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Sovereign Wealth Funds Briefing 07.Aug 2014

Posted on 07 August 2014 by VRS |  Email |Print

Prestige Estates Projects has closed the issue of its qualified institutional placement (QIP) mopping up close to Rs 615 crore. The Bangalore-based developer tendered in 25 million shares– belonging to the promoter family — to a clutch of fund houses based in the US, UK, and Asia, said sources briefed on the matter.
A couple of sovereign wealth funds from South East Asia and West Asia also picked up shares in the QIP, which was oversubscribed in excess of 1.5 times of the original issue. The QIP had a base issue target of $75 million with a clause for Prestige to upsize to $100 million if there was an over subscription………………………………………..Full Article: Source

Posted on 07 August 2014 by VRS |  Email |Print

The Future Fund reports that in the 2013/2014 financial year investment returns added AUD12bn to its value. Original contributions to the fund from government valued at AUD60.5bn have generated investment returns of over $40bn and overall, the value of the sovereign wealth fund has increased to AUD101bn.
Over seven, five, three and one year periods to the end of June this year the fund has either met or exceeded its return objective: Since its creation in May 2006 the Fund has achieved a return of 7.1% per annum, just shy of its target of 7.2%. “These returns show the value of long-term and patient investing. In the Fund’s early days, in a challenging investment climate, the returns were below the target range, but disciplined adherence to clear objectives have delivered good results over the medium-term. The Fund is now focused on performance through to 2020 and beyond,” notes Peter Costello, chairman of the sovereign wealth fund………………………………………..Full Article: Source

Posted on 07 August 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC and Hong Kong-based Baring Private Equity Asia are in separate talks to invest about US$175 million (S$218 million) to buy a 49 per cent stake in India’s PNB Housing Finance currently held by investment firm New Silk Route, two people with knowledge of the matter said.
The deal could be finalised in about a month if the talks succeed, the people said. They declined to be identified as the negotiations were still private. PNB Housing Finance is a domestic mortgage lending unit of state-run Punjab National Bank, which holds the remaining 51 per cent stake………………………………………..Full Article: Source

Posted on 07 August 2014 by VRS |  Email |Print

China Life is set to inject $250m into TPG, in one of the first Chinese investments in the buyout industry since CIC took a $3bn stake in US private equity group Blackstone in 2007 – and suffered bruising initial losses.
State-backed China Life is the world’s third-largest life insurer by total assets, according to S&P Capital IQ – but, industry-wide, only about 4 per cent of Chinese insurers’ assets are invested overseas. China’s initial foray into private equity investment was marred by large paper losses, after CIC – which manages some of the country’s vast foreign exchange reserves – paid $3bn in 2007 for a 10 per cent stake in Blackstone………………………………………..Full Article: Source

Posted on 07 August 2014 by VRS |  Email |Print

Direct deals and transactions by global sovereign wealth funds touched US$ 50.02 billion in the first half of 2014. This is a 23.1% increase in transactions comparing it to the first half of 2013 (US$ 40.64 billion). The highest first half on record of direct sovereign wealth fund transactions was the first half of 2008 (US$ 51.05 billion), a significant portion of that amount was attributable to the bank bailouts.
Singapore is the lead acquiring nation for sovereign wealth fund direct transactions with US$ 21.21 billion for the first half of 2014. This is followed by the United Arab Emirates and China. In 2014, Temasek Holdings opened a New York office………………………………………..Full Article: Source

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