News Digest: FWD mulls stake sale after IPO delay; Saudi family office eyes China deals
TOP NEWS OF THE WEEK
FWD Group, the Hong Kong insurer controlled by billionaire Richard Li, is considering options including a potential stake sale after delaying a planned initial public offering, according to people familiar with the matter.
The company could seek a valuation of more than $10 billion in any deal, the people said, asking not to be identified because the information is private.
Global insurers including Toronto-based Sun Life have approached FWD to express interest in a tie up, the people said.
Source: Bloomberg
Ajlan & Bros Holding Group, a prominent Saudi family office, is poised to forge substantial deals with Chinese firms in 2024, focusing on technology, new energy, and petrochemicals, with individual investments potentially exceeding $1 billion.
The Riyadh-based group aims to become a strategic investor, offering financial and legal expertise to support Chinese companies' expansion into the Saudi market.
The group is currently engaged in talks with leading listed companies in China.
Source: SCMP
The Pension Fund Association for Local Government Official, known as Chikyoren, hired Resona Bank and MFS Investment Management for two active overseas equity mandates.
The mandate by Resona Bank benchmarks against the MSCI ACWI Index excluding Japan, while the MFS Investment Management mandate benchmarks against the MSCI Kokusai Index.
The value of the mandate was not disclosed.
Source: Chikyoren
OTHER INVESTMENT NEWS
AUSTRALIA
Australian superannuation fund UniSuper has acquired 100% interest in a prime warehouse, logistics and manufacturing greenfield development site in Deer Park, Melbourne for A$260 million ($170 million) from Orica.
The A$120 billion super fund purchased the 66-hectare site in partnership with asset manager GPT Group and developer HB+B Property.
UniSuper and its partners plan to transform the site into an A$1 billion logistics, warehousing, and manufacturing hub.
Source: UniSuper
Australian superannuation fund Rest has committed funds to Cibus Fund II, an agriculture-oriented investment fund that prioritises sustainable farming and food value chain opportunities.
This marks the A$75 billion ($49 billion) super fund’s first impact investment in its alternative assets category, contributing to its goal of a 1% impact investment portfolio allocation by 2026.
Cibus Capital provides advisory services to the fund.
Source: Rest
AustralianSuper, in partnership with UK property developer British Land, has submitted a planning application to develop a permanent cultural venue at the Printworks London building.
This move follows Printworks London's transformation under music and arts operator Broadwick's management into a globally acclaimed cultural hotspot until its recent closure in May 2023.
The A$300 billion ($196 billion) superannuation fund and British Land are negotiating with Broadwick to manage the new facility.
The proposal aims to build upon the venue's legacy, which drew over 2.5 million visitors and hosted a plethora of events, by creating a dynamic leisure and cultural destination as part of the Canada Water Masterplan.
Source: British Land
JAPAN
The $315 billion Canadian pension investor, Caisse de depot et placement du quebec (CDPQ), has acquired an 80% stake in the Inuyama project—a solar power generation plant in Japan—alongside its portfolio company Shizen Energy.
Located in Aichi prefecture, the Inuyama project went into operation in early February and has a total solar power generation capacity of 31 megawatts.
This marks CDPQ’s first co-investment with Japan’s Shizen Energy as part of a $341 billion co-investment framework announced in October 2022.
Source: CDPQ
KOREA
The Construction Workers Mutual Aid Association (CWMAA) has issued requests for proposals for domestic real estate debt mandates.
CWMAA looks to hire four asset managers for the mandate with a minimum annual return target of 6%. The fund will focus on project finance loans asset-backed collateral loans within a three-year investment period. The deadline is February 24.
Source: CWMAA
Korea Post has issued requests for proposals for mandates for domestic private assets and domestic ESG-aligned fixed income, respectively.
The domestic private assets mandate will have a five-year investment period with various assets, but over half of its investments to a mezzanine strategy.
The domestic ESG-aligned fixed income has a deadline for applications February 23. The deadline for applications for the domestic private assets mandate is February 27.
Source: Korea Post
The Military Mutual Aid Association (MMAA) will create an W80 billion ($60 million) blind pool fund for the defence and technology sectors along with LIG Nex1 and IBK Capital.
MMAA will invest W40 billion, while investment bank IBK Capital and defence system developer LIG Nex1 will inject W25 billion and W15 billion, respectively.
LIG Nex1 and IBK Capital will jointly manage the fund and select domestic companies in artificial intelligence, robotics, unmanned transportation, aerospace, semiconductor, advanced materials and other sectors.
Source: MMAA
SINGAPORE
Singapore's Temasek Holdings Pte and Japan’s Norinchukin Bank are set to anchor a $173 million fund that will invest in agriculture and food technology startups across the Asia-Pacific region.
The fund, known as the Seviora T3F Strategy, will also focus on efforts to decarbonise the food and agriculture industries, according to a statement from Seviora Holdings, a wholly owned subsidiary of Temasek that manages $52 billion in assets.
PHILIPPINES
The private sector workers’ pension fund, Social Security System (SSS), announced that its revenue for 2023 jumped to P362.20 billion (6.46 billion), surpassing its P330.80 billion revenue target by 9.5%.
Revenue from investment and other income in 2023 is at P53.08 billion, surpassing the year’s target of P36.31 billion by P16.77 billion.
Source: SSS
REST OF THE WORLD
The New York State Common Retirement Fund plans to restrict its investments in eight oil and gas companies worldwide, including Chinese Guanghu Energy and Indian Oil and Natural Gas Corporation, after reviewing their efforts to shift to a low-carbon economy.
The pension plan will sell stocks and bonds, worth roughly $26.8 million, New York State Comptroller Thomas DiNapoli, who oversees the fund’s $260 billion, said in a statement February 15.
Source: Office of the New York State Comptroller
The above briefs are curated from press releases and third-party media sources.