Even the Biggest SWFs Get a Little Help from Their Friends

March 24, 2017 by Jess Delaney

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The word of the day is teamwork as two of the world’s biggest sovereign funds used joint ventures to bag billion-dollar deals. Last week, Singapore’s GIC and the Canada Pension Plan Investment Board bought a basket of US student residences for $1.6 billion while the Kuwait Investment Authority and the Ontario Municipal Employees Retirement System acquired a chunk of the UK’s water infrastructure worth more than $1 billion. Meanwhile, China Investment Corp. is reportedly in talks about being a cornerstone investor in the initial public offering of the Saudi Arabian Oil Co., the kingdom’s gigantic oil company. As students at the University of Virginia got swept up in basketball’s national collegiate playoffs in the US – better known as March Madness – a couple of weeks ago, some may have missed the announcement about their new landlords. Last Thursday, Singaporean sovereign wealth fund GIC and government fund manager Canada…

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