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Sovereign Wealth Funds Briefing 07.Jun 2013

Posted on 07 June 2013 by VRS |  Email |Print

Sovereign wealth fund Korea Investment Corp. got into private equity investing in 2009. Despite its relatively brief history, KIC has been an active investor in both funds and deals across the globe. The $56 billion-plus fund doesn’t plan to stop there, recently announcing plans to increase its exposure to markets such as China.
The fund’s goal over the medium to long term, according to KIC Chief Investment Officer Don Lee, is to increase the fund’s allocation to alternative assets to as much as 25% from the current level of 15%. We caught up with Mr. Lee this week to have him elaborate on the plans…………………………………….Full Article: Source

Posted on 07 June 2013 by VRS |  Email |Print

The federal government’s Future Fund shouldn’t be investing in coal assets, the Australian Greens says.The minor party has announced a campaign to push the $85 billion fund - which was set up to cover public sector superannuation liabilities - to offload its investments in fossil-fuel industries like coal.
“Why would you invest in the very commodity that is wrecking the climate and which has, in the longer term, huge potential losses for anyone who invests in it,” Greens Leader Christine Milne told reporters in Canberra on Thursday.The Greens are hoping to match the success of their anti-tobacco push, which led to the Future Fund dumping its $222 million tobacco-related investments…………………………………….Full Article: Source

Posted on 07 June 2013 by VRS |  Email |Print

For three months now, China Investment Corporation (CIC), a major sovereign wealth fund tasked with investing part of the country’s foreign exchange reserves, has been operating without a chairman of the board at its helm.
With few promising, low-risk investment opportunities open overseas these days, this position is being thrown around like a hot-potato that no one wants to be stuck with…………………………………….Full Article: Source

Posted on 07 June 2013 by VRS |  Email |Print

Typically, Chinese foreign direct investment has been to secure resources for China’s major industries, seen in the Chinese National Oil Corp.’s deal to buy Nexen, or China Investment Corp.’s $1.7-billion investment to buy a stake in Teck Resources Ltd. in 2009.
However, Deloitte, in its report The East Eyes the West Coast, notes that the Chinese government’s government’s 12th Five Year Plan put particular emphasis on the consumer economy, and since 2011, has made it easier for firms outside of the resource sectors to invest outside of China…………………………………….Full Article: Source

Posted on 07 June 2013 by VRS |  Email |Print

Gandaria City is the largest retail mall amid the growing high rises of south Jakarta, but for many years it stood as a half-finished skeleton. Its Indonesian-Chinese developer, Pakuwon Group, racked up huge debts during the Asian Financial Crisis of 1997 and was unable to complete the project.
Over the past decade, state-owned power companies China Huadian, Dongfang Electric and Sinohydro won major contracts to build coal-fired power stations and hydro plants. China Power International (CPI) and China International Corporation (CIC), China’s sovereign wealth fund, were given significant stakes in coal mines in turn. Yet many investments have disappointed…………………………………….Full Article: Source

Posted on 07 June 2013 by VRS |  Email |Print

The state oil fund of Azerbaijan, SOFAZ, has acquired 2.95 percent of shares in VTB, Russia’s second-largest bank. The $500 million deal took place under the secondary offering of the stock.
In addition to SOFAZ, the shareholders of VTB are Norges Bank Investment Management (4.28 percent), Qatar Holding LLC (through Credit Suisse AG), with 2.95 percent, and Onexim Holdings Limited (2.43 percent)…………………………………….Full Article: Source

Posted on 07 June 2013 by VRS |  Email |Print

Qatar stepped in with $7.1 billion of financial support for its ailing property firm Barwa Real Estate on Thursday, buying some key assets to help the company reduce its debt pile. Qatar Diar, the real estate arm of the Gulf state’s sovereign wealth fund, owns 45 percent of Barwa, according to Reuters data and is stepping in after Barwa notched up liabilities of about 37 billion riyals ($10.16 billion) at the end of 2012 due to overexpansion. Its profit plunged 46 percent in the first quarter.
“The sale proceeds will be directed towards extinguishing the company’s debts, reducing financing costs and improving the company’s financial position,” Barwa said in a bourse statement on Thursday…………………………………….Full Article: Source

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