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Sovereign Wealth Funds Briefing 04.Dec 2009

Posted on 04 December 2009 by VRS |  Email |Print

From Asianinvestor.net: Asked yesterday whether Thailand is likely to set up a sovereign wealth fund, prime minister Abhisit Vejjajiva replied that there have been talks on the issue. The Bank of Thailand, the central bank, has been considering the idea as something that could enable it to have “more flexible management of surplus reserves”, he said.

“The issue is still being discussed,” added Abhisit. “Obviously we have to look at the legal and political implications and be mindful of the experiences of the various other such entities that have been set up in recent years.”…………………………..Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Juneauempire.com: Management of a portion of the $34 billion Alaska Permanent Fund will be contracted out to outside investment managers, but fund staff say the goal is more to learn how expert investors operate than a hope for explosive new returns.

The fund’s Chief Investment Officer Jeff Scott is calling the money managers who will be hired “external CIOs,” and expects each of the four managers will be given $500 million to invest as mini-permanent funds, for a total of $2 billion……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Reuters: Singapore state investor Temasek announced on Thursday it has sold oil exploration unit Orchard Energy to a Singapore-listed firm, less than two years after setting up the unit.
RH Petrogas will pay S$351,000 to S$371,000 for Orchard, which holds a production-sharing contract for an area in Indonesia’s South Sumatra, RH Petrogas and Temasek said……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From WSJ: Abu Dhabi Investment Authority is set to pay its first bill of misery to Citigroup Inc. Because of an investment deal struck two years ago, early in the financial crisis, the United Arab Emirates’ sovereign fund will soon start purchasing $7.5 billion in Citigroup shares at $31.83 apiece, even though the New York bank’s stock closed at $4.10.

The value of Abu Dhabi’s investment will ultimately be shaped by the price of Citigroup’s stock come March. But it seems very likely that “one of the world’s…most sophisticated equity investors,” as Citi crowed of Abu Dhabi when it inked the complex deal, will soon overpay for the stock of a bank that has fallen into the arms of the U.S. government……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From WSJ: An innovative deal between China Investment Corp. and Apax Partners is expected to value the U.K. buyout firm at around $5 billion, suggesting that valuations are holding up for the top performers in the asset class.

CIC is in negotiations to take a 2.3% stake in Apax Partners as part of a deal that will also involve the Chinese sovereign wealth fund investing in an Apax funds……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Chinaeconomicreview.com: China Investment Corp (CIC), the country’s sovereign wealth fund, is poised to become a key investor in private equity firm Apax Partners, Reuters reported, citing a source familiar with the situation.
A deal currently under discussion would give investors in Apax’s latest buyout fund the option of transferring up to US$1.2 billion of commitments to CIC……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From WSJ: Existing investors can cut their commitments by up to EUR800 million total, but the fund won’t get smaller - instead, China Investment Corp. will take over the commitments.
The Chinese sovereign wealth fund may also take a stake in Apax’s management company, joining a couple of other big sovereign wealth funds, the paper says……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Dow Jones: Bank of China Ltd. Vice President Zhang Yanling said Friday she believes the bank’s major shareholder, Central Huijin Investment Ltd., will think about ways to boost the lender’s capital base.

But she said a decision is up to Huijin, a domestic investment unit of China’s sovereign-wealth fund, and she isn’t aware of whether Huijin has formulated any such plans……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Reuters: China Longyuan Power Group Corp Ltd raised $2.2 billion in the world’s eighth-largest IPO this year. Longyuan’s offering had attracted the interest of China’s sovereign wealth fund China Investment Corp (CIC), U.S. billionaire investor Wilbur Ross and China Life Insurance Group.

Investors are hungry to invest renewable energy stocks in order to tap the fast growth of the sector, despite currently volatile market conditions……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Nytimes.com: Even though Dubai did not have any consistent revenue to seed a sovereign fund, Dubai World began its own version of a government investment entity in Istithmar.
Unlike cash-rich funds in the region, Istithmar used debt and a fair amount of swagger to transform an initial $2 billion cash stake from Dubai World into a $15 billion entity that in its outlook and approach was more a private equity fund than a sovereign fund……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Businessweek.com: The blurry lines between Dubai World, the corporate entity, and Dubai, the sovereign state, only make the restructuring process more unpredictable than that of a typical private company.
In the end, the fate of Dubai World may be determined by the families that have governed the region for over a century, rather than investment bankers on Wall Street. “This may just come down to one sheikh calling another,” says a senior adviser, who’s currently working with Dubai World……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Financialexpress.com: Abu Dhabi has $50 billion of annual oil revenue and some $400 billion in its sovereign wealth fund. It thus could easily support Dubai, as it did in February.

Moreover, total foreign claims on the UAE (which includes Dubai) are $123 billion, according to the BIS. This clearly exaggerates the exposure to Dubai, as the BIS data includes SWAPs data and, above all, lending to other UAE states than Dubai……………………………Full Article: Source

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Posted on 04 December 2009 by VRS |  Email |Print

From Bernama: Khazanah Nasional Berhad and the National Heritage Department have been entrusted to restore two heritage sites recognised by United Nations Educational, Scientific and Cultural Organization (Unesco).
The sites are Melaka and George Town, Penang……………………………Full Article: Source

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