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Sovereign Wealth Funds Briefing 02.Jul 2014

Posted on 02 July 2014 by VRS |  Email |Print

Italian state-backed private equity fund Fondo Strategico Italiano (FSI) and Kuwait Investment Authority (KIA) have created an investment company with assets and commitments worth 2.185 billion euros ($2.98 billion), FSI said on Tuesday.
The new company, FSI Investimenti, will be 77 percent owned by FSI and 23 percent owned by KIA, it added. “The agreement is consistent with FSI strategy of increasing its capital to 7 billion euros, also by attracting foreign investments in Italy,” FSI said in the statement………………………………………..Full Article: Source

Posted on 02 July 2014 by VRS |  Email |Print

The Romanian Government will start looking for investors to subscribe in the first private equity fund managed by the state, this fall, according to Mircea Geoana, senator for the Social Democratic Party (PSD). He said that this fund could gather up to EUR 4 billion. This vehicle won’t be a sovereign fund in the true sense, as most money will come from private investors, according to Wall-street.ro.
“Technically, it’s not a sovereign fund, we are following the Polish model. It is a fund that will be called Romania-Moldova. On October 2-4 this year we will make an announcement of the public offer and then we will start presenting it in a road-show and try to gather investors. The fund will be launched in 2015, because it will take at least nine months to make the necessary documentation and gather investors,” Geoana explained………………………………………..Full Article: Source

Posted on 02 July 2014 by VRS |  Email |Print

The Future Fund has accused AustralianSuper of backtracking on its own valuation of the Perth Airport, a dispute which is at the heart of the legal case one of the country’s biggest superannuation funds is waging against Australia’s sovereign wealth fund. According to the defence the Future Fund has lodged with the Supreme Court of Victoria, AustralianSuper had previously agreed with the now disputed valuation and it believes AustralianSuper may be pursuing the legal action in a bid to achieve a commercial settlement.
A spokesperson for the Future Fund told Financial Standard that the “Future Fund is pleased to have finally been provided with the opportunity to lodge its defence with the Victorian Supreme Court. We have consistently and strongly maintained that Future Fund has acted appropriately at all times, and we totally reject the allegations of wrongful conduct that have been made. “Future Fund remains confident in its position and will vigorously defend this matter.”……………………………………….Full Article: Source

Posted on 02 July 2014 by VRS |  Email |Print

Rumours are flying as to whether the new owner of Westfield’s shopping malls might sell half or more of its New Zealand portfolio. Scentre Group listed on the ASX yesterday after being created out of a restructure of Westfield’s New Zealand and Australian retail assets.
The rumours were that Singapore’s sovereign wealth fund, GIC, and Canadian pension fund CPPIB were keen to acquire a stake, he said………………………………………..Full Article: Source

Posted on 02 July 2014 by VRS |  Email |Print

Beginning with help for a pregnant mother — such as prenatal care and job support — to support for a child even before he or she enters pre-school, a new programme by Temasek Cares aims to assist children from families at risk, so they start life on a better footing.
The programme, which will be launched within the next few months, is one of several new initiatives announced yesterday by Temasek Cares, the philanthropic arm of Temasek Holdings, which yesterday pledged an additional endowment of S$60 million. This would bring the total endowment to S$289 million………………………………………..Full Article: Source

Posted on 02 July 2014 by VRS |  Email |Print

Wessal Capital, the €2.5 billion Moroccan private equity-style vehicle backed by five sovereign-linked investors, is seeking private equity partners for ­co-investments in the country. Tarik Senhaji, chief executive of the Moroccan Fund for Tourism and a board member of Wessal Capital, said that the firm was in talks with US-based private equity firms but would also look for European buyout firms to partner with on investments in Morocco.
The firm, set up in 2010 via a memorandum of understanding, has backing from a club of Gulf Cooperation Council sovereign-linked heavyweights. Abu Dhabi’s sovereign wealth fund Aabar Investments, the Al-Ajial fund of the Kuwait Investment Authority, Qatar Holding and the Saudi Arabian Public Investment Fund each contributed €500 million alongside the Moroccan Fund for Tourism Development………………………………………..Full Article: Source

Posted on 02 July 2014 by VRS |  Email |Print

The Abu Dhabi Investment Authority (ADIA) has expanded its investment teams for illiquid asset classes such as real estate, infrastructure and private equity. The sovereign wealth fund also restructured its accounts department and recruited for its IT team, and says overall staff numbers rose to more than 1,500 at the end of last year, an increase of 100 compared with 2012.
“We have built out our investment teams in the illiquid space, such as real estate, infrastructure and, more recently, private equity, adding considerable expertise across geographies and asset specialisation,” says Hamed bin Zayed Al Nahyan, managing director, in the fund’s 2013 review………………………………………..Full Article: Source

Posted on 02 July 2014 by VRS |  Email |Print

The Abu Dhabi Investment Authority (ADIA) has added over 100 employees across its equities, infrastructure and private equity teams during the past year and is planning to expand throughout 2014 in both the front and back office.
The world’s (second) largest sovereign wealth fund has just revealed its annual report and points to a year of expansion, where it added employees at a senior level and throughout across its various divisions. ADIA says that it will be hiring for mid-level recruits in private equity, will be “selectively” growing its infrastructure team, plans to add more people across its Asia ex-Japan portfolio and will also build its operations and risk team within its alternative investments arm………………………………………..Full Article: Source

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