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Sovereign Wealth Funds Briefing 20.Jan 2014

Posted on 20 January 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC is buying more than one-third of the space in New York’s Time Warner Centre with two partners for US$1.3 billion (S$1.65 billion). The 1.1 million sq ft of office space in the twin tower development, located in Colombus Circle, is being bought from United States media giant Time Warner, which will lease it back until early 2019.
Time Warner is moving its operations to Hudson Yards, in another part of New York, it said in a Thursday statement. About 5,000 employees, including those from its HBO, Turner Broadcasting, and Warner Bros businesses, will occupy the new office in Hudson Yards at the end of 2018………………………………………..Full Article: Source

Posted on 20 January 2014 by VRS |  Email |Print

Intas Pharmaceuticals is in discussion with private equity (PE) investors for another round of funding, after drawing back for a second time from floating an initial public offering (IPO).
According to sources, Temasek Holdings, the Singapore government-owned sovereign fund, is in discussion to invest $150-180 million (Rs 920-1,100 crore) for acquiring a significant minority stake. The Ahmedabad-based pharma company is expected to use the money for expansion and a partial exit for the existing PE investor, ChrysCapital, which has about 16 per cent………………………………………..Full Article: Source

Posted on 20 January 2014 by VRS |  Email |Print

China has agreed to help fund Ireland’s fast-growing technology firms as the former Celtic Tiger strives to find new sources of financing to kick-start its economic recovery as it emerges from its debt crisis.
Irish Finance Minister Michael Noonan said Friday the sovereign-wealth funds of China and Ireland together will provide $100 million for the purchase of stakes in Irish technology companies, adding that he hoped this would be the first of several such joint-initiatives by the two countries………………………………………..Full Article: Source

Posted on 20 January 2014 by VRS |  Email |Print

CITIC Capital Holdings Limited, which is backed by CITIC Group Corp and China sovereign wealth fund CIC said on Friday it has established a multi-strategy hedge fund, CCTrack Solutions. The fund will target institutional investors in North America, Europe and Asia, CITIC Capital said.
CITIC Capital has over $4.3 billion in capital under management. It is owned by China Investment Corporation, China’s sovereign wealth fund; CITIC Group, the largest Chinese conglomerate, through its CITIC International Financial Holdings Ltd and CITIC Pacific Ltd subsidiaries and Qatar Holding LLC……………………………………….Full Article: Source

Posted on 20 January 2014 by VRS |  Email |Print

China and Ireland have set up a new technology investment fund to support relevant companies of both countries to carry out R&D activities, the Chinese embassy confirmed on Saturday. On Friday, Ireland’s National Pensions Reserve Fund (NPRF) announced the establishment of the investment fund with a Chinese sovereign wealth fund.
In a statement, the NPRF said the fund, called the China Ireland Technology Growth Capital Fund, will be capitalized at US$100 million with equal commitments from the NPRF and China Investment Corporation (CIC)………………………………………..Full Article: Source

Posted on 20 January 2014 by VRS |  Email |Print

The creation of a sovereign wealth fund in Israel was approved on Wednesday by the Knesset Science and Technology Committee. The bill included an additional detail stipulating that the special committee in charge with managing the fund’s budget will be led by the Knesset House Committee Chairman.
The creation of the sovereign wealth fund is essential to prevent the eventual negative repercussions of a substantial inflow of revenues from the sale of natural gas to export markets. The phenomenon is commonly known as ‘Dutch Disease’ and is one of the negative effects of an energy boom. The increase of wealth could cause a strengthening of the local currency - the Shekel - to the detriment of other industries that could lose in competitiveness………………………………………..Full Article: Source

Posted on 20 January 2014 by VRS |  Email |Print

In 2014 the State Oil Fund of Azerbaijan (SOFAZ) plans to invest $327.2 million in the project for the construction in Azerbaijan of a new generation floating drilling rig, SOFAZ told Trend on Jan.16.
According to SOFAZ, in 2013 the fund allocated $215.6 million for the project. In total, in 2013 the Oil Fund planned to allocate 380.57 million manat for the construction of a new floating drilling rig………………………………………..Full Article: Source

Posted on 20 January 2014 by VRS |  Email |Print

The Partnership Fund (PF), a state-owned shareholding company in cooperation with its daughter company, Georgian Oil and Gas Corporation (GOGC) launched the construction of a 230 MW Combined Cycle Thermal Power Plant in Gardabani, Kvemo Kartli region on January 17. The goal of the project, according to the PF’s management, is to generate additional electricity and strengthen the country’s energy security.
“It will be the most viable reserve for the country which will bolster our country’s energy security. In terms of creating a new source of energy generation in the country, this project is a step forward,” Irakli Kovzanadze, Executive Director of the Partnership Fund says. As he explained, the implementation of such a large-scale project is the first of its kind in the history of Georgia………………………………………..Full Article: Source

Posted on 20 January 2014 by VRS |  Email |Print

Norway’s Government Pension Fund lost NOK 29.6bn (€2.95bn) in 2008, a massive drop attributed to the equities, according to figures from Folketrygdfondet. The asset manager is a state-owned company, and is solely responsible for the domestic pension fund which invests only in Nordic countries. It has confirmed in its annual report for 2008 that the scheme had dropped by NOK 25.2bn, from NOK 113bn in 2007, to NOK 87.8bn at the end of 2008.
The pension fund returned -25.1 per cent overall, with positive returns coming from fixed income in Norway (8.48 per cent yield) and in other Nordic countries (23.49 per cent). The fund has a target allocation of 60 per cent in equities, and in 2008 44.5 per cent of the fund was invested in Norwegian equities, returning -49.2 per cent………………………………………..Full Article: Source

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