Fund of the Month (May'22): VFMC

1st May, 2022

For the year ended 30 June, 2021, the Victorian Funds Management Corporation (VFMC) reported a one-year-return of 16.9% and ten-year annualized return of 9.4%. The state investor manages AUD $74.5 billion (US$ 56 billion) on behalf of 31 public authorities of the state of Victoria. Seven months ago, CEO Lisa Gray retired and passed the baton to Kate Galvin, an executive with extensive asset management, banking, wealth management, markets, and legal expertise that would enable VFMC to continue with its evolution and delivery of market leading long-term returns. We had the pleasure of chatting with Ms. Galvin about her vision for the future of the organization.

Sovereign Investors Plan to Back India’s Biggest Ever IPO

28th April, 2022

The Abu Dhabi Investnent Authority (ADIA), Singapore’s GIC and Norway’s Norges Bank Investment Management (NBIM) are among those engaged in talks as potential anchor investors in the floatation of government-owned Life Insurance Corporation of India (LIC), reports Bloomberg.

Bain Tasked by PIF to Develop India Strategy – More Investment in Renewables?

27th April, 2022

Investment in India’s infrastructure has an enduring attraction for sovereign wealth funds with around US$18 billion allocated to the development of the South Asian economy by state-owned investors from 2016 to date - and Saudi Arabia is set to boost that level even further with new plans that are set to involve green energy expansion.

Kazakhstan’s Sovereign Fund Fights Corruption Ahead of Divestments with New Hires and Transparency Drive

26th April, 2022

Kazakhstan’s Samruk Kazyna sovereign wealth fund is hiring someone to help draft its new strategy and seeking to boost transparency and improve governance, just months after cutting half its staff to 124 personnel and closing offices in Beijing, Moscow and London and ahead of plans to divest portfolio companies.

UK Real Estate Winning Back Interest from Sovereigns with GIC's Big London Office Investment

25th April, 2022

The acquisition of a 75% stake in Paddington Central – a significant area of prime real estate regeneration in London – by Singaporean sovereign investor GIC demonstrates a revival of interest in the British capital’s real estate market, as it shakes off the risks associated with Brexit and the pandemic.

Sovereign Investors Back Ramsay Health Takeover Amid Defensive Pivot Against Inflation and Volatilty

22nd April, 2022

The Abu Dhabi Investment Authority (ADIA) and Australia’s healthcare sector superannuation fund HESTA have joined a consortium led by US private equity firm KKR that is seeking to buy Australia-based global hospital operator Ramsay Health Care for A$20 billion (US$15 billion) - a move that proves Australia is an enduring attraction for both domestic and foreign state-owned investors (SOIs).

Lack of Diversification Exposes NBIM to Geopolitical Volatility

21st April, 2022

Norges Bank (NBIM) has reported that the Government Pension Fund Global returned -4.9% in Q1 2022, delivering a loss of NOK653 billion (US$73 billion), suggesting that sovereign funds can expect a rocky year ahead - but also that diversification in private markets could cushion the blow.

Egyptian and Saudi Sovereign Funds Plan to Green the Red Sea

20th April, 2022

The transition to low carbon energy sources is at the top of the agenda of Arab sovereign wealth funds as they seek to diversify domestic and regional economies and gain exposure to progress towards the Paris Agreement’s net zero goals.

OTPP Aims to Triple Venture Capital Allocation and Plans Silicon Valley Push

19th April, 2022

One of Canada’s biggest public pension funds is following a trend seen throughout the sovereign investor universe towards creating venture capital platforms in the bid to boost long-term returns.

OIA breathes again, but keeps privatization plans in place

18th April, 2022

The past few years have not been easy for the finances of Oman Inc. The Sultanate has one of the smallest shares of crude oil reserves in the GCC and the second highest fiscal breakeven point, after Bahrain. For the period 2015-2021, Omanis needed the oil price to be above $87/barrel to make money – which never happened, until January 2022.

Indonesia’s INA puts international capital to work

15th April, 2022

This week the Indonesia Investment Authority (known as INA) signed two agreements to invest US$ 2.7 billion in three parts of the Trans-Sumatra toll-road as well as in two parts of the Trans-Java toll-road. When finished, the former will cover 2,818 km across the Western island while the latter will be smaller at 1,167 km and will link the country’s (current) capital city, Jakarta. The total cost of both projects is estimated at over US$ 40 billion.

What do Abu Dhabi and Singapore Have in Common? Agtech

13th April, 2022

Local geography and resource limitations are driving agricultural tech investments by state-owned investors from the UAE and Singapore.

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