of mandates to opportunistic credit managers. For example, in May, the £4.8 billion London Pensions Fund Authority hired Apollo Global Management for a £150 million allocation to target distressed debt, real estate debt, leveraged senior loans and private lending in developed markets. (more…)

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Elementum selected as ILS manager for Future Fund of Australia http://www.opalesque.com/SWF_Briefing/?p=17481 http://www.opalesque.com/SWF_Briefing/?p=17481#comments Thu, 21 May 2015 03:40:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17481 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17481>Article Link</a> The Future Fund, an Australian sovereign wealth investor, has selected independent insurance-linked securities (ILS) and reinsurance-linked investment manager Elementum Advisors as its first investment manager to be focused on alternative risk premia. (more…)

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Australia’s Future Fund Acquires €705 Portfolio from Hayfin http://www.opalesque.com/SWF_Briefing/?p=17480 http://www.opalesque.com/SWF_Briefing/?p=17480#comments Wed, 20 May 2015 03:41:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17480 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17480>Article Link</a> Major backers of Hayfin Capital Management have reduced their stakes in the direct lender after it offloaded a €705 million portfolio of loans to Australian sovereign wealth fund The Future Fund, one of its existing investors. (more…)

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Investment Corporation of Dubai posts 83% profit rise http://www.opalesque.com/SWF_Briefing/?p=17479 http://www.opalesque.com/SWF_Briefing/?p=17479#comments Wed, 20 May 2015 03:40:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17479 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17479>Article Link</a> Investment Corporation of Dubai (ICD) posted an 83.5 per cent increase in profit during the first half of last year compared with the year-earlier period, the sovereign wealth fund said. Net profit attributable to the equity holders of ICD rose to Dh12.08 billion in the six months ended June 30 compared with Dh6.58bn in the year-earlier period, the fund said in a statement to Nasdaq Dubai. (more…)

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SWFs must grasp ’substantial’ greenfield opportunities http://www.opalesque.com/SWF_Briefing/?p=17478 http://www.opalesque.com/SWF_Briefing/?p=17478#comments Wed, 20 May 2015 03:40:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17478 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17478>Article Link</a> Pension and sovereign wealth funds will in future play a significantly bigger role in building urban spaces in emerging economies, despite the associated regulatory risk, the head of a leading think tank has predicted. (more…)

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After latest funding, Flipkart valued at $15 billion http://www.opalesque.com/SWF_Briefing/?p=17477 http://www.opalesque.com/SWF_Briefing/?p=17477#comments Wed, 20 May 2015 03:40:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17477 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17477>Article Link</a> Flipkart has raised $550 million from some of its existing investors, in a deal that now values the company at about $15 billion, The Wall Street Journal reported on Tuesday, citing an unnamed source. (more…)

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Sovereign dreams http://www.opalesque.com/SWF_Briefing/?p=17476 http://www.opalesque.com/SWF_Briefing/?p=17476#comments Tue, 19 May 2015 03:34:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17476 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17476>Article Link</a> The concept of launching a sovereign fund, as suggested by the International Monetary Fund, wins the hearts of many as long as the government heeds public opinion. Although not everyone is convinced. Three years. That, apparently, is exactly how long the city’s fiscal reserves will take to accumulate its capital to “a comfortable level”. Indeed, the government thinks it is now time to study the establishment of a Macau SAR Investment Development Fund. (more…)

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Australia’s Future Fund picks Elementum for reinsurance debut http://www.opalesque.com/SWF_Briefing/?p=17475 http://www.opalesque.com/SWF_Briefing/?p=17475#comments Tue, 19 May 2015 03:33:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17475 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17475>Article Link</a> Australia’s A$117bn sovereign wealth fund has hired ILS specialist manager Elementum Advisors to manage a reinsurance portfolio on its behalf. (more…)

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GIC, CPPIB to acquire Seoul mall for S$348m http://www.opalesque.com/SWF_Briefing/?p=17474 http://www.opalesque.com/SWF_Briefing/?p=17474#comments Tue, 19 May 2015 03:33:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17474 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17474>Article Link</a> Sovereign wealth fund GIC and Canada Pension Plan Investment Board (CPPIB) will be acquiring the D-Cube retail mall in Seoul in a joint venture for US$263 million (S$348 million). As part of a joint venture partnership, GIC and Canada Pension Plan Investment Board will each own a 50 per cent stake in the mall next to Sindorim Station in Seoul. (more…)

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Khazanah debuts ethical Islamic bonds with annual sales planned http://www.opalesque.com/SWF_Briefing/?p=17473 http://www.opalesque.com/SWF_Briefing/?p=17473#comments Tue, 19 May 2015 03:33:32 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17473 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17473>Article Link</a> Malaysia’s state-owned sovereign wealth fund is about to test appetite for the nation’s first socially responsible Islamic bonds and plans to issue such debt annually. Khazanah Nasional Bhd will start marketing as much as RM150 million (US$42 million) of the seven-year sukuk today, Chief Financial Officer Mohd Izani Ghani said in a May 14 interview in Kuala Lumpur. (more…)

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Khazanah to test market with Malaysia’s first ethical sukuk http://www.opalesque.com/SWF_Briefing/?p=17472 http://www.opalesque.com/SWF_Briefing/?p=17472#comments Tue, 19 May 2015 03:33:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17472 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17472>Article Link</a> Malaysia’s sovereign fund Khazanah Nasional on Monday launched the country’s first sustainable and responsible sukuk (SRI) with a RM1 billion bond programme. Khazanah will price the first issuance next week: a seven-year RM100 million sukuk that will fund the rollout of 20 new government schools this year. (more…)

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POSCO to Finalize Cooperation Deal with Saudi Fund http://www.opalesque.com/SWF_Briefing/?p=17471 http://www.opalesque.com/SWF_Briefing/?p=17471#comments Tue, 19 May 2015 03:33:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17471 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17471>Article Link</a> POSCO Co., South Korea’s largest steelmaker, likely will sign a comprehensive cooperation deal with South Arabia’s sovereign wealth fund next month that includes the sale of a stake in its construction unit, industry sources said. (more…)

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Azerbaijani State Oil Fund reveals revenues from Shah Deniz project http://www.opalesque.com/SWF_Briefing/?p=17470 http://www.opalesque.com/SWF_Briefing/?p=17470#comments Tue, 19 May 2015 03:32:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17470 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17470>Article Link</a> The revenues of Azerbaijani State Oil Fund from the implementation of the project for development of Shah Deniz project totaled $2.237 billion since 2007 to May 1, 2015, SOFAZ told Trend May 18. (more…)

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Norway’s 2015 GDP growth prediction slashed http://www.opalesque.com/SWF_Briefing/?p=17469 http://www.opalesque.com/SWF_Briefing/?p=17469#comments Tue, 19 May 2015 03:32:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17469 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17469>Article Link</a> Economic outlook for mainland economy in Norway isn’t looking quite as rosy as original hoped, with the minority government proposing a revision to the 2.0 per cent growth predicted, revised down to 1.3 per cent. The government is planning to spur the economy slightly more with ‘oil cash’ it has in reserve, a sovereign wealth fund created especially for such a purpose. (more…)

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Kazakhstan Privatizing Transtelecom http://www.opalesque.com/SWF_Briefing/?p=17468 http://www.opalesque.com/SWF_Briefing/?p=17468#comments Tue, 19 May 2015 03:32:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17468 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17468>Article Link</a> Around 49 percent of the shares in Transtelecom, the large Kazakh communications operating firm, have been sold as part of a new privatization program, the Samruk-Kazyna National Welfare Fund has said, according to Kazinform. (more…)

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Qatar is interested in investment in transport infrastructure, energy and agriculture http://www.opalesque.com/SWF_Briefing/?p=17467 http://www.opalesque.com/SWF_Briefing/?p=17467#comments Tue, 19 May 2015 03:32:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17467 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17467>Article Link</a> Sheikh Faisal bin Saud Al Thani, Head of Business Development - Qatar Holding at Qatar Investment Authority declared interest in investment in transport infrastructure, energy and agriculture. Representatives of the Holding met with Bulgarian Prime minister Boyko Borisov and Bulgarian ministers who pay an official visit to Doha, the governmental information service announced. (more…)

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Chinese sovereign wealth fund bets on Irish property market revival http://www.opalesque.com/SWF_Briefing/?p=17466 http://www.opalesque.com/SWF_Briefing/?p=17466#comments Mon, 18 May 2015 02:46:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17466 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17466>Article Link</a> Chinese Investment Corporation (CIC), the sovereign wealth fund of the People’s Republic of China, is part of a new commercial property debt fund, which is backing the purchase of projects out of Nama. CIC is a significant investor in the WLR Cardinal Mezzanine Fund, a €350m real estate debt fund, managed by a partnership between Wilbur Ross of WL Ross & Co, and Cardinal, a Dublin investment company headed by Nick Corcoran and Nigel McDermott. (more…)

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POSCO to finalize cooperation deal with Saudi fund http://www.opalesque.com/SWF_Briefing/?p=17465 http://www.opalesque.com/SWF_Briefing/?p=17465#comments Mon, 18 May 2015 02:45:57 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17465 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17465>Article Link</a> POSCO Co., South Korea’s largest steelmaker, likely will sign a comprehensive cooperation deal with South Arabia’s sovereign wealth fund next month that includes the sale of a stake in its construction unit, industry sources said Sunday. (more…)

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Aussies set to buy Pendolino owner http://www.opalesque.com/SWF_Briefing/?p=17464 http://www.opalesque.com/SWF_Briefing/?p=17464#comments Mon, 18 May 2015 02:45:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17464 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17464>Article Link</a> An Australian pensions giant and Abu Dhabi’s sovereign wealth fund are part of a consortium closing in on a takeover of a third of Britain’s trains. The clutch of international investors, led by Australia’s AMP Capital, is leading the race to buy Angel Trains, which was recently put up for sale by its owners. AMP already owns 25% and has the right to match any offer. (more…)

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Grain listing in shape with COFCO, CIC venture http://www.opalesque.com/SWF_Briefing/?p=17463 http://www.opalesque.com/SWF_Briefing/?p=17463#comments Mon, 18 May 2015 02:45:32 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17463 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17463>Article Link</a> COFCO Corp, China’s largest food company, is setting up a joint venture with sovereign wealth fund China Investment Corp, in preparation of a full listing for its recently acquired grain, oil and sugar assets. The cooperation with COFCO is also in line with CIC’s plans. (more…)

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GIC Invests in Sulekha http://www.opalesque.com/SWF_Briefing/?p=17462 http://www.opalesque.com/SWF_Briefing/?p=17462#comments Mon, 18 May 2015 02:45:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17462 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17462>Article Link</a> Sulekha.com, India’s leading digital platform for local services, today announced that GIC, the sovereign wealth fund of Singapore, and Norwest Venture Partners, a top-tier global investment firm, have invested $ 28 M into the company. Sulekha.com will use the capital to further expand its platform that connects one of the largest bases of users and local service providers, and invest in technology and branding. (more…)

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Qatari fund reportedly acquiring Vietnam’s tallest building at $800mn http://www.opalesque.com/SWF_Briefing/?p=17461 http://www.opalesque.com/SWF_Briefing/?p=17461#comments Mon, 18 May 2015 02:45:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17461 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17461>Article Link</a> A Qatari sovereign wealth fund will likely become the new owner of the tallest building in Vietnam in a US$800 million deal. The Qatar Investment Authority has accepted the $800 million price set for the acquisition of the Keangnam Landmark 72 tower in Hanoi, according to English-language website The Korea Herald, which cited “investment bankers and news reports.” (more…)

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Qatari fund denies purchase deal for Korean-invested Hanoi skyscraper http://www.opalesque.com/SWF_Briefing/?p=17460 http://www.opalesque.com/SWF_Briefing/?p=17460#comments Mon, 18 May 2015 02:44:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17460 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17460>Article Link</a> The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has denied reports that it would purchase a South Korean-invested skyscraper in Hanoi, which is the tallest building in Vietnam, Korea Joongang Daily reported Friday. (more…)

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QIA calls plan to acquire Keangnam fake news http://www.opalesque.com/SWF_Briefing/?p=17459 http://www.opalesque.com/SWF_Briefing/?p=17459#comments Mon, 18 May 2015 02:44:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17459 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17459>Article Link</a> Bahn Joo-hyun, managing director of a New York-based real estate firm, has been caught in the allegations of shady dealings over an attempted sale of a building. The building is built and owned by Keangnam Enterprises, once chaired by businessman Sung Wan-jong who hanged himself from a tree on a mountain in April, following the allegations of dirty dealings with the Korean Government. (more…)

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Total Assets Of Sovereign Wealth Funds Doubled Since 2008 http://www.opalesque.com/SWF_Briefing/?p=17458 http://www.opalesque.com/SWF_Briefing/?p=17458#comments Mon, 18 May 2015 02:44:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17458 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17458>Article Link</a> Preqin’s May 2015 Private Equity Spotlight focuses on sovereign wealth funds’ increasing investment in private equity. The article highlights both the growth in sovereign wealth funds and the increasing percentage of their portfolios being committed to alternative investments including private equity. (more…)

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Cofco Joins With China Wealth Fund to Create Global Grain Trader http://www.opalesque.com/SWF_Briefing/?p=17457 http://www.opalesque.com/SWF_Briefing/?p=17457#comments Fri, 15 May 2015 00:10:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17457 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17457>Article Link</a> Cofco Corp., China’s largest food company, joined forces with the country’s $650 billion sovereign wealth fund to create a global grain trading house. Cofco and China Investment Corp. set up a joint venture named Cofco International as a “platform for international agriculture investment,” the food company said Thursday in a statement. Cofco owns 80.1 percent and CIC the rest, it said, without giving financial details. (more…)

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The sustainable side of oil http://www.opalesque.com/SWF_Briefing/?p=17456 http://www.opalesque.com/SWF_Briefing/?p=17456#comments Fri, 15 May 2015 00:09:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17456 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17456>Article Link</a> While an abundance of natural resources can handicap an economy, oil-based sovereign wealth funds can turn a finite resource into a sustainable financial tool. “Having large reserves of oil and gas presents an economy with considerable opportunities over the short- and long-term”, read a government-sponsored proposal for a Scottish oil fund. This was a statement that came in the lead-up to last year’s in/out referendum and one that saw the Scottish Government roll out plans to establish two oil funds and make good on any surplus tax receipts derived from North Sea oil and gas. (more…)

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British Land and GIC plan to redevelop UBS offices http://www.opalesque.com/SWF_Briefing/?p=17455 http://www.opalesque.com/SWF_Briefing/?p=17455#comments Fri, 15 May 2015 00:09:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17455 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17455>Article Link</a> British Land and GIC, Singapore’s sovereign wealth fund, won approval to redevelop a building at the Broadgate office complex in the City of London financial district. The project, known as 100 Liverpool Street, was approved on Tuesday in London after a vote by the borough council. The landlords will extend and refurbish the existing building to create a new 47,840 sq m (515,000 sq ft) office property with restaurants and stores. (more…)

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Libya’s split SWF: risks torpedoing challenge against Western banks http://www.opalesque.com/SWF_Briefing/?p=17454 http://www.opalesque.com/SWF_Briefing/?p=17454#comments Fri, 15 May 2015 00:08:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17454 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17454>Article Link</a> Rival managements of the $67bn Libyan Investment Authority are set to fight in London courts over claims of Tripoli and Malta. The Libyan Investment Authority’s multi-billion pound claims against Goldman Sachs and Société Générale, both of which underwent pre-trial hearings in late 2014 and are due to go to trial next year, may be undermined by increasingly fractious infighting at the $67bn fund. (more…)

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Sovereign Wealth Funds - Cure or Curse? http://www.opalesque.com/SWF_Briefing/?p=17453 http://www.opalesque.com/SWF_Briefing/?p=17453#comments Fri, 15 May 2015 00:07:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17453 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17453>Article Link</a> What a difference one letter ’s’ makes turning cure into curse. The small addition of one letter is linguistically huge as is asking a simple question of the value of Sovereign Wealth Funds (SWFs), as the implications for the global economy are equally as profound. (more…)

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Kuwait fund staff made ‘deliberately bad’ deals http://www.opalesque.com/SWF_Briefing/?p=17452 http://www.opalesque.com/SWF_Briefing/?p=17452#comments Thu, 14 May 2015 00:26:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17452 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17452>Article Link</a> Kuwait has recalled staff from the London office of its multibillion-pound sovereign wealth fund amid allegations of accounting irregularities and claims that employees deliberately made bad investments. (more…)

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Qatari sovereign fund to buy Keangnam skyscraper in Hanoi http://www.opalesque.com/SWF_Briefing/?p=17451 http://www.opalesque.com/SWF_Briefing/?p=17451#comments Thu, 14 May 2015 00:25:57 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17451 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17451>Article Link</a> The Qatar Investment Authority has agreed to buy the Keangnam Hanoi Landmark Tower in Vietnam for $800 million and gained exclusive rights for the ensuing negotiations, it was reported Wednesday. According to investment bankers and news reports, the Qatari sovereign wealth fund has notified Colliers International, the manager of the Korean-funded building’s sale, that it will accept the $800 million appraisal price granted by a Korean court. (more…)

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Alaska Permanent Fund returns 2.8% in quarter, up 4.7% for 9-month period http://www.opalesque.com/SWF_Briefing/?p=17450 http://www.opalesque.com/SWF_Briefing/?p=17450#comments Thu, 14 May 2015 00:25:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17450 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17450>Article Link</a> Alaska Permanent Fund Corp., Juneau, returned 2.8% in the quarter ended March 31 and 4.7% in the fiscal year-to-date, said a news release from the $53.9 billion sovereign wealth fund. The fund’s strategic risk benchmark returned 2.2% and 2.7%, respectively, during the same periods. The permanent fund’s fiscal year ends June 30. (more…)

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Billions in foreign money finding haven in US real estate http://www.opalesque.com/SWF_Briefing/?p=17449 http://www.opalesque.com/SWF_Briefing/?p=17449#comments Thu, 14 May 2015 00:23:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17449 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17449>Article Link</a> Blockbuster real estate deals are back and breaking records as cash from around the globe pours into U.S. office buildings, apartment complexes and other investment properties. Real estate deals surged to $129 billion during the three months through March, marking the most active start to a year since 2007, according to Real Capital. The largest was Blackstone’s $8.1 billion sale of IndCor Properties Inc., an owner of industrial buildings, to GIC Pte, Singapore’s sovereign-wealth fund. (more…)

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Sovereign wealth funds step up their property investments in Asia-Pacific http://www.opalesque.com/SWF_Briefing/?p=17448 http://www.opalesque.com/SWF_Briefing/?p=17448#comments Wed, 13 May 2015 01:34:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17448 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17448>Article Link</a> Sovereign wealth funds are stepping up their property investments to diversify their focus from listed equity assets. Even though mainland China is an important market for the sovereign funds, they often still prefer developed markets for long-term returns. (more…)

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KIC portfolio ends 2014 at $84.7 billion, up 17.6% from year before http://www.opalesque.com/SWF_Briefing/?p=17447 http://www.opalesque.com/SWF_Briefing/?p=17447#comments Wed, 13 May 2015 01:33:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17447 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17447>Article Link</a> Korea Investment Corp.’s investment portfolio was valued at $84.7 billion at the end of 2014, up 17.6% from the year before, said its latest annual report, released Monday. For the year, KIC posted a total investment gain of $2.7 billion, or 3.8%, on total assets under management after costs, and 9.79% against a basket of 33 currencies used by the sovereign wealth fund. For the past five years, the corresponding figures for the fund’s annualized returns were 7.43% and 5.66%, respectively. (more…)

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Temasek’s contribution sought for govt coffers http://www.opalesque.com/SWF_Briefing/?p=17446 http://www.opalesque.com/SWF_Briefing/?p=17446#comments Wed, 13 May 2015 01:33:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17446 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17446>Article Link</a> A constitutional change was sought yesterday to make Temasek Holdings a bigger contributor to the Government’s coffers, as Singapore prepares for more social and infrastructure spending. The Constitution of the Republic of Singapore (Amendment) Bill - one of six new Bills tabled in Parliament yesterday - will allow the Government to include Temasek in its Net Investment Returns framework. (more…)

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CIC to set up venture to run agricultural businesses http://www.opalesque.com/SWF_Briefing/?p=17445 http://www.opalesque.com/SWF_Briefing/?p=17445#comments Wed, 13 May 2015 01:33:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17445 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17445>Article Link</a> China’s largest grain trader COFCO is setting up a venture with sovereign wealth fund China Investment Corp (CIC) to control COFCO’s investments in Dutch trader Nidera and Noble Group Ltd’s agribusiness. The venture could increase CIC’s exposure to the agricultural sector, where the $653-billion fund has said it was eyeing more investments to help China get a bigger foothold in the food industry. (more…)

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GIC Win Approval to Redevelop UBS London Offices http://www.opalesque.com/SWF_Briefing/?p=17444 http://www.opalesque.com/SWF_Briefing/?p=17444#comments Wed, 13 May 2015 01:33:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17444 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17444>Article Link</a> British Land Co. and GIC Pte, Singapore’s sovereign wealth fund, won approval to redevelop a building at the Broadgate office complex in the City of London financial district. The project, known as 100 Liverpool Street, was approved on Tuesday in London after a vote by the borough council. (more…)

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How the QIA Deal for Claridge’s Hotel Group Came Together http://www.opalesque.com/SWF_Briefing/?p=17443 http://www.opalesque.com/SWF_Briefing/?p=17443#comments Wed, 13 May 2015 01:33:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17443 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17443>Article Link</a> Two weeks ago, a press release from Colony Capital, the Los Angeles-based real estate firm run by Thomas Barrack, ended one of the highest profile and most acrimonious property battles of recent times. Colony announced that Constellation Hotels Holding, an arm of the Qatar Investment Authority (QIA), had bought Irish investor Paddy McKillen’s 36 percent stake of the Maybourne Hotels Group, handing control to the sovereign wealth fund. (more…)

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