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Sovereign Wealth Funds Briefing - Archive | June, 2009

Alaska fund appoints $310mln debt mandate

Posted on 30 June 2009 by VRS  |  Email |Print

From Financialstandard.com.au: The $40 billion Alaska Permanent Fund Corporation has appointed a $310 million distressed debt mandate to Oaktree Capital Management.

According to a media statement, the Alaska Permanent Fund Corporation board of trustees has hired Oaktree to manage “a portion” of the fund’s distressed debt allocation……..Full Article: Source

APFC seeks absolute return director

Posted on 30 June 2009 by VRS  |  Email |Print

From Financialstandard.com.au: The Alaska Permanent Fund Corporation (APFC) is looking to hire a director of investments for its absolute return and risk management division.

The director will be posted at the APFC offices in Alaska’s capital city of Juneau, population approximately 32,000……..Full Article: Source

SWF Rankings

Posted on 30 June 2009 by VRS  |  Email |Print

From Swfinstitute.org: Largest Funds by Assets Under Management. This is a list of major SWFs. ……Full Article: Source

UAE SWF sees more property regulators spring up

Posted on 30 June 2009 by VRS  |  Email |Print

From Maktoob.com: UAE-based sovereign wealth fund Ras Al Khaimah Investment Authority (RAKIA) on Monday said it has set up the RAKIA Real Estate Regulatory Agency to protect real estate investors in the emirate.

The agency will oversee the implementation of the escrow account law for freehold projects, RAKIA said in an emailed statement……..Full Article: Source

The SWF Institute to unveil new business segment featuring anonymous asset listing platform

Posted on 30 June 2009 by VRS  |  Email |Print

The founders of the Sovereign Wealth Fund Institute, during a meeting on June 10 in Tokyo, authorized the announcement of plans to unveil a new business segment that will provide asset listings and capital introduction services.

“The private institutional buyer centric marketplace will be an efficient, global alternative investment solution that utilizes connectivity, diligence, privacy and technology,” said Michael Maduell, CEO “This unique platform will systematically provide buyers and investors with the necessary tools to select investment funds and assets.” …….Full Press Release: Source

New funds put bank on target

Posted on 30 June 2009 by VRS  |  Email |Print

From Thenational.ae: Emirates NBD is close to securing a Dh3.5 billion ($US953 million) government cash injection that will allow the UAE’s largest lender to meet new capital adequacy targets set by the Central Bank late last year.

Most of the cash is expected to come from the Government of Dubai, which owns 56.6 per cent of Emirates NBD through the Investment Corporation of Dubai (ICD), its investment arm……..Full Article: Source

Anglo American in talks with Dubai World unit

Posted on 30 June 2009 by VRS  |  Email |Print

From Bloomberg: Anglo American Plc is in talks with Dubai Natural Resources World to develop iron ore sources in Brazil, the London-based Times reported, without saying where it got the information.

Anglo believes it needs $3.6 billion to develop its Brazilian iron ore, the newspaper said……..Full Article: Source

Porsche-VW merger turns ugly

Posted on 30 June 2009 by VRS  |  Email |Print

From Reuters: At the moment, only the sovereign wealth fund of Qatar seems able to rescue the greatest car company in the world.

Over the weekend, Porsche refused a VW offer to buy almost half of Porsche, arguing that the sudden arrival of billions in cash would trigger crushing payments of debt that Porsche can ill afford……..Full Article: Source

Porsche and VW divided over deal

Posted on 30 June 2009 by VRS  |  Email |Print

From Nytimes.com: Lower Saxony (where Volkswagen has its headquarters) would maintain its 20 percent holding, while Qatar would take 15 percent. An unidentified sovereign wealth fund would hold the remaining 5 percent; the remainder would presumably be listed on the stock market.

Porsche took on a debt of 9 billion euros, or $12.7 billion, as it acquired its VW stake over the last four years……..Full Article: Source

Blackstone makes key hire in Asia

Posted on 30 June 2009 by VRS  |  Email |Print

From Reuters: Earlier this month that Chinese sovereign wealth fund China Investment Corp is poised to invest around $500 million into a Blackstone hedge fund unit.
The Wall Street Journal first reported that proposed investment……..Full Article: Source

Norway seeks managers to run GBP200 bln Oil fund

Posted on 29 June 2009 by VRS  |  Email |Print

From Scandasia.com: The €230 billion (£195 billion) Norwegian Government Pension Fund - Global, also known as the Norwegian Oil Fund, has opened a new tender for external managers to run a range of country-specific emerging markets mandates, as well as broader regional mandates.

The fund manager of the Norwegian Oil Fund, Norges Bank Investment Management (NBIM) is seeking fund managers to run equity funds focused on the following emerging countries like Thailand, China, South-Korea and India……..Full Article: Source

Permanent Fund regroups

Posted on 29 June 2009 by VRS  |  Email |Print

From Newsminer.com: The Board of Trustees of the Alaska Permanent Fund Corp. recently changed how it describes and categorizes investments. It now uses an allocation that groups assets based on risk characteristics rather than by the type of investment.
The underlying investments and their proportions haven’t changed significantly and are very similar to allocations from recent years, with a similar risk profile……..Full Article: Source

Kuwait Finance Minister to ask KIA to delay Boubyan stake sale

Posted on 29 June 2009 by VRS  |  Email |Print

Zawya Dow Jones; The Kuwaiti Ministry of Finance is expected to ask the Kuwait Investment Authority, or KIA, to delay selling its 20%-stake in Boubyan Bank, Kuwait-based Al Seyassah daily reports Monday.

The ministry would take this decision due to pressures from Kuwaiti members of parliament who have objected to the deal on the grounds that KIA is a strategic investor that should support local companies’ shares and shouldn’t act as a speculator, the paper reports citing people familiar with the matter. …….Full Article (Subscription Required) : Source

KIA sets Boubyan auction date

Posted on 29 June 2009 by VRS  |  Email |Print

From Maktoob.com: Kuwait Investment Authority (KIA) is selling its stake in Boubyan Bank in an auction on July 22 with a minimum price of 550 fils a share ($1.90), the Kuwait bourse said in a statement on Sunday.

KIA will sell a 19.8 percent stake in the Kuwaiti lender, representing 231 million shares in three tranches, of 77 million shares each, the statement added……..Full Article: Source

French government plans Areva sale, talks with SWFs

Posted on 29 June 2009 by VRS  |  Email |Print

From Financierworldwide.com: The French government is preparing to sell up to 15 percent in its nuclear power generating unit, held by Areva, to sovereign wealth funds, in Middle East and Asia, particularly Mubadala, which is based in Abu Dhabi.
The move is part of plans to raise €2bn to fund its future development. Mitsubishi Heavy Industries, Areva’s partner in Japan, is the favourite to take the stake…….Full Article: Source

Volkswagen hands Porsche deal ultimatum

Posted on 29 June 2009 by VRS  |  Email |Print

From Telegraph: Volkswagen has delivered Porsche an ultimatum to accept a tie-up between the two car makers in a deal that would be backed by the Qatar Investment Authority.
Porsche hit out at its rival yesterday after Volkswagen issued a June 29 deadline for the luxury car maker to agree to a merger plan……..Full Article: Source

Volkswagen denies giving Porsche ‘ultimatum’ over merger deal

Posted on 29 June 2009 by VRS  |  Email |Print

From Guardian: Porsche and Volkswagen will try tomorrow to thrash out the terms of a merger on Monday after a bitter war of words exploded between the two German car groups.

Volkswagen publicly denied today it had set Porsche an ultimatum for agreeing on a merger deal, after Porsche bosses had accused their rival of “extortion”……..Full Article: Source

Comparing apples with oranges – “Temasek outdid key benchmarks”?

Posted on 29 June 2009 by VRS  |  Email |Print

From Sgblogs.com: In comparing Temasek’s returns with other benchmarks from March 1999 to March 2009, there was a footnote that for Temasek, “Assume March ‘09 market value = Nov ‘08 market value”.

Why is it that Temasek’s March 09 market value was not used in the comparison?…….Full Article: Source

Mallya taps Abu Dhabi SWFs for Kingfisher funds

Posted on 29 June 2009 by VRS  |  Email |Print

From Dealcurry.com: Vijay Mallya has reached out to Abu Dhabi’s Al-Nahyan royal family, which controls a number of sovereign funds with an estimated value of more than $500 billion, for a possible investment in the debt-laden Kingfisher Airlines.
There are several Abu Dhabi government investment funds each having their own management teams and specific mandates……..Full Article: Source

Eircom union backs Singapore Telemedia bid

Posted on 29 June 2009 by VRS  |  Email |Print

From Reuters: A union representing workers at Irish telecoms group eircom supports the planned investment by Singapore Technologies Telemedia, a unit of Singapore state investor Temasek Holdings.

ST Telemedia said on Tuesday it was looking at investing in eircom via its parent Eircom Holdings……..Full Article: Source

Temasek cares

Posted on 29 June 2009 by VRS  |  Email |Print

From Todayonline.com: Cementing its on-going outreach to the local community, Temasek Holdings yesterday announced a new organisation that will focus on empowering the needy in Singapore.

Temasek Cares - which has Institute of Public Character (IPC) status - was launched with an endowment of $100 million……..Full Article: Source

Dubai World’s real estate activities to be managed by Nakheel

Posted on 29 June 2009 by VRS  |  Email |Print

From Gowealthy.com: Dubai’s leading real estate firm Nakheel will in all probability monitor Dubai World’s real estate activities.
A statement from Dubai World confirmed that the real estate development and property management activities of Dubai Maritime City, Leisurecorp and Dubai Multi-commodity Centre will be managed by Dubai’s leading real estate firm……..Full Article: Source

Beijing formalizes call for new reserve currency

Posted on 29 June 2009 by VRS  |  Email |Print

From WSJ: China’s central bank reiterated its call for the creation of a new international currency that could replace currencies such as the dollar in countries’ official reserves.

In its annual report on financial stability, issued Friday, the People’s Bank of China said the country will push reform of the international currency system to make it more diversified and reasonable……..Full Article (Subscription Required) : Source

Bleak prospects push Porsche into Qatar’s arms

Posted on 26 June 2009 by VRS  |  Email |Print

From Reuters: Porsche is advancing toward a deal with Qatar to give the Gulf state a shareholding in Volkswagen, a compromise that will clear the way for the carmakers to merge, according to people involved in the talks.

Porsche racked up 9 billion euros ($12.7 billion) of net debt trying to swallow its much bigger rival Volkswagen before the financial crisis turned the tables and threatened to unravel the deal……..Full Article: Source

Oaktree wins $250mln Alaska Fund mandate

Posted on 26 June 2009 by VRS  |  Email |Print

From Emii.com: The Alaska Permanent Fund has awarded Oaktree Capital Management a $250 million mandate.

As part of its 1% allocation to distressed debt, the fund will invest in OCM’s Opportunities Fund VIII……..Full Article: Source

Kazakhstan says Rio, Vale, Cameco interested in mines

Posted on 26 June 2009 by VRS  |  Email |Print

From Bloomberg: Rio Tinto Group, Vale SA and Cameco Corp. are among companies that expressed interest in setting up joint ventures in Kazakhstan, according to an official at the mining unit of the country’s sovereign wealth fund.

“Every company seeks a unique mine and our task is to find one to bring global miners to Kazakhstan,” Nurlan Zhakupov, a managing director at the Tau-Ken Samruk mining unit, said in an interview by phone from Almaty yesterday……..Full Article: Source

Blackstone is back in favor with China SWF

Posted on 26 June 2009 by VRS  |  Email |Print

From Seekingalpha.com: The Blackstone Group, LP received an important endorsement on Friday which could go a long way towards building confidence with investors and partners.
According to Reuters, the China sovereign wealth fund China Investment Corp (CIC) plans to invest $500 million in one of Blackstone’s hedge fund units……..Full Article: Source

Gulf states must use oil wealth wisely

Posted on 26 June 2009 by VRS  |  Email |Print

From Businessweek.com: Many Western policymakers worry that sovereign investment funds in the Middle East, Russia, China, and elsewhere might use their huge wealth for political purposes. Those fears are likely to intensify as Gulf funds become more active investors.

Gulf investors are a diverse group, including not just the sovereign wealth funds that have attracted the world’s attention, but also wealthy private individuals and companies……..Full Article: Source

Qatar eyes multi-asset bourse to diversify economy

Posted on 26 June 2009 by VRS  |  Email |Print

From Forbes: ‘We will develop the Qatar market into a multi-asset class exchange,’ said a spokesman for Qatar Holding, owner of the remaining 80 percent stake in the Qatar Exchange and part of the Qatar Investment Authority (QIA).

‘That will be shares, ETFs (exchange-traded funds), ETCs (exchange-traded commodities), bonds, sukuks and index products,’ the spokesman said, declining to be identified due to company policy……..Full Article: Source

Dubai World consolidates real estate functions

Posted on 26 June 2009 by VRS  |  Email |Print

From Ameinfo.com: In a statement released today, Dubai World has said that it has consolidated the real estate functions of a number of entities.
‘The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward,’ said the group……..Full Article: Source

Indophil: SWFs interested in Tampakan

Posted on 26 June 2009 by VRS  |  Email |Print

Indophil Resources Ltd.said the sale process of its 34.23% stake in the copper-gold Tampakan project in the Philippines was ongoing, with a number of interested parties signing confidentiality agreements to enter its data room.
“The interested parties are the tier-one corporates and the tier-one sovereign wealth funds. You’re looking at the big end of town,” a spokesman for Indophil told Dow Jones Newswires………Full Article: Source

Venezuela: International reserves up 2.56 percent to USD 29.9 billion

Posted on 26 June 2009 by VRS  |  Email |Print

From Eluniversal.com: Venezuela’s international reserves stood at USD 29.99 billion, by Monday this week, for an increase of 2.56 percent, (USD 750 million) compared to May 22, when it reached USD 29.24 billion, the Central Bank of Venezuela (BCV) reported.

The total amount includes USD 29.16 billion deposited in the BCV and USD 829 million in the Macroeconomic Stabilization Fund (FEM), set up in 1998 and aimed at maintaining the necessary fiscal, monetary and exchange rate balance despite major fluctuations of the Venezuelan oil revenues……..Full Article: Source

The evolving politics of Sovereign Wealth Funds

Posted on 25 June 2009 by VRS  |  Email |Print

From Linexlegal.com: In recent years, sovereign wealth funds (SWFs) have grabbed the international spotlight, igniting intense debate. Sensing the difficult political terrain that they must navigate, such funds have generally adopted a low profile.
And by offering attractive financing terms and generally taking passive minority positions in the companies in which they invest, they have been a desirable source of capital for distressed companies…….Full Article (Registration Required): Source

IPIC given regulatory approval to buy Nova

Posted on 25 June 2009 by VRS  |  Email |Print

From Arabianoilandgas.com: The proposed takeover of Nova Chemicals by the Abu Dhabi sovereign wealth fund International Petroleum Investment Company (IPIC) has been given the green light by US and Chinese regulators.

In a statement Nova said that both the Chinese commerce ministry and the US committee on foreign investment have approved the deal…….Full Article: Source

Wanted:managers to run GBP200 bln Norwegian Oil fund

Posted on 25 June 2009 by VRS  |  Email |Print

From Citywire.co.uk: The €230 billion (£195 billion) Norwegian Government Pension Fund - Global, also known as the Norwegian Oil Fund, has opened a new tender for external managers to run a range of country-specific emerging markets mandates, as well as broader regional mandates…….Full Article: Source

Porsche set to give Volkswagen stake to Qatar SWF

Posted on 25 June 2009 by VRS  |  Email |Print

From Reuters: Porsche is advancing toward a deal with Qatar to give the Gulf state a shareholding in Volkswagen, a compromise that will clear the way for the car makers to merge, according to people involved in the talks.

Porsche racked up 9 billion euros ($12.7 billion) of debt trying to swallow its much bigger rival Volkswagen before the financial crisis turned the tables and threatened to unravel the deal…….Full Article: Source

Limited partnership needs improvement to boost domestic markets

Posted on 25 June 2009 by VRS  |  Email |Print

From Chinadaily.com.cn: China’s National Social Security Fund has made its initial foray into the investment market to become a major limited partner (LP) in the country, which is just in line with the government’s policy of boosting the development of venture capital (VC) and private equity (PE) markets, according to last week’s 2009 LP Summit of China Venture, a research and consulting firm.……Full Article: Source

Sarh Al-Madina wins deal

Posted on 25 June 2009 by VRS  |  Email |Print

From Arabtimesonline.com: As part of the restructuring plan for company’s investments, assets and liabilities, Sarh Al-Madina Real Estate Company signed an agreement with RAK Investment Authority (RAKIA) to cancel Al Hamra land purchase and directing the paid amounts to covering the remaining payments for the Al Marjan land.
This contract stipulates the following:……Full Article: Source

World wants “major reserve currencies” stable: China

Posted on 25 June 2009 by VRS  |  Email |Print

From Reuters: One of the lessons that the global financial crisis has taught the world is that the top reserve currencies should be kept stable, Chinese Foreign Minister Yang Jiechi said on Wednesday.

“Countries across the world have suffered heavy losses from the ongoing global financial crisis and economic recession,” Yang told a U.N. General Assembly meeting on the economic crisis and its impact on the developing world…….Full Article: Source

Brazil’s international reserves rise $422mln to $206.7bln

Posted on 25 June 2009 by VRS  |  Email |Print

From Dow Jones: Brazil’s international reserves increased by $422 million to $206.68 billion Tuesday, the Brazilian Central Bank said Wednesday.

Brazil’s international reserves have remained steady at around the $200 billion mark throughout the global economic downturn, which began to more sharply affect the country last September…….Full Article: Source

Angola foreign reserves drop to $12.2 bln in May

Posted on 25 June 2009 by VRS  |  Email |Print

From Reuters: Angola’s exchange reserves dropped to $12.2 billion in May from $12.4 billion in April, the central bank announced on Wednesday, but the recent rise in oil prices has helped slow down the rate of the decline.

Analysts said they expected Banco Nacional de Angola’s (BNA) foreign exchange reserves to increase in coming months if oil prices remain at around $70 per barrel. Angola rivals Nigeria as Africa’s biggest oil producer…….Full Article: Source

UAE SWF RAKIA to issue $500mln Sukuk

Posted on 24 June 2009 by VRS  |  Email |Print

From Zawya.com: UAE-based sovereign wealth fund Ras Al Khaimah Investment Authority will issue a sukuk worth up to $500 million in July, people familiar with the matter said.

“The underlying assets for the sukuk will be property,” one of the persons with knowledge of the bonds told Zawya Dow Jones on Tuesday. “The maturity will be about five years and the size is expected to be $400 million to $500 million.” ……Full Article (Subscription Required): Source

Kazakhstan SWF may buy stakes in independent gold, copper producers

Posted on 24 June 2009 by VRS  |  Email |Print

From Bloomberg: Kazakhstan’s sovereign wealth fund Samruk-Kazyna plans to buy stakes in independent domestic mining companies to help them weather the country’s worst financial crisis in more than a decade.

Samruk is seeking to acquire gold, copper and iron assets, said Murat Murtazaev, chief executive officer of Samruk Tau-Ken, the fund’s mining unit, at a conference in Almaty today. Murtazaev didn’t identify the companies in which Samruk may gain stakes. ……Full Article: Source

Permanent fund’s new investment strategy raises concerns

Posted on 24 June 2009 by VRS  |  Email |Print

From Juneauempire.com: The Alaska Permanent Fund will step into the recession-battered market to buy bonds issued by troubled companies, hoping to turn a profit when business improves.

The $30.7 billion fund’s Board of Trustees met by teleconference Monday for a lengthy debate about that and other investments…….Full Article: Source

Khazanah in joint venture with Boustead to set up theme park

Posted on 24 June 2009 by VRS  |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd and Boustead Holdings Bhd yesterday entered into a joint-venture deal via their subsidiaries to invest RM50mil in the development of an indoor educational theme park based on the concept of “KidZania” in Mutiara Damansara.

The joint-venture company, Rakan Riang Sdn Bhd, which would be 80% held by Khazanah’s wholly-owned subsidiary Themed Attractions and Resorts Sdn Bhd and 20% by Boustead Group’s wholly-owned subsidiary Boustead Curve Sdn Bhd, was expected to start the construction of the KidZania theme park in August…….Full Article: Source

Temasek unit says eyeing Eircom stake

Posted on 24 June 2009 by VRS  |  Email |Print

From Reuters: Singapore Technologies Telemedia, a unit of state investor Temasek Holdings, said it was looking at investing in Irish telecoms group eircom through its parent Eircom Holdings.

An Irish newspaper reported on Sunday, without citing its sources, that Telemedia would make a formal bid to buy eircom on Tuesday…….Full Article: Source

KIA to run Kuwait Airways’ privatisation

Posted on 24 June 2009 by VRS  |  Email |Print

From Aaco.org: Kuwait’s Minister of Communications, Dr. Mohammed Al-Busairi, has said that Kuwaiti Airways (KAC) will be fully privatised by the end of the year.
Kuwait Investment Authority will run the KAC privatisation process, while Ernst and Young is tasked with the management of data and information collection…….Full Article: Source

KIA to auction stake in Islamic lender

Posted on 24 June 2009 by VRS  |  Email |Print

From Btimes.com.my: Kuwait Investment Authority (KIA), the Gulf state’s sovereign wealth fund, will offer its stake in Islamic lender Boubyan Bank in a public auction in July.

KIA has set a minimum price of 550 fils, about US$1.91 per share for the auction on July 22, Kuwait Investment Co (KIC), a unit of KIA, said in a statement on Monday…….Full Article: Source

Oil fund management ‘under fire’

Posted on 24 June 2009 by VRS  |  Email |Print

From Upstreamonline.com: Auditing giant KPMG has been highly critical of the management of Norway’s oil fund in an ongoing review, according to reports.

In a report published by Upstream’s sister paper Dagens Naeringsliv, it emerged that KPMG singled out the fund’s management for criticism as part of an ongoing review for the Norges Bank Investment Management (NBIM), part of the country’s central bank, Norges Bank…….Full Article: Source

Mulligan, please: Measuring China’s relationship with Blackstone

Posted on 24 June 2009 by VRS  |  Email |Print

From WSJ: China Investment Corp. is handing over an additional $500 million to be managed by a Blackstone hedge-fund unit, thinking it has found a good bargain.

Just think if China had passed on its previous $3 billion investment in Blackstone before it went public in June 2007. That deal gave it 10% of the firm. But what if CIC had instead invested in its old standby: U.S. Treasury bonds?……Full Article: Source

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