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Sovereign Wealth Funds Briefing 25.Apr 2012

Posted on 25 April 2012 by VRS |  Email |Print

Saumitra ChaudhuryIndia’s government is considering the formation of a strategic energy fund to help secure supplies of raw materials such as coal and crude oil to sustain the nation’s economic expansion.

Such a fund likely would begin with $10 billion and would be India’s first attempt at a government-backed investment vehicle—a model that has been used for years by other emerging-market nations including China and Singapore………………………………………..Full Article: Source

Posted on 25 April 2012 by VRS |  Email |Print

China’s sovereign-wealth fund, China Investment Corp. (CIC), has received an additional $50 billion in funding from the central government, according to a report Tuesday in the Financial Times. The increase was disclosed in Beijing by CIC officials attending a forum, according to the report.
The funding is a portion of the $100 billion-$200 billion sought by the CIC and likely represents an effort by the central government to release new funds slowly over time to better gauge the fund’s performance. CIC was founded in 2007 with $200 billion proceeds from a government bond issued by the Ministry of Finance that was then used to purchase foreign-exchange reserves from the People’s Bank of China………………………………………..Full Article: Source

Posted on 25 April 2012 by VRS |  Email |Print

The Malaysian sovereign wealth fund waits just a month for its $250 million QFII quota. It is one of five foreign institutions to get a new batch of allowances totalling $700 million.
China’s foreign exchange regulator has granted a QFII quota to Malaysian sovereign wealth fund Khazanah Nasional just a month after it was awarded its licence in a batch of new approvals totalling $700 million………………………………………..Full Article: Source

Posted on 25 April 2012 by VRS |  Email |Print

U.S. private equity firm TPG Capital is set to complete a $1.5 billion first close on its $4 billion-targeted sixth pan-Asian fund as soon as June, according to people familiar with the situation. The new vehicle will follow its $4.25 billion fifth fund, launched in 2008.

TPG’s latest deal in China involved working alongside sovereign-wealth fund Government of Singapore Investment Corp., when they jointly bought CNY750 million ($119 million) in convertible bonds in Chinese sportswear maker Li Ning Co., Dow Jones Newswires reported in January. The bonds, if converted, would give TPG a 7.6% stake in Li Ning and would give the Singapore fund a 7.9% stake. TPG also would get two board seats………………………………………..Full Article: Source

Posted on 25 April 2012 by VRS |  Email |Print

Godrej Properties and the government of Singapore (GIC) have called off talks to invest in Godrej and Jet’s much publicized Bandra Kurla Complex project.
Godrej Properties has always been looking for project financing for this particular project, which is in partnership with Jet Airways . Two contours of transaction are being discussed with GIC. One is that they would sell stake in the project to raise about Rs 500 crore and the other is that they could sell the entire building to GIC. This move would fetch them a higher value of about Rs 1,500 crore………………………………………..Full Article: Source

Posted on 25 April 2012 by VRS |  Email |Print

Christophe Florin, chief operating officer of Axa Private Equity, has left to join the Abu Dhabi Investment Authority, according to three people with knowledge of the matter.
Florin, who was also a member of the executive board of French insurer Axa SA (CS)’s private-equity unit, will head ADIA’s emerging markets private-equity team, said the people, who declined to be identified because the appointment has yet to be announced. He’ll be based in Abu Dhabi, they said………………………………………..Full Article: Source

Posted on 25 April 2012 by VRS |  Email |Print

Oil revenues held in sovereign wealth funds (SWFs) based could become key to states’ efforts to diversify into alternative energy sectors, according to the report published this week by the Geneva-based non-governmental organization World Economic Forum (WEF).
The report said SWFs – in addition to their role as stabilization funds to counteract the high volatility of resource prices and longer-term uncertainty – could decrease states’ dependence on traditional energy resources by investing in renewables………………………………………..Full Article: Source

Posted on 25 April 2012 by VRS |  Email |Print

Middle East investors are believed to have pulled back from negotiations to buy part of Royal Bank of Scotland, in a setback to the Government’s bid to return money to taxpayers.

Treasury officials have been working behind the scenes to reach a deal which could see a sizeable chunk of the state-backed bank hived off to sovereign wealth funds. But well-informed sources close to the talks last night indicated that investors have gone cold on the deal………………………………………..Full Article: Source

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