Case Study: SWFs Target Infrastructure Deals

June 01, 2017 by Loch Adamson

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In mid-May, Qatar’s $338 billion sovereign wealth fund, the Qatar Investment Authority (QIA), emerged victorious in a fierce bidding war for Endeavor Energy, one of Australia’s largest power-grid utilities. The seller, the state government of New South Wales (NSW), has had enormous success in attracting major sovereign funds to its energy-asset auctions, which are being conducted as part of a "recycling" program to raise capital for future infrastructure projects by selling off stakes in existing companies. For this deal, its third privatization, NSW auctioned off a 50.4 percent stake in Endeavour for A$7.6 billion ($5.6 billion) to a consortium led by Aussie asset manager Macquarie Group, which included QIA’s 20 percent. "Through initiatives like asset recycling and our strong financial management, we have catapulted NSW from the bottom of the national economic ladder right to the very top," said Treasurer Dominic Perrottet as the news of the sale…

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