GIC’s Singaporean peer, $194 billion state
investor Temasek Holdings, also invested in India
this week. Temasek teamed up with Silicon Valley venture
capital firm March Capital Partners and New York-based
private equity firm Warburg Pincus to participate in a $145
million capital-raising round for online automobile
classifieds company CarTrade.
Mumbai-based CarTrade is no unicorn, but it is an
increasingly influential player in the fast-growing used-car
listings business. The company will deploy its latest capital injection to
acquire its rival CarWale from German media conglomerate Axel
Springer for $100 million and to fund further
CIC in Germany
Government funds continue to seek access to investment
opportunities in Germany, Europe’s largest
economy. On Tuesday, Munich-based Asia-Germany Industrial
Promotion Capital (AGIC), a private equity fund in which the
$747 billion China Investment Corp. (CIC) is an
anchor investor, completed its first deal.
AGIC teamed up with two Chinese state-owned firms —
China National Chemical Corp. and Guoxin International
Investment Corp., a unit of infrastructure investment firm
Guoxin Tendering Co. — to acquire Munich-based
machinery manufacturer KrausMaffei Group for €929
million ($1 billion). The seller was Toronto—based private
equity firm Onex Corp.
Ex—Deutsche Bank executive Henry Cai founded AGIC in 2015,
when CIC contributed to its initial fundraising of $550
million. Cai’s fund provides a platform for
Chinese firms to invest abroad, supporting the Beijing
government’s stated "Go Out" policy.
CIC appears to be particularly keen on German investments. In
mid-2015 it teamed up with the $621 billion Abu Dhabi Investment Authority (ADIA)
and other institutions to acquire Bonn-based motorway station
group Autobahn Tank & Rast for a reported €3.5
PGGM’s $2.5 Billion Securitization Deal
Low bond yields are compelling large institutional
investors to get creative with their fixed-income portfolios.
The latest deal from Netherlands-based cooperative PGGM is a case in point.
PGGM, which oversees investments worth more than €186.6
billion for several Dutch pension funds, has agreed to make a
€2.3 billion trade to insure loans made by Spanish bank
Santander. Under the terms of the so-called synthetic
securitization deal, PGGM will sell credit insurance against
potential losses on 6,000 Santander loans to small- and
medium-sized enterprises. PGGM said it was acting on behalf
of Dutch pension fund Pensioenfonds Zorg en Welzijn