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Sovereign Wealth Funds Briefing - Archive | November, 2013

Zimbabwe: Sovereign wealth fund long overdue

Posted on 29 November 2013 by VRS  |  Email |Print

The Zimbabwe National Chamber of Commerce has called for the business community to closely work with Government in the implementation of the economic blueprint, Zimbabwe Agenda for Sustainable Socio-Economic Transformation, to revive the economy.
The ZNCC national president, Mr Hlanganiso Matangaidze said in a recent interview that it was imperative for business and Government to bury grudges if ZIMASSET is to work.His comments come following the launch of the Sovereign Wealth Fund of Zimbabwe Bill by Cabinet recently, which is expected to help fund the ZIMASSET………………………………………..Full Article: Source

RDIF-France fund to get $407mln injection

Posted on 29 November 2013 by VRS  |  Email |Print

Russia’s state-backed private equity investment fund said Thursday it would team up with state-backed French bank Caisse des Depots, or CDC, to invest 300 million euros ($407.23 million) in an existing joint investment platform.
The creation of the Russia-France investment fund worth a total 1 billion euros was backed by the two countries’ presidents, Vladimir Putin and Francois Hollande, earlier this year in a bid to boost bilateral direct investment. The Russian Direct Investment Fund, or RDIF, was set up two years ago with capital of $10 billion with a brief to win over strategic investors who have steered clear of Russia due to concerns over rampant graft and the rule of law………………………………………..Full Article: Source

Battle for world’s largest wealth fund, and what it means for energy sector

Posted on 29 November 2013 by VRS  |  Email |Print

Norway’s new Prime Minister, Erna Solberg of the Conservative Party, who entered into office on 16 October, may at first instance appear less occupied by global issues like climate change than her predecessor Jens Stoltenberg of the Labour party.
But on a few critical climate issues she looks like more of a reformer than Mr Stoltenberg, in particular when it comes to what role Norway’s enormous Sovereign Wealth Fund could play in financing the transition to a low-carbon economy. In the new Government’s programme, the coalition partners made the following statements regarding the $720bn sovereign wealth fund:……………………………………….Full Article: Source

Mongolia president Tsakhia Elbegdorj wants to cut state firms by one-third

Posted on 29 November 2013 by VRS  |  Email |Print

The Mongolian government plans to slash the number of state-owned enterprises (SOEs) by one third to encourage private investment and set up a sovereign wealth fund, said Mongolian President Tsakhia Elbegdorj
Mongolia will also enact a law that will discourage companies owned by Mongolian ministers from competing with foreign and private firms, he said. Competition between Mongolian SOEs and private firms is “not good”, Elbegdorj told a Hong Kong Trade Development Council (TDC) luncheon audience that included Hong Kong businessmen………………………………………..Full Article: Source

Temasek Holdings’ Fullerton Fund buys stake in Eros International

Posted on 29 November 2013 by VRS  |  Email |Print

Singapore sovereign fund Temasek Holdings’ investment fund, Fullerton Fund Management, has bought stake in Indian film distributor Eros International Media Ltd to gain a foothold in the Indian movie industry.
Fullerton Fund has purchased 20 lakh shares in Eros International, which aggregates to 8.7% stake in the company on November 13. Mumbai-based Eros International started trading on the New York Stock Exchange on November 13, according to a filing by the company with the US Securities and Exchange Commission on November 25………………………………………..Full Article: Source

SWFs as investors in hedge funds

Posted on 29 November 2013 by VRS  |  Email |Print

As Sovereign Wealth Funds (SWFs) have grown in number and AUM they have become more significant to the hedge fund industry. According to data from Preqin, assets managed by SWFs are up 76% in the last 5 years as existing funds have grown, and new funds have been formed. Total assets across all SWFs is estimated to be $5.3 tn, up a cool $750bn in this year alone.
As with any institutional investors, the appetite for alternative assets is partly a function of seasoning – the length of time the operation has been established. Like a pension plan, SWFs typically look to add alternatives after having established and implemented investment policies (and so asset allocations) across traditional assets………………………………………..Full Article: Source

Norway’s wealth fund should invest in private equity and infrastructure - central bank governor

Posted on 28 November 2013 by VRS  |  Email |Print

Norway central bank Governor Oeystein Olsen was quoted as saying that it was natural for the state to expand its asset class investments. Norway currently has a massive USD800 million sovereign wealth fund as a new government mulls over how to manage its fund’s growth.
Olsen was one of the signatories in a 2010 recommendation for Norway to invest in private equity and infrastructure. The recommendation was later on rejected the succeeding year. According to a Bloomberg report, Norway’s new administration under Prime Minister Erna Solberg is set to review the fund’s investment mandate………………………………………..Full Article: Source

Sovereign wealth funds ‘can lead the way on sustainability’

Posted on 28 November 2013 by VRS  |  Email |Print

As major investors with significant pools of money, sovereign wealth funds (SWFs) can lead the drive to value nature in their investment policies. Citizens could also engage funds that invest public money to ask, for instance, how environmental, social and governance issues factor in their investment decisions.
These suggestions surfaced yesterday at a discussion on how financial-service providers can increase sustainability in their sector. SWFs can lead by example, said panellists at the Responsible Business Forum’s financial services working group………………………………………..Full Article: Source

Temasek goes to Bollywood: Singapore sovereign wealth fund invests in Indian movies

Posted on 28 November 2013 by VRS  |  Email |Print

An arm of Singapore’s sovereign wealth fund, Temasek, has bought into India’s thriving, flamboyant movie industry, known to the world as Bollywood.
Fullerton Asset Management, which is a fund manager owned by Temasek and which invests on behalf of both the Singapore sovereign fund and other clients, has acquired an 8.7% stake in Eros International, an Indian film distributor………………………………………..Full Article: Source

Zimbabwe: Will the sovereign wealth fund do the trick?

Posted on 28 November 2013 by VRS  |  Email |Print

The SWF is said to be a key success factor in Zim-Asset, the new medium-term economic blueprint.A SWF is a state-owned investment fund. In our case, it will be financed by 25 per cent of royalties payable from mining duties and fees; 25 per cent by special dividend on the sales of diamonds, gas, granite and other minerals, and profits and proceeds from strategic investments.
The fund is also envisaged to invest in gold bullion, precious minerals and other precious metals as well as foreign assets. SWFs are created by resource-rich nations to diversify the total revenue base and accumulate savings for future generations………………………………………..Full Article: Source

Independent Scotland would create oil and gas wealth fund

Posted on 27 November 2013 by VRS  |  Email |Print

An independent Scottish government would create a sovereign wealth fund using revenue from exploiting oil and gas reserves worth around 1.5 trillion pounds ($2.4 trillion), the Sottish government said in an independence blueprint on Tuesday.
Scotland will vote on Sept. 18, 2014 on whether to split from England after 306 years to create an independent nation. “This government will make the creation of a Scottish Energy Fund an early priority,” the devolved government, which favours independence, said in its report, adding that it would also put in place a more stable tax regime for oil and gas exploration………………………………………..Full Article: Source

Norway debates $800 bln wealth fund’s investment options

Posted on 27 November 2013 by VRS  |  Email |Print

Norway’s central bank Governor Oeystein Olsen said it would be natural for the nation’s $800 billion sovereign wealth fund to expand the asset classes it invests in as the new government considers how best to deal with the fund’s growth.
Olsen signaled support for a 2010 recommendation, which was rejected the following year, for the fund to invest in infrastructure and private equity as the new administration of Prime Minister Erna Solberg reviews its investment mandate………………………………………..Full Article: Source

RDIF agrees $1.35bln investment deal with Italian state fund

Posted on 27 November 2013 by VRS  |  Email |Print

Italy in its second day, Russia’s state-backed private equity investment fund and Italy’s strategic state investment fund have agreed to invest up to 1 billion euros ($1.35 billion) in companies and projects in the two countries, officials said.
Fabrizio Pagani, a senior economic advisor for Prime Minister Enrico Letta, said the Russian Direct Investment Fund, or RDIF, would sign the deal with the Italian fund at a bilateral summit in Trieste on Tuesday. Under the agreement, the two funds will invest up to 500 million euros each………………………………………..Full Article: Source

Mining boom waste will haunt PM: Windsor

Posted on 27 November 2013 by VRS  |  Email |Print

Former federal independent MP Tony Windsor has backed a union’s calls for a sovereign wealth fund to help share the benefits of the mining boom. Retired MP Tony Windsor says Howard-era mismanagement of the mining boom will return to haunt Prime Minister Tony Abbott.
The former key federal independent has backed a union report’s calls for a sovereign wealth fund to help share the benefits of the resources industry among more Australians………………………………………..Full Article: Source

Mining boom ’squandered’: CFMEU

Posted on 27 November 2013 by VRS  |  Email |Print

Australia should consider a Norwegian-style sovereign wealth fund to share around the benefits of the mining boom, a union report argues. The Construction, Forestry, Mining and Energy Union (CFMEU) released its report on the resources boom, Sharing the Benefits today.
The report found that although the boom had helped shelter Australia from the worst of the global financial crisis, governments had “squandered” a chance to efficiently share its profits. “We have experienced a major boom but have relatively little to show from it,” CFMEU president Tony Maher said in the report………………………………………..Full Article: Source

Sovereign wealth fund-backed Greenko Group commissions fourth wind farm project

Posted on 27 November 2013 by VRS  |  Email |Print

India-based renewable power company Greenko Group said it had already completed its wind farm located in Karnataka state. Backed by the sovereign wealth fund of Singapore, Greenko’s most recently-commissioned project is the GBP 13 million or USD 21 million wind farm called Matrix, which has a capacity of 15 megawatts.
The company said the completion of Matrix brings its total generating portfolio to 426 megawatts, representing a 43% jump in seven months………………………………………..Full Article: Source

Zimbabwe fund to tap mine royalties

Posted on 27 November 2013 by VRS  |  Email |Print

Zimbabwe’s planned sovereign wealth fund may get as much as a quarter of mining royalties and the same share of “special dividends” on state mineral and metal sales. A 16-member board will decide on the fund’s work, allowing it to make withdrawals, primarily to pay for infrastructural developments, according to a draft of the Sovereign Wealth Fund of Zimbabwe Act obtained by Bloomberg.
Parliament will also be able to appropriate money to benefit the fund, according to the bill, which does not set out where this money would be taken from. “That document will be taken to parliament sometime early next year,” Deputy Mines Minister Fred Moyo said in an interview on Friday………………………………………..Full Article: Source

ADIA arbitration resurfaces for Citigroup

Posted on 27 November 2013 by VRS  |  Email |Print

Citigroup Inc.’s litigation woes continue to increase. Recently, a U.S. judge rejected the banking giant’s bid to obstruct the Abu Dhabi Investment Authority (ADIA) from seeking a second arbitration related to the wealth fund’s investment in Citigroup.
In Nov 2007, ADIA invested $7.5 billion in Citigroup, which made it the U.S. bank’s largest individual stakeholder – with 4.9% stake. ADIA’s investment provided a capital cushion to the bank after the latter suffered mortgage losses during the financial crisis………………………………………..Full Article: Source

Panel discuses merits of Sask. Futures Fund

Posted on 27 November 2013 by VRS  |  Email |Print

A number of questions should be answered before Saskatchewan creates a heritage-type fund from excess natural resource revenues, said panellists at a public forum discussing the idea.
Former University of Saskatchewan president Peter MacKinnon has tabled a report proposing a Saskatchewan Futures Fund to be established as early as next year. The fund would use excess resource revenues above the five-year average of 26 per cent of total government revenues………………………………………..Full Article: Source

MassMutual hires head of sovereign wealth funds and official institutions

Posted on 27 November 2013 by VRS  |  Email |Print

Gary Smith has been appointed Head of Sovereign Wealth Funds and Official Institutions for the asset management companies of MassMutual. He will work across the distribution networks of Group companies Barings, Babson and OFI Global Asset Management.
Baring Asset Management, Babson Capital and OFI Global Asset Management, the asset management companies of Massachusetts Mutual Life Insurance Company, today announce the appointment of Gary Smith as head of Sovereign Wealth Funds and Official Institutions, effective immediately………………………………………..Full Article: Source

Citigroup can’t block Abu Dhabi arbitration over $7.5 bln stake

Posted on 26 November 2013 by VRS  |  Email |Print

A U.S. judge has rejected Citigroup Inc’s effort to block the Abu Dhabi Investment Authority from seeking a second arbitration over the sovereign wealth fund’s $7.5 billion investment in late 2007 to shore up the then-struggling bank.
U.S. District Judge Kevin Castel in Manhattan said on Monday that arbitrators, not federal judges, had power to decide whether Citigroup’s success in the first arbitration barred the ADIA from pursuing a second arbitration, in which it seeks $2 billion of damages or to rescind its investment………………………………………..Full Article: Source

Deadline looms for PNG’s oil search stake

Posted on 26 November 2013 by VRS  |  Email |Print

Oil Search will find out next month if the Papua New Guinea government can raise $1.68 billion to avoid giving up its 14.6 per cent stake in the company to an Abu Dhabi state-owned wealth fund, which could then expose the company to a takeover tilt. If the PNG government is forced to give up its blocking stake in the Port Morseby-based Oil Search, it could provide a chance for the likes of ExxonMobil, France’s Total or Royal Dutch Shell to move in and attempt a takeover.
The PNG government is expected to announce before Christmas whether it will relinquish its stake to the Abu Dhabi sovereign wealth fund, International Petroleum Investment Company (IPIC)………………………………………..Full Article: Source

Zimbabwean wealth fund to get share of mining revenues

Posted on 26 November 2013 by VRS  |  Email |Print

The planned sovereign wealth fund may get as much as a quarter of mining royalties and the same share of “special dividends” on state mineral and metal sales. Parliament will also be able to appropriate money to benefit the fund.
A 16-member board will decide on the fund’s activities, allowing it to make withdrawals, primarily to pay for infrastructure developments, according to a draft of the Sovereign Wealth Fund of Zimbabwe Act………………………………………..Full Article: Source

Create frameworks for sovereign wealth fund: WB

Posted on 26 November 2013 by VRS  |  Email |Print

Government needs to come up with a clear accountability framework for the Sovereign Wealth Fund proposed in the Zimbabwe Agenda for Sustainable Socio-Economic Transformation, a World Bank representative said.Addressing delegates at a consultative meeting in Harare last week, World Bank Director for Poverty Reduction and Economic Management in Africa Mr Marcelo Giugale said the idea of a Sovereign Wealth Fund was a good one if handled properly.
“Government should prioritise putting frameworks in place. There is need for a strong fiscal framework, a balanced budget and a transparency and accountability framework so that people know what is happening,” he said………………………………………..Full Article: Source

Excess crude account: Explain how $5bln got missing – Nyako tells FG

Posted on 26 November 2013 by VRS  |  Email |Print

Adamawa State Governor, Murtala Nyako has asked the Federal Government to give facts and figures on the alleged depletion of the Excess Crude Account. The governor said “semantics and grammar” being used against well-articulated observations and questions raised by Governor Rotimi Amaechi, are not what Nigerians expect to hear from government officials.
He spoke while reacting to the face-off between the Minister of Finance, Dr. Ngozi Okonjo-Iweala and his colleague-governor, over the actual balance in the account………………………………………..Full Article: Source

Nigeria: Excess Crude Account - Give statistics, not semantics, Nyako tells FG

Posted on 26 November 2013 by VRS  |  Email |Print

Governor Murtala Nyako of Adamawa State has challenged the presidency to give facts and figures on the alleged depletion of the Excess Crude Account, saying that the use of semantics against Governor Rotimi Amaechi was largely unhelpful. He spoke in response to the war of words between the Minister of Finance, Dr. Ngozi Okonjo-Iweala and Governor Amaechi over the alleged depletion of the ECA to the tune of $5 billion.
Governor Amaechi, chairman of the mainstream faction of the Nigerian Governors Forum, NGF, had at a retreat of the forum last week in Sokoto accused the Federal Government of depleting the ECA to the tune of $5 billion without the knowledge of the other tiers of the federation who are beneficiaries of the ECA………………………………………..Full Article: Source

Nigeria: Rivers defends Amaechi over Excess Crude Account controversy

Posted on 26 November 2013 by VRS  |  Email |Print

The Rivers State government has denied that the allegation that Governor Chibuike Rotimi Amaechi was involved in demanding that funds from the Excess Crude Account be shared to augment the shortfall in the Federation Account.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, had said that Amaechi was closely involved and actively participated in making requests to the Presidency for the account to be shared among the three tiers of government for the purpose of augmenting the regular allocations from the Federation Account whenever there was a shortfall………………………………………..Full Article: Source

Mining boom ’squandered’: CFMEU

Posted on 26 November 2013 by VRS  |  Email |Print

Australia should consider a Norwegian-style sovereign wealth fund to share around the benefits of the mining boom, a union report argues. The Construction, Forestry, Mining and Energy Union (CFMEU) released its report on the resources boom, Sharing the Benefits today.
The report found that although the boom had helped shelter Australia from the worst of the global financial crisis, governments had “squandered” a chance to efficiently share its profits. “We have experienced a major boom but have relatively little to show from it,” CFMEU president Tony Maher said in the report………………………………………..Full Article: Source

Norway’s state pension fund returns 5pct in third quarter

Posted on 26 November 2013 by VRS  |  Email |Print

Norges Bank Investment Management, manager of the Norwegian government’s global pension fund has published its third quarter report on investment returns. The Government Pension Fund Global returned 5.0%, or 228 billion kroner,($37bn) in the third quarter of 2013. Equity investments returned 7.6%, while fixed income investments returned 0.3%. The return on equity and fixed income investments was 0.1 percentage point higher than the return on the fund’s bench mark, the report said.
Investments in real estate returned 4.1%. The fund had a market value of 4,714 billion ($769bn) kroner at the end of the quarter and was invested 63.6% in equities, 35.5% in fixed income and 0.9% in real estate………………………………………..Full Article: Source

Norway wealth fund, Och-Ziff among investors in Cinda IPO-sources

Posted on 25 November 2013 by VRS  |  Email |Print

A group of 10 investors, including Norway’s sovereign wealth fund and Och-Ziff Capital Management Group LLC, have together committed to buy about $1.1 billion into China Cinda Asset Management Corp as part of its Hong Kong IPO, people familiar with the matter said on Sunday.
Cinda, one of China’s four bad debt managers, is seeking to raise $2.5 billion and the offer has attracted interest from distressed debt investors, hedge funds to China’s insurance giants. Together, the so-called cornerstone investors would buy about 45 percent of the initial public offering (IPO), which is set to be Hong Kong’s biggest this year………………………………………..Full Article: Source

Norway wealth fund joins Axa unit to purchase Munich’s SZ Tower

Posted on 25 November 2013 by VRS  |  Email |Print

The manager of Norway’s sovereign-wealth fund, the world’s largest, and a unit of Axa Real Estate Investment Managers plan to buy Munich’s SZ Tower. A Norges Bank Investment Management unit and Axa Real Estate will “indirectly acquire joint control” of the 28-story building, according to a filing to the European Union’s executive arm yesterday. The property includes three lower levels, an underground garage and a six-floor campus.
Prime Office REIT-AG agreed to sell the building for 164.1 million euros ($220 million), the Munich-based company said today in a statement. Prime Office didn’t identify the buyers of the building, which is currently the headquarters of publishing company Sueddeutscher Verlag………………………………………..Full Article: Source

Norway: The problems (and some solutions) for infrastructure investors

Posted on 25 November 2013 by VRS  |  Email |Print

The world’s largest sovereign wealth fund’s investment manager has explored the issues with investing in infrastructure. Norges Bank Investment Management (NBIM) has described the biggest challenges it faces when tackling the opportunity of infrastructure investing.
In a discussion paper, the investment manager for Norway’s Government Pension Fund-Global said the diverse nature of infrastructure assets caused problems with benchmarking performance and deciding where to put it in the portfolio………………………………………..Full Article: Source

Zimbabwe wealth fund to get share of state mining revenue

Posted on 25 November 2013 by VRS  |  Email |Print

Zimbabwe’s planned sovereign wealth fund may get as much as a quarter of mining royalties and the same share of “special dividends” on state mineral and metal sales. Parliament will also be able to appropriate money to benefit the fund.
A 16-member board will decide on the fund’s activities, allowing it to make withdrawals, primarily to pay for infrastructure developments, according to a draft of the Sovereign Wealth Fund of Zimbabwe Act obtained by Bloomberg News………………………………………..Full Article: Source

Qatar bank gives Tunisia $500mln deposit, says source

Posted on 25 November 2013 by VRS  |  Email |Print

Qatar National Bank, part owned by the Gulf state’s sovereign wealth fund, has given Tunisia a $500 million deposit to support its foreign currency reserves, a senior official in Tunisia’s central bank told Reuters on Saturday.
The deposit was made as Tunisia’s Islamist-led government faces pressure from lenders such as the World Bank and the International Monetary Fund to make reforms to trim its budget deficit and end a political crisis………………………………………..Full Article: Source

GIC, Ascendas to pump in Rs 3,000 cr in realty projects

Posted on 25 November 2013 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and business space solutions provider Ascendas Pte Ltd will jointly invest around Rs 3,000 crore towards developing commercial real estate in India.
The money would be invested through Ascendas India Growth Programme (AIGP), in which GIC is a principal investor. The extent of GIC’s investments in AIGP has not been disclosed though………………………………………..Full Article: Source

Australian property trust CPA ditches Dexus deal, open for better offer

Posted on 25 November 2013 by VRS  |  Email |Print

Australian real estate trust Commonwealth Property Office Fund (CPA) has terminated a deal with Dexus Property Group and a Canadian pension fund, after receiving a higher takeover offer from property investor The GPT Group.
The A$2.99 billion ($2.81 billion) takeover bid from GPT, whose biggest shareholder is Singaporean sovereign wealth fund GIC Private Limited, has gate-crashed the deal with Dexus and Canada Pension Plan Investment, as foreign investors bet on the upward trend in Australia’s office property sector………………………………………..Full Article: Source

Hillwood and SWF debut broad spectrum industrial real estate venture

Posted on 25 November 2013 by VRS  |  Email |Print

A major sovereign wealth fund and Hillwood, a real estate investment and development company owned by Ross Perot , Jr., announced the initial closing of a new fund to make direct and indirect investments in industrial real estate, principally large warehouses, across North America.
According to a release, Hillwood will have responsibilities for acquisitions, developments, and joint ventures with other developers. With an expected total equity amount of $400 million - over half of which has been identified and committed - the partnership is expected to deploy more than $1 billion over the next three to four years. The partnership represents the second such venture between Hillwood and the sovereign wealth fund………………………………………..Full Article: Source

Abu Dhabi seeks ‘big chunk’ of work on next Boeing, Airbus Jets

Posted on 21 November 2013 by VRS  |  Email |Print

Abu Dhabi’s Mubadala sovereign wealth fund said its aerospace unit aims to become a risk-sharing partner of Airbus SAS and Boeing Co. on future plane programs as it develops an engineering-design capability.
Mubadala Aerospace plans to expand from build-to-print activities into design-to-build and take responsibility for 10 or 20 percent of an entire aircraft, executive director Homaid Abdulla Al Shemmari said today in an interview in Dubai……………………………….Full Article: Source

GIC’s Park Hyatt lures Chinese

Posted on 21 November 2013 by VRS  |  Email |Print

Singapore’s largest sovereign wealth fund, the Government Investment Corporation, is likely to be the next beneficiary of the wave of Chinese investment in Melbourne real estate, with one of its premier local assets catching the eye of a buyer out of China.
China’s Fu Wah International Group has made a $130 million-plus play for the Park Hyatt Melbourne that GIC’s real estate arm has been looking to offload, sources say……………………………….Full Article: Source

GIC, Ascendas to pump in Rs 3,000 cr in realty projects

Posted on 21 November 2013 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and business space solutions provider Ascendas Pte Ltd will jointly invest around Rs 3,000 crore towards developing commercial real estate in India.
The money would be invested through Ascendas India Growth Programme (AIGP), in which GIC is a principal investor. The extent of GIC’s investments in AIGP has not been disclosed though……………………………….Full Article: Source

Former Future Fund chairman David Murray to head inquiry into financial system

Posted on 21 November 2013 by VRS  |  Email |Print

David Murray has 12 months to work out how Australia’s financial system can be made more efficient. As former chief executive of the Commonwealth Bank and chairman of the Future Fund, he has the pedigree.
As head of the inquiry into Australia’s financial system, he will make recommendations to foster an efficient, competitive and flexible financial system with “stability, prudence, integrity and fairness”……………………………….Full Article: Source

Hillwood and sovereign wealth dund debut broad spectrum industrial real estate venture

Posted on 21 November 2013 by VRS  |  Email |Print

A major sovereign wealth fund and Hillwood, a real estate investment and development company owned by Ross Perot, Jr., announced the initial closing of a new fund to make direct and indirect investments in industrial real estate, principally large warehouses, across North America.
According to a release, Hillwood will have responsibilities for acquisitions, developments, and joint ventures with other developers. With an expected total equity amount of $400 million - over half of which has been identified and committed - the partnership is expected to deploy more than $1 billion over the next three to four years……………………………….Full Article: Source

Norway backs down from talk of splitting $800 bln oil fund

Posted on 20 November 2013 by VRS  |  Email |Print

Norway’s government backed down from pre-election talk it might restructure the nation’s $800 billion sovereign wealth fund as it instead defends the investor’s existing mandate.
“We aim at a predictable and stable investment strategy for the fund,” Siv Jensen, finance minister and leader of the junior partner in Norway’s ruling coalition of Conservative and Progress parties, said today in an interview in her office in Oslo. Asked whether the fund may yet be split, Jensen said “the government has no plans to do that. There will be no changes in the investment profile of the fund.”…………………………………Full Article: Source

Samruk-Kazyna won’t buy pension funds as Halyk rejects BTA deal

Posted on 20 November 2013 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund Samruk-Kazyna said it’s scrapping a planned acquisition of three pension funds controlled by commercial lenders after Halyk Bank halted talks on buying the government’s shares in BTA Bank.
“Taking into account that the sale of BTA Bank to Halyk won’t happen, Samruk-Kazyna doesn’t plan to purchase stakes in pension funds, including Halyk’s unit,” the Astana-based wealth fund said…………………………………Full Article: Source

GIC, Ascendas to invest up to S$600 mln in Indian property

Posted on 20 November 2013 by VRS  |  Email |Print

GIC Pte, Singapore’s sovereign wealth fund, and Ascendas Pte plan to invest as much as S$600 million ($483 million) in Indian real estate to meet rising demand for commercial property.
The companies set up the Ascendas India Growth Programme with a target size of S$600 million with GIC being the principal investor, they said in a joint e-mailed statement today. The fund will invest in business space in Bangalore, Chennai, New Delhi and surrounding areas, Hyderabad, Mumbai and Pune, according to the statement………………………………….Full Article: Source

Temasek’s Africa Investment a sign of the future for sovereign wealth funds

Posted on 20 November 2013 by VRS  |  Email |Print

Last week Temasek, one of Singapore’s two sovereign wealth funds, made a $1.3 billion investment in a liquified natural gas block in Tanzania. The deal illustrates a number of trends about the way that investments, particularly by state entities, are going to look in years ahead.
Temasek bought the 20% stake in three East African LNG blocks from the UK’s Ophir Energy. There are two angles to the deal that are striking: one, where it is, and two, the type of energy it is pursuing………………………………….Full Article: Source

Angola’s sovereign wealth fund denies R3bln spend on ‘trophy’ office

Posted on 20 November 2013 by VRS  |  Email |Print

Angola’s sovereign wealth fund has strongly denied spending R3-billion on a “trophy” office block in London’s exclusive Mayfair district, saying the property was purchased under a separate Central Bank of Angola mandate at open auction in August last year.
Mail & Guardian investigative wing AmaBhungane last week reported on allegations appearing in the journal Africa Confidential that the $5-billion fund, chaired by Filomeno dos Santos, the son of Angola’s President José Eduardo dos Santos, had bought a 9 750 square metre office block at 23 Savile Row in London, United Kingdom………………………………….Full Article: Source

Mugabe sees options from Zim fund to BRICS loans

Posted on 20 November 2013 by VRS  |  Email |Print

Zimbabwean President Robert Mugabe is considering raising finance through measures ranging from establishing a sovereign wealth fund to borrowing money from the so-called BRICS nations to revive Zimbabwe’s economy.
A document titled the Zimbabwe Agenda for a Sustainable Socio-Economic Transformation, or Zim Asset, also details plans including the sale of bonds, securitisation of remittances, re-engagement with international finance institutions and the creation of special economic zones………………………………….Full Article: Source

Amaechi lied about Excess Crude Account, Rivers has received N56bln in 2013 – Okonjo-Iweala

Posted on 20 November 2013 by VRS  |  Email |Print

The Federal Government on Monday denied the allegation by Rivers State Governor, Mr. Rotimi Amaechi, that$5billion was missing from the Excess Crude Account. Amaechi, had while speaking at the Nigerian Governors’ Forum retreat held in Sokoto on Saturday, said there was $9billion in the account in January , but that the amount had depleted without any explanation.
He had said, “The Excess Crude Account in January was $9bn. That account belongs to federal, states and local governments. Today, it is $4bn. We don’t know who took the $5bn.”…………………………………Full Article: Source

$5bln not missing from Excess Crude Account

Posted on 20 November 2013 by VRS  |  Email |Print

The Federal Governmemt has denied media reports that N500 billion is missing from SURE-P funds, clarifying that N500 billion that was shared to states and local governments is the amount that is wrongly described as missing.
In a statement signed by the Special Adviser to Minister of Finance, Mr Paul Nwabuikp the minister explained that “the total expected funds for SURE-P from subsidy savings for the Federal, state and local governments is N816 billion from February 2012 to December 2013,” adding that “SURE-P started in February 2012.”…………………………………Full Article: Source

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