Sovereign wealth fund
CIC doubles alternatives exposure, posts loss for 2011
China Investment Corporation (CIC) doubled its exposure to private equity, direct investments and hedge funds in 2011 but market volatility saw the sovereign wealth fund’s global portfolio retract by 4.3%, contributing to its first-ever annual loss....
Temasek warns of volatility as annual profit declines
Temasek Holdings saw a marginal increase in the value of its portfolio to S$198 billion for the year ended March 2012, but net profit fell 16% to S$10.7 billion ($8.45 billion). The Singaporean sovereign wealth fund warned that the global economy remains...
Temasek buys stake in Asia-focused Ivanhoe Mines
Temasek Holdings has purchased a 5.5% stake in Canada’s Ivanhoe Mines, a move seen as part of ongoing efforts to increase the natural resources share of its portfolio. The transaction was channeled through Tembusu Capital, a private equity firm affiliated...
Temasek names Promeet Ghosh India MD
Temasek Holdings has appointed Promeet Ghosh as its first managing director level appointment in India. He will report to Singapore-based Rohit Sipahimalani and Lee Then Kiat who share responsibility for investments in the country.
CIC loses two more executives
China Investment Corp. (CIC), the $400 billion sovereign wealth fund, continues to see team volatility with the resignation of two more executives in recent weeks.
Temasek generates $2.5b from China banks sell down
Temasek Holdings has sold down $2.48 billion of shares in Bank of China (BoC) and China Construction Bank (CCB). It comes less than a month after the Singapore sovereign wealth fund picked up a $2.3 billion stake in Industrial and Commercial Bank of China...
Belgian, Chinese sovereign funds to launch joint vehicle
China Investment Corporation (CIC) is launching a small fund to help domestic companies make investments in Europe in partnership with Belgian Federal Holding Company and A Capital.
Ekuinas completes buyout of Tanjung’s marine vessel assets
Ekuinas, the Malaysian sovereign wealth fund, will buy the 76% of Tanjung Offshore’s marine vessel services arm it doesn’t already own for MYR220 million ($72.5 million) in cash. The asset, Tanjung Kapal Services (TKS), operates 16 offshore vessels...
ADIA hires Axa executive for emerging markets PE
Abu Dhabi Investment Authority (ADIA) has poached Axa Private Equity COO Christophe Florin to head up its emerging markets private equity team. He led Axa’s Asian operations between 2005 and 2008.
CIC gets a further $50b from Beijing
China Investment Corp. (CIC) has secured an additional $50 billion in capital from the government, having already received a $30 billion late last year.
Goldman completes third partial exit from ICBC
Goldman Sachs has completed another partial exit from its holding in Industrial and Commercial Bank of China (ICBC), selling $2.5 billion worth of H-shares. Temasek Holdings said it picked up $2.3 billion of the block sale, which amounts to a 1.3% stake...
Former STIC executive becomes CIO at KIC
Don Lee Dong-ik, former head of investments at PE firm STIC Investments, has been named CIO of Korea Investment Corp. (KIC), the country’s sovereign wealth fund. The first Korean national to get the job, Lee told AVCJ that the appointment is a huge...
Temasek names ST Telemedia CEO as general counsel, president
Temasek Holdings has named Lee Theng Kiat, CEO of portfolio company ST Telemedia, as its new general counsel. Lee, 59, will also serve as a president of the sovereign wealth fund, alongside John Cryan and Gregory Curl, presidents of Europe and Latin America,...
ASX chairman to lead Australia’s Future Fund
David Gonski will relinquish his role as chairman of the Australian Stock Exchange (ASX) to head up Future Fund, the country’s A$90 billion ($95 billion) sovereign wealth vehicle. He replaces David Murray, former CEO of Commonwealth Bank of Australia.
Western Australia moves forward on sovereign fund plans
The Western Australia government appears to have accelerated plans to set up a sovereign wealth fund to accrue a portion of the profits being generated by the region’s natural resources. Premier Colin Barnett mooted the prospect of a future fund that...
CDB fails to land RBS aviation unit despite making highest bid
China Development Bank (CDB) made the highest bid for Royal Bank of Scotland’s aviation-leasing unit but lost out on the transaction due to concerns about its ability to close the deal. The asset was sold to Sumitomo Mitsui Financial Group (SMFG) for...
Citadel Capital seeks capital from Chinese LPs
Middle Eastern private equity firm Citadel Capital is seeking to raise capital in China and is in talks with a Beijing-based sovereign wealth fund, according to Stephen Murphy, the firm’s managing director responsible for institutional fundraising.
Temasek launches $1.9b China fund
Singaporean sovereign wealth fund Temasek has launched Pavilion Capital, an investment vehicle that will channel up to S$2.5 billion ($1.9 billion) into deals in north Asia.
PTC India to set up PE vehicle with sovereign wealth fund
PTC India has agreed to set up a private equity fund with an unnamed sovereign wealth fund, according to the chairman of the state-run power trading company. It will have initial capital of $200 million and target stakes in power projects in India and...
CIC buys 25% stake in South Africa’s Shanduka Group
China Investment Corp. (CIC) has paid ZAR2 billion ($245 million) for a 25% stake in South African company Shanduka Group. The sovereign wealth fund will acquire shares from exiting investors Old Mutual Private Equity and Investec.
CIC plans to invest in Western infrastructure projects
China Investment Corp. (CIC) will commit funds to improving infrastructure in developed countries, starting with the UK, where it plans to team up with fund managers or participate through public-private partnerships.
Temasek confirms increase in CCB holding
Temasek Holdings announced Monday that it has increased its holding in China Construction Bank (CCB) to 9.42% from 8.10%. The transaction, disclosed in a filing with the Hong Kong Stock Exchange, took place on November 11, around the time that Bank of...
Asia’s sovereigns: Partners or competitors?
Asian sovereign wealth funds are increasing their exposure to private equity firms globally. They have one eye on returns and another on beating GPs at their own game
EQT, TPG funds reflect Asia’s PE power
Asia's growing significance in the private equity world was further confirmed in two separate fundraising events last week. First in Europe, where EQT Partners announced that Asia Pacific LPs were responsible for nearly one quarter of total commitments...