Annual Report 2013 - Overview

April 11, 2014

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Sovereign wealth funds spent a total of $43.5 billion on 184 direct investments in 2013, Sovereign Wealth Center research shows — a 22.8 percent decline in value compared with 2012 and a 13.6 percent drop in number. This notable weakening in deal flow parallels global cross-border M&A, which is where sovereign funds are most active. Cross-border deal volume fell 8 percent from 2012 to its lowest total since 2009, according to Dealogic; at 28 percent, it accounted for the lowest share of overall M&A activity since 2009. Direct Sovereign Wealth Fund Investment, 2004–’13 Source: Sovereign Wealth Center. This correlation between the M&A downturn and sovereign funds’ deal flow suggests that although these funds are supposed to invest for the long term and be unaffected by cyclical market movements, they’re just as constrained by the current environment as other investors. In 2013 macroeconomic conditions restricted their ability to make substantial…

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