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Sovereign Wealth Funds Briefing 06.May 2016

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

Posted on 06 May 2016 by VRS |  Email |Print

Revenues of Azerbaijan’s state oil fund from the project for developing the country’s Shah Deniz gas and condensate field from 2007 to May 1, 2016, totaled $2.488 billion. SOFAZ announced that it has received $45 million from Shah Deniz project in January-April 2016. Some $5 million of this figure was received in April.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas. The shareholders in the contract are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent)………………………………………..Full Article: Source

Posted on 06 May 2016 by VRS |  Email |Print

Lawyers for Libya’s $67 billion sovereign wealth fund asked Goldman Sachs on Thursday to provide more information about an internship the bank gave to the brother of a key decision-maker at the fund.
In a long-running legal dispute with Goldman Sachs, the Libyan Investment Authority (LIA) alleges the investment bank advised it to invest more than $1 billion in nine derivatives trades in 2008 that it claims were unsuitable and ultimately worthless. The fund requested the details during a pre-court hearing, before a trial scheduled to start on June 13 in London’s High Court, with Judge Vivien Rose presiding………………………………………..Full Article: Source

Posted on 06 May 2016 by VRS |  Email |Print

The Qatar Investment Authority, the energy-rich nation’s sovereign wealth fund, is reportedly in advanced negotiations to buy the St. Regis luxury hotels in New York and San Francisco from Starwood Hotels & Resorts.
Both hotels are owned by Starwood Hotels & Resorts, which is currently finalizing a $12.4 billion takeover by fellow international hotel chain Marriott International that is expected to create the world’s largest hotel operator. Starwood is looking to sell five U.S. hotels in advance of the deal’s closing, including properties in Maui, Atlanta and Chicago, while also seeking a leasehold sale of the W New York in Times Square………………………………………..Full Article: Source

Posted on 06 May 2016 by VRS |  Email |Print

1 Malaysia Development Berhad, the troubled state fund, will undergo reorganization including the removal of its powerful advisory board. The move aims to give the fund a fresh start and to improve its tarnished image by passing the buck of decision-making to its parent, the Ministry of Finance, which is headed by Prime Minister Najib Razak.
Najib was chair of the advisory board. 1MDB, under the leadership of Najib, will appoint a new board of management, the finance ministry said in a statement on Wednesday. 1MDB’s debts had spiraled to $11 billion and the company had recently defaulted on the interest payment on a bond………………………………………..Full Article: Source

Posted on 06 May 2016 by VRS |  Email |Print

Former Malaysian Prime Minister Mahathir Mohamad warned Thursday the country faces bankruptcy because of an ongoing scandal with the state-owned 1MDB fund. “The government will have financial deficits which may lead to bankruptcy if the (1MDB) loans are not serviced and the principal paid,” Mahathir stated in an online article and social media posts.
The former prime minister said any defaults by the government-owned company would affect Malaysia’s credit worthiness “and the government may not be able to borrow any more in the market.”……………………………………….Full Article: Source

Posted on 06 May 2016 by VRS |  Email |Print

Singapore authorities are probing “complex and layered transactions” with “cross-border elements” involving many shell companies in their investigations into 1Malaysia Development Berhad (1MDB), according to prosecutors here.
This was revealed by Singapore’s chief prosecutor Tan Ken Hwee at the third mention in the state court in the case involving Kelvin Ang Wee Keng, who was charged with corrupt transactions in an ongoing probe into 1MDB. While the court submission again made no mention of 1MDB, it is widely accepted the case involves the probe into the money trail of Malay- sia’s troubled state-backed firm………………………………………..Full Article: Source

Posted on 06 May 2016 by VRS |  Email |Print

Singapore state investment company Temasek Holdings is throwing its weight behind a diamond exchange that began trading here on Thursday (May 5), backing the project through venture-capital unit Vertex Venture Holdings.
Investors can trade single stones as well as so-called baskets of investment-grade diamonds electronically for physical settlement, the Singapore Diamond Investment Exchange said in a statement. At first, the exchange aims to support spot trading, with plans for derivatives and exchange-traded products………………………………………..Full Article: Source

Posted on 06 May 2016 by VRS |  Email |Print

London-based startup venture Farfetch, which sells clothing for high-end boutiques, has raised a US$110 million investment, in a round led by Singapore’s state fund Temasek Holdings, a new investor. The investment also saw participation from IDG Capital Partners, Vitruvian Partners and Eurazeo.
This strategic investment will Farfetch’s technology platform expanded, as well as expansion of its Asia Pacific (APAC) footprint. First reported in the The Business of Fashion, this latest round puts its post-money valuation at $1.5 billion, and makes the transaction an outlier amidst a decline in valuations amongst various technology startup ventures………………………………………..Full Article: Source

Posted on 06 May 2016 by VRS |  Email |Print

US-based private equity firm General Atlantic Llc and Singapore’s sovereign fund Temasek Holdings Pte Ltd are in separate discussions to acquire a minority stake in Dubai-based Aster DM Healthcare, said two persons close to the development. The new investors will buy about 10-15% stake in DM, they said.
The company, which has been planning an initial public offering (IPO), will do a pre-IPO round of funding to allow existing investors to exit. As such, Olympus Capital Asia Investments Ltd and India Value Fund Advisors, which own equity in DM Healthcare will dilute part of their stake along with the promoters. Existing investors hold about 40% stake in DM Healthcare………………………………………..Full Article: Source

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