NSIA and Seven Energy Ink Deal

The Nigeria Sovereign Investment Authority (NSIA), through its gas and power funds managed on behalf of Nigeria’s Debt Management Office, has signed a commitment letter to invest at least US$ 100 million in senior secured notes issued by Nigeria-based Seven Energy International Limited. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please [...]

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sovereign wealth fund transactions

2014 Looks to Beat 2013 in Sovereign Wealth Fund Transactions

Increasingly, sovereign wealth funds are investing directly. The larger sovereign funds are getting involved in more deals, whether in institutional real estate, partaking as a group member in a company acquisition or buying more shares on the open market. As a whole, the world of sovereign wealth funds is rapidly expanding due to numerous factors. [...]

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Yngve Slyngstad

Looming Issues: NBIM Ponders Appropriate Benchmarks

Norges Bank Investment Management CEO Yngve Slyngstad gave some remarks on benchmarking at Norway’s Ministry of Finance, poking holes at current indexes. Norway’s Government Pension Fund Global derives its wealth from oil. The fund expanded into public equities in 1998 and in recent years institutional real estate. Norway’s sovereign wealth fund has added overseas real [...]

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SWFI – Movers and Shakers – September 22, 2014

Charles Plosser to Retire Philadelphia Federal Reserve President Charles Plosser is set to retire. He has been a vocal critic of quantitative easing. He will leave the FOMC in March 2015. Plosser was an economics professor at the University of Rochester and former dean of the University of Rochester Simon Business School. He was the [...]

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Texas Permanent School Fund Approves $900 Million in Active Quantitative EM Equities

Mandates on emerging market equities continue to proliferate among U.S. public funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Defense Counters: More Details Revealed in Goldman vs. LIA Trial

The US$ 1 billion lawsuit over the 9 “dubious” derivatives transactions between the Libyan Investment Authority (LIA) and Goldman Sachs has moved forward. Goldman Sachs has prepared for its defense, releasing nuggets of information refuting the LIA’s claims. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI® NEWS, ARTICLES AND CURRENT ENTRIES

RDIF Builds Ties With Freight Village Ru

Business as usual at the Russian Direct Investment Fund (RDIF) as it reached consensus for a probable investment in Freight Village Ru, a logistics holding company founded in 2012. Freight Village Ru develops industrial parks under the Freight Village format. The proposal capital investment would allow Freight Village Ru to expand its Vorsino project. The [...]


Kuwait Sovereign Wealth Fund Sees Increased Activity in Germany

The Kuwait Investment Authority (KIA) has been bullish on Germany for decades – moving billions into the country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, September 19, 2014

Scotland Votes “No” for Independence According to the BBC, results for Scottish independence from the United Kingdom show that 55.3% of the people voted “NO”. 44.7% of people voted “YES” for Scottish independence. The question remains if there will ever be a Scottish sovereign wealth fund. Institutional Capital Moves into Mexico for Energy Sierra Oil [...]


No Surprise: CalPERS Officially Names Eliopoulos CIO

On September 17, the California Public Employees’ Retirement System (CalPERS) selected Theodore “Ted” Eliopoulos as the official chief investment officer of the pension giant. This is ending a 7-month CIO search. Eliopoulos served as the interim CIO, taking over the job from the late Joseph Dear. Eliopoulos started at CalPERS as the senior investment officer [...]


ALM Pioneer Guus Boender Passes

Guus Boender was a co-founder of Ortec and became CEO of Ortec Finance in 1981. Boender has passed away on Monday morning after a battle with cancer. Boender was well internationally-recognized for his work and dedication in the asset-liability management (ALM) space. Ortec worked on a number of asset liability management strategies with organizations like, [...]


Here’s Why CalPERS Dropped Hedge Funds

Are hedge funds losing significance with major institutional investors? The California Public Employees’ Retirement System (CalPERS), the largest U.S. pension fund, expelled hedge funds from its portfolio – sending a shock to the estimated US$ 3 trillion hedge fund industry. Some hedge funds are known for leveraged bets on market beta. CalPERS interim Chief Investment [...]


Norway Sovereign Wealth Fund Spends $1.5 Billion on NY and Boston Properties

Norges Bank Investment Management (NBIM), which manages the sovereign wealth of Norway, has inked a deal to acquire a 45% interest in 601 Lexington Avenue (formerly Citigroup Center), in addition to equal shares in two Boston properties for US$ 1.5 billion in cash. This puts the aggregate value of the properties at around US$ 4.06 [...]


It’s Official: CIC Shifts Executives, Lau Steps Down

The China Investment Corporation (CIC) appointed Guo Haoda to chair the Board of Supervisors. He replaces Li Xiaopeng. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


MENA Infrastructure Seeks to Raise $500 Million for Second Fund

Dubai-based MENA Infrastructure is seeking to raise a second US$ 500 million Shari’a-complaint infrastructure fund, MENA Infrastructure Fund II, will focus on Middle East, North Africa and Turkey. MENA Infrastructure is owned by HSBC Bank Middle East Limited, Fajr Capital and Waha Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please [...]


SWFI – Movers and Shakers – September 16, 2014

Putnam Hires Lazard Asset Management’s US Head of Institutional Marketing Boston-based Putnam Investments has hired Jeffrey L. Gould as head of global institutional management. Gould does not have an official start date. Gould replaced Joseph Phoenix who exited Putnam late in 2013. Phoenix had been with Putnam since 1989 and Putnam CEO Robert Reynolds desired [...]


Public Funds Eye Associated British Ports

Goldman Sachs and UK-based Prudential plc, through its infrastructure investing arm called Infracapital Partners LP (managed by M&G Investment Management), are seeking to sell their combined 33% stake in Associated British Ports Holdings Ltd. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


3 Trends Forcing Sovereign Funds to Rethink Tactical Asset Allocation

On September 15, Paris-based Organization for Economic Cooperation and Development (OECD) chopped its economic growth forecast for the United States and other large developed countries. The OECD painted a picture of the Eurozone facing very low inflation rates, pushing back demand and heightening unemployment. There is amplified divergence occurring in economic markets. Some countries are [...]


credit funds

CalPERS Gives Out $2.65 Billion to Real Estate and Credit Managers

The California Public Employees’ Retirement System (CalPERS) committed US$ 600 million toward two real estate partnerships. CalPERS added US$ 200 million to Palo Alto-based Pacific Urban Residential, a joint venture partner to the multi-family real estate partnership called Pacific Multifamily Investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


NZ Labour Party Cunliffe Unveils Sovereign Wealth Plan

Politics is heating up in New Zealand as the opposition party unveiled some new elements to their platform. New Zealand’s Labour Party, headed by leader David Cunliffe, wants to establish a sovereign wealth fund to invest in new companies. Cunliffe, a sitting member of NZ parliament, representing New Lynn, West Auckland, mentioned the companies also [...]


Libya’s New Majlis al-Nuwaab Fires Central Bank Governor

Libya’s Majlis al-Nuwaab or known in the West as “House of Representatives”, which is exiled in the Eastern city of Tobruk, has fired the central bank governor on September 14, 2014. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Public Funds Bet on XPO Logistics

Greenwich-based XPO Logistics, which is publicly-traded on the NYSE, has drawn interest from a pool of public sector capital. Ontario Teachers’ Pension Plan (OTPP), Canada’s Public Sector Pension Investment Board (PSP Investments) and Singapore’s GIC Private Limited have agreed to invest US$ 700 million into XPO for an approximate 21% equity stake. The investment will [...]


Moving Forward: Congo’s Determination to Create a Sovereign Wealth Fund

Staff members at the International Monetary Fund (IMF) urged Congo government officials to work with the Bank of Central African States (BEAC) to achieve agreement on reserve management policies. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, September 12, 2014

Emaar Malls Group Seeks to IPO Emaar Properties is trying to have an initial public offering for its mall unit Emaar Malls Group. The IPO is targeted to raise approximately US$ 1.44 billion for Emaar Properties. The Emirates Investment Authority (EIA) reserves the right to purchase 5% of the transaction. The UAE federal sovereign wealth [...]


CCMP Capital Advisors Raises $3.6 Billion for Fund III

New York-based CCMP Capital Advisors, LLC has closed CCMP Capital Investors III at US$ 3.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Goldman Sachs Lands $2 Billion Deal to Assist NY Pension Assets

The US$ 180.7 billion New York State Common Retirement Fund and Goldman Sachs Asset Management have formed a strategic partnership to manage US$ 2 billion in active global strategies. The pension fund has about US$ 100 billion in its global equity portfolio and is headed by New York State Comptroller Thomas DiNapoli. Goldman Sachs has [...]


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