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Sovereign Wealth Funds Briefing 25.Mar 2015

Posted on 25 March 2015 by VRS |  Email |Print

As sovereign funds boost direct private equity and venture capital investment, new research suggests that they may be missing out on returns. In a recent long-term study, sovereign wealth funds’ and other institutions’ direct investments in venture capital.
Alaska Permanent Fund Corp. made direct investments totaling $128.5 million in Juno, and now its 28 percent stake is worth $1.5 billion. The allocation was a “real home run,” says APFC chief executive Michael Burns. “We’re really proud of it, but it does distort our direct investment performance, as it wasn’t the norm.” Sovereign wealth funds’ ability to deploy large amounts of capital, combined with their long-term horizons and lack of liabilities, makes them natural candidates for private equity and venture capital investments, whether they allocate directly or through external managers………………………………………..Full Article: Source

Posted on 25 March 2015 by VRS |  Email |Print

Norway’s sovereign wealth fund, the country’s collective bank account now valued at $1 trillion and built from off-shore oil reserves, is often held up as a prime example of how such funds can succeed. The usual rule: make prudent investments, stick to them, be transparent and watch the money grow exponentially.
But Norway’s Government Pension Fund, as it is formally called, is only one of an estimated 80 or so sovereign wealth funds worldwide that collectively hold $7 trillion US. These others probably also hold lessons for how governments can save wisely for future generations. Lessons that might apply to Alberta’s Heritage Savings Trust Fund, which began in 1976 with the best of intentions, but seems to have stalled out at roughly $17.2 billion. But rating these sovereign wealth funds, it turns out, is a subjective affair………………………………………..Full Article: Source

Posted on 25 March 2015 by VRS |  Email |Print

Billionaire Li Ka-shing’s Hutchison Whampoa Ltd. agreed to acquire Telefonica’s O2 unit in the U.K. for more than £10.25 billion (S$20.80 billion) to create the country’s biggest wireless provider by customers. The price includes an initial sum of £9.25 billion in cash, with the remainder to be paid when certain financial targets are met, Telefonica said Tuesday.
Hutchison is selling 30 per cent of the enlarged business, a stake it values at as much as £3 billion, people familiar with the matter said. Hutchison is in talks with investors including Singapore’s sovereign wealth fund GIC and Canada Pension Plan Investment Board, and has also held discussions with potential partners including Qatar’s sovereign-wealth fund, they said………………………………………..Full Article: Source

Posted on 25 March 2015 by VRS |  Email |Print

Currently, China has 27 nuclear reactors under construction. The Asian giant’s nuclear programme possessed 18 GW of nuclear energy capacity in 2014, determined to hit 58 GW by 2020. The demand from China, India and the Middle East are elevating uranium prices, catching up to pre-Fukushima levels.
Perth-based Paladin Energy Ltd, a Uranium explorer and mining company, has agreed to issue US$ 50 million in senior, unsecured convertible bonds to Leader Investment Corporation, a sovereign wealth enterprise (SWE) of the China Investment Corporation (CIC). These convertible bonds issued to the sovereign wealth fund are on the same terms and conditions from the last US$ 100 million convertible bonds that were issued to clients of JP Morgan………………………………………..Full Article: Source

Posted on 25 March 2015 by VRS |  Email |Print

China’s social security fund gained 139 billion yuan (22.7 billion U.S. dollars) from investment in 2014, with an 11.4 percent return on investment, the National Council for Social Security Fund said on Tuesday. The rate of return outperformed the 6.2-percent return rate in 2013.
Founded in 2000, the fund is designed to solve the country’s aging problem as well as being a strategic reserve to support future social security expenditure. By the end of last year, the fund’s managed assets totaled over 1.5 trillion yuan………………………………………..Full Article: Source

Posted on 25 March 2015 by VRS |  Email |Print

New Zealand Superannuation Fund(NZ Super) was founded in 2001 as a means to help smooth the tax burden associated with rising universal pension costs among the island nation’s generations. Later, it helped pioneer an innovative portfolio management policy to “tilt” toward better prospects within its allocation strategy. With $21.5 billion in assets under management, the fund is viewed as an exemplar of governance and investment acumen among sovereign wealth funds.
We’ve changed that quite a lot in the last few years. We were much more traditional. Five years ago we would allocate $50 million and hope that we’d get it back plus a little bit more in 10 or 12 years. Then we changed our focus to becoming a little more opportunity-driven, we want to be able to change the amount of risk we’re allocating to an opportunity if that opportunity changes………………………………………..Full Article: Source

Posted on 25 March 2015 by VRS |  Email |Print

Six worker unions demanded that top officials of Malaysia Airlines (MAS) and owner Khazanah Nasional be removed in place of the 6,000 workers that will be made redundant in the flag carrier’s restructuring.
According to local business paper The Edge Financial Daily, the unions led by Tan Sri Zainal Rampak and representing up to 13,000 MAS employees said “mismanagement” on the part of MAS and Khazanah as well as their “failure to turn around the airline on numerous occasions” were reason enough for the officials to go rather than workers………………………………………..Full Article: Source

Posted on 25 March 2015 by VRS |  Email |Print

The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, told TOI on the eve of his summit with Narendra Modi - the Prime Minister’s first with a leader of the Arab world - that his energy-rich country wanted to invest big in India. “I know that the new government is taking a number of initiatives, especially in business and investment, which is very interesting and encouraging from our point of view. We trust the Indian economy. So we will invest in India.”
Through the Qatar Investment Authority, he holds significant stakes in such blue-chip corporations as Harrods, Barclays and Sainsbury; he also owns the famed Paris Saint-Germaine Football Club, and controversially won the right to host the 2022 football World Cup………………………………………..Full Article: Source

Posted on 25 March 2015 by VRS |  Email |Print

Qatar Investment Authority and Swiss travel retailer Dufry are teaming up to bid for Italian travel retailer World Duty Free (WDF), which belongs to the Benetton family, two sources familiar with the matter told Reuters on Monday. “QIA and Dufry have a joint bid for WDF,” said a senior banker in Doha familiar with the matter.
He declined to give details but said the tie-up was a sign of a more conservative investment style adopted by the Qatari sovereign wealth fund recently; in the past, it might well have bid by itself. A second source confirmed the joint bid and said the deadline was now expected to be March 31, after a delay due to rival bidders - South Korea’s Lotte Group and China’s Sunrise Duty Free - asking for more time………………………………………..Full Article: Source

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